Sec. 4. Staff term limits, pay, ethics standards, and financial disclosures
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Section 11 of the Federal Reserve Act ( 12 U.S.C. 248 ) is amended— by redesignating the second subsection
(s)(relating to assessments, fees, and other charges) as subsection (t); and by adding at the end the following: The members and employees of the Board of Governors of the Federal Reserve System shall be subject to the provisions under section 4401.102 of title 5, Code of Federal Regulations, to the same extent as such provisions apply to an employee of the Securities and Exchange Commission. The members and employees of the Board of Governors of the Federal Reserve System shall— disclose all brokerage accounts that they maintain, as well as those in which they control trading or have a financial interest (including managed accounts, trust accounts, investment club accounts, and the accounts of spouses or minor children who live with the member or employee); and with respect to any securities account that the member or employee is required to disclose to the Board of Governors, authorize their brokers and dealers to send duplicate account statements directly to Board of Governors. The members and employees of the Board of Governors of the Federal Reserve System shall be subject to the prohibitions related to outside employment and activities described under section 4401.103(c) of title 5, Code of Federal Regulations, to the same extent as such prohibitions apply to an employee of the Securities and Exchange Commission. The members and employees of the Board of Governors of the Federal Reserve System shall be subject to— the employee responsibilities and conduct regulations of the Office of Personnel Management under part 735 of title 5, Code of Federal Regulations; the canons of ethics contained in subpart C of part 200 of title 17, Code of Federal Regulations, to the same extent as such subpart applies to the employees of the Securities and Exchange Commission; and the regulations concerning the conduct of members and employees and former members and employees contained in subpart M of part 200 of title 17, Code of Federal Regulations, to the same extent as such subpart applies to the employees of the Securities and Exchange Commission. For purposes of the financial disclosure requirements under part 2634 of title 5, Code of Federal Regulations, an employee of the Board of Governors shall be deemed a public filer if the employee is an attorney, accountant, examiner, auditor, investigator, or deals with information technology security. The Board of Governors of the Federal Reserve System shall make publicly available, on the website of the Board of Governors, a searchable database that contains the names of all Members, officers, and employees of the Board of Governors of the Federal Reserve System and each Federal reserve bank, and— the yearly salary information for such individuals, along with any non-salary compensation received by such individuals; and any financial disclosures required to be made by such individuals. . The Federal Reserve Act is amended— in the provision enumerated Fifth of the fourth undesignated paragraph of section 4, by inserting after the first sentence the following: Such president, vice presidents, and other officers and employees may not be paid a salary in excess of 99 percent of the salary of the Chairman of the Board of Governors of the Federal Reserve System. No person may serve for more than 6 years in any one of the following positions: general counsel, deputy general counsel, senior adviser, director, deputy director, senior associate director, and assistant director. ; and in section 11(l), by adding at the end the following: No attorney, expert, assistant, clerk, or other employee of the Board of Governors of the Federal Reserve System may be paid a salary in excess of 99 percent of the salary of the Chairman of the Board of Governors of the Federal Reserve System. No person may serve for more than 6 years in any one of the following positions: general counsel, deputy general counsel, senior adviser, director, deputy director, senior associate director, and assistant director. . Section 11(t) of the Federal Reserve Act, as amended by subsection (b), is further amended by adding at the end the following: Each member of the Board of Governors of the Federal Reserve System may employ 4 individuals for the purpose of staffing the member’s office, with such individuals selected by such member and the salaries of such individuals set by such member. . The Comptroller General of the United States shall carry out a study on— employee pay and the employee pay scale used by the Board of Governors of the Federal Reserve System, including— how individual employee compensation relates to job function, educational attainment, and work experience; and how the pay scale compares to the pay scales used by other Federal departments and agencies, especially other financial regulators; and requiring the Board of Governors of the Federal Reserve System to be funded through the regular appropriations process. Not later than the end of the 180-day period beginning on the date of the enactment of this Act, the Comptroller General shall issue a report to the Congress containing— all findings and determinations made by the Comptroller General in carrying out the study required under paragraph (1); recommendations on how to make the pay scale used by the Board of Governors more consistent with pay scales used by other Federal departments and agencies; and a report on the pay amounts for employees at the Board of Governors, broken down by division and job function.
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Sec. 4
Staff term limits, pay, ethics standards, and financial disclosures
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