Sec. 508. Federal Reserve bank governance
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Section 4 of the Federal Reserve Act is amended— in paragraph
(4)( 12 U.S.C. 341 )— by striking power— and inserting power, except as provided in paragraph (25)— ; and by inserting except that the first vice president of the Federal Reserve Bank of New York shall be appointed by the Class B and Class C directors of the bank, with the approval of the Board of Governors of the Federal Reserve System, for a term of 5 years, after as the president, ; and by adding at the end the following: Notwithstanding any other provision of this section, the president of the Federal Reserve Bank of New York shall be appointed by the President, by and with the advice and consent of the Senate, for terms of 5 years. The president of the Federal Reserve Bank of New York, on an annual basis, shall provide testimony to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives. . The amendments made by subsection
(a)shall take effect on the date of enactment of this Act and apply to appointments for the president of the Federal Reserve Bank of New York made on and after that effective date.
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Sec. 508
Federal Reserve bank governance
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