city of Kansas City, Missouri, as the location of the Federal Reserve bank. The Fourth Federal Reserve District shall be composed of Texas, Arkansas, Louisiana, Mississippi, Alabama, Tennessee, Georgia, North Carolina, South Carolina, and Florida, with the city of Dallas, Texas, as the location of the Federal Reserve bank. The Fifth Federal Reserve District shall be composed of California, Oregon, Washington, Alaska, Hawaii, Idaho, Nevada, Utah, Arizona, New Mexico, Guam, American Samoa, and the Northern Mariana Islands, with the city of San Francisco, California, as the location of the Federal Reserve bank. Every national bank in any State shall, upon commencing business, become a member bank of the Federal Reserve System by subscribing and paying for stock in the Federal Reserve bank of its district in accordance with the provisions of this Act and shall thereupon be an insured bank under the Federal Deposit Insurance Act, and failure to do so shall subject such bank to the penalty provided by the sixth paragraph of this section. . (b) Federal Open Market Committee Section 12A of the Federal Reserve Act ( 12 U.S.C. 263 ) is amended by striking subsection (a) and inserting the following: (a) There is hereby created a Federal Open Market Committee (hereinafter referred to as the Committee ), which shall consist of the members of the Board of Governors of the Federal Reserve System and the chief executive officers of the 5 Federal Reserve banks. . (c) Technical and conforming amendments (1) Section 11 of the Federal Reserve Act ( 12 U.S.C. 248 ) is amended by striking subsection (e). (2) The third undesignated paragraph of section 16 of the Federal Reserve Act ( 12 U.S.C. 413 ) is amended, in the third sentence, by striking twelve and inserting 5 . 5. Board of Governors of the Federal Reserve System The first undesginated paragraph of section 10 of the Federal Reserve Act ( 12 U.S.C. 241 ) is amended— (1) in the second sentence, by striking one of whom shall be selected from and inserting 2 of whom may be