; (ii) by striking the 12th undesignated paragraph; (iii) by striking the 15th undesignated paragraph ( 12 U.S.C. 303 ); (iv) by striking the 17th undesignated paragraph ( 12 U.S.C. 304 ); and (v) by striking the 20th undesignated paragraph. (c) Financial institutions regulated by the Board of Governors Section 4 of the Federal Reserve Act is amended— (1) in the 14th undesignated paragraph ( 12 U.S.C. 303 ), by striking No director of class B shall be an officer, director, or employee of any bank. and inserting No individual who served as an officer, director, or employee of any bank or other financial institution regulated by the Board of Governors of the Federal Reserve System during the preceding 5-year period shall serve as a director of class B.