Sec. 4. Federal Reserve transparency and independence
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The 19th undesignated paragraph of section 4 of the Federal Reserve Act ( 12 U.S.C. 304 ) is amended by inserting , which shall be published on the website of each Federal reserve bank not later than 3 years after such declaration before the period at the end of the fifth sentence. The 11th undesignated paragraph of section 4 of the Federal Reserve Act ( 12 U.S.C. 302 ) is amended by inserting The list of the final 3 candidates considered for such designation shall be published on the website of the Board of Governors of the Federal Reserve System not earlier than 3 years after the date of its completion. after the period at the end of the second sentence.
Section 4 of the Federal Reserve Act is amended by inserting after the 20th undesignated paragraph ( 12 U.S.C. 305 ) the following: The Federal reserve banks and the Board of Governors of the Federal Reserve System shall develop processes for allowing public comment and input for nominating Class A directors and designating Class B directors, and appointing presidents. Each Federal reserve bank shall publish a public contact for such nominations, designations, and appointments.
The Board of Governors of the Federal Reserve System shall disclose any vote or veto by a member of the Board for a Class B director or a president not later than 3 years after such vote or veto. The Board of Governors of the Federal Reserve System shall release a public statement after the date on which a president is selected describing the involvement of the Board in the selection process. . Section 11(l) of the Federal Reserve Act ( 12 U.S.C. 248(l) ) is amended by inserting Of amounts made available for staff of the Federal Reserve System, each member of the Board of Governors may employ not more than 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. after the period at the end.
Section 10 of the Federal Reserve Act is amended— by redesignating paragraph
(12)( 12 U.S.C. 247b ) as paragraph (11); and by adding at the end the following: The Board of Governors of the Federal Reserve System shall vote, at a properly noticed public meeting of the Board, on whether to resolve any enforcement action if the resolution of that action involves the payment of not less than $5,000,000 in compensation, penalties, or fines, or other payments. The results of the vote of each member of the Board under subparagraph
(A)shall— be included at the appropriate place in the official minutes of the Board; and be made publicly available on the website of the Board. . The fifth paragraph of the fourth unenumerated paragraph of section 4 of the Federal Reserve Act ( 12 U.S.C. 341 ) is amended by inserting ‘‘A president may continue to serve after the expiration of the term of office to which the president was appointed until the earlier of the date on which a successor has been appointed and qualified, the date on which the next session of Congress subsequent to the expiration of such term expires, or the date on which the President of the United States removes the president. No appointed president shall serve more than a total of 10 years, not including any such continuation in service. The Board of Governors of the Federal Reserve System, in consultation with the relevant Reserve bank board of directors, shall initiate a review of the Reserve bank president and vice President and the appropriateness of their removal in the event of a bank failure in the Reserve district. The Board of Governors shall also publish the results of the review not later than 90 days following the bank failure.’’ after the period at the end of the fourth sentence.
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Sec. 4
Federal Reserve transparency and independence
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