Under the Federal Reserve Act, each of the twelve Reserve Banks is separately incorporated with its own board of directors.
Problems with the original procedure arose in the elections of 1796 and 1800. The Twelfth Amendment refined the process whereby a President and a Vice President are elected by the Electoral College.The amendment was proposed by the Congress on December 9, 1803, and was ratified by the requisite threeâfourths of state legislatures on June 15, 1804.he Twelfth Amendment was proposed by the 8th Congress on December 9, 1803, when it was approved by the House of Representatives by vote of 83â42, having been previously passed by the Senate, 22â10, on December 2.
Thomas Jefferson eventually won in 1800 after 36 votes in the House of Representatives, which forever changed how presidential elections were held. This election exposed the weaknesses of Article II, Section 1 of the Constitution, which instructed how the president was to be elected.After the 1800 election, these weaknesses were addressed by the adoption of the 12th Amendment.The framers of the Constitution did not foresee the rise of political parties, and after the 1800 election, it became obvious that a constitutional change was needed to avoid future ties between two candidates from the same party.homas Jefferson eventually won in 1800 after 36 votes in the House of Representatives, which forever changed how presidential elections were held. This election exposed the weaknesses of Article II, Section 1 of the Constitution, which instructed how the president was to be elected.