Federal Reserve Reform Act

Summary

Federal Reserve Reform Act - Amends the Federal Reserve Act to change the process by which the chairman of the Board of Governors is appointed. States that the chairman will be appointed by the President by and with the advice and consent of the Senate. Provides that the term of the chairman and vice chairman of the Board shall expire upon the expiration of his term as a member of the Board, or six months after the term of the President appointing him is scheduled to expire, or six months after the person appointing him ceases to be the President, whichever occurs first. Changes the enumerated powers of the Federal Reserve banks to include the appointment of a first vice president who will serve a term of five years. Provides for the expiration of the term of the Federal Reserve bank presidents. Requires the Federal Open Market Committee to meet in Washington, D.C. at least four times each year. Provides for the membership of such Committee. States that vacancies in the board of directors of Federal Reserve banks shall be filled without discrimination on the basis of race, sex, or national origin, and with due consideration to the interests of labor, education, and consumers. Requires the Chairman of the Board of Governors of the Federal Reserve System to report to Congress its policies on monetary affairs on a quarterly basis.

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Documents

2 official files

• Reported to Senate with amendment(s)

  summary · EN · 20 August 1976

  Open at official source

• Introduced in House

  summary · EN · 31 March 1976

  Open at official source

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