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.
The Twelfth Amendment mandates that the Congress assemble in joint session to count the electoral votes and declare the winners of the election. The session is ordinarily required to take place on January 6 in the calendar year immediately following the meetings of the presidential electors. The Twentieth Amendment now provides that the newly elected Congress declares the winner of the election. Until 1936, the outgoing Congress counted the electoral votes.