Sec. 3. End conflicts of interest
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/bill/113/hr/2100/ih/section-3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The tenth undesignated paragraph of section 4 of the Federal Reserve Act ( 12 U.S.C. 302 ) (relating to Class A) is amended by striking chosen by and be representative of the stockholding banks and inserting designated by the Board of Governors of the Federal Reserve System, from among persons who are not employed in any capacity by a stockholding bank . The eleventh undesignated paragraph of section 4 of the Federal Reserve Act ( 12 U.S.C. 302 ) (relating to Class B) is amended by striking be elected and inserting be designated by the Board of Governors of the Federal Reserve System .
The fourteenth and fifteenth undesignated paragraphs of section 4 of the Federal Reserve Act ( 12 U.S.C. 303 ) (relating to Class B and Class C, respectively) are amended to read as follows: No employee of a bank holding company or other entity regulated by the Board of Governors of the Federal Reserve System may serve on the board of directors of any Federal reserve bank. No employee of the Federal Reserve System or board member of a Federal reserve bank may own any stock or invest in any company that is regulated by the Board of Governors of the Federal Reserve System, without exception. .
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