Federal Reserve System Modernization Act

Summary

Federal Reserve System Modernization Act - Amends the Federal Reserve Act to provide that the President shall not be restricted geographically in the appointment of the Chairman of the Board of Governors of the Federal Reserve System. Provides that the Chairman's term of office shall expire on January 31 of the year after the expiration of the term of the President who appointed him or her. Provides for the appointment of a Vice Chairman of the Board who shall serve in the Chairman's absence. Requires the Board member with the most years of service to perform the Chairman's duties if the offices of Chairman and Vice Chairman are vacant. Repeals the requirement that the Speaker of the House of Representatives print the Board's annual operations report for the information of the Congress. Increases the limit of the aggregate cost for the erection of Federal Reserve bank branch buildings. Requires each Federal Reserve bank to comply with the provisions relating to small and disadvantaged businesses contained in the Small Business Act.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 24 April 1985

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.