; and (B) by striking the first and second sentences. (b) Election of Class B directors (1) In general The 11th undesignated paragraph of section 4 of the Federal Reserve Act ( 12 U.S.C. 302 ) is amended by striking three members, and all that follows through the period at the end and inserting 6 members who shall be designated by the Board of Governors of the Federal Reserve System. They shall be elected to represent the public, without discrimination on the basis of race, creed, color, sex, or national origin, and with due but not exclusive consideration to the interests of agriculture, commerce, industry, services, labor, and consumers. When the necessary subscriptions to the capital stock have been obtained for the organization of any Federal reserve bank, the Board of Governors of the Federal Reserve System shall appoint the class B directors and shall designate one of such directors as chairman of the board to be selected. Pending the designation of such chairman, the organization committee shall exercise the powers and duties appertaining to the office of chairman in the organization of such Federal reserve bank. . (2) Technical and conforming amendments (A) The 16th undesignated paragraph of section 4 of the Federal Reserve Act ( 12 U.S.C. 304 ) is amended— (i) in the first sentence, as redesignated by subsection (a)(2)(B) of this section, by striking and one candidate for director of Class B ; and (ii) in the third sentence, as redesignated by subsection (a)(2)(B) of this section, by striking and Class B . (B) Section 4 of the Federal Reserve Act is amended— (i) in the fifth paragraph of the fourth undesignated paragraph, by striking and Class C ; (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 )