Federal Reserve System Accountability Act of 1993

Summary

Federal Reserve System Accountability Act of 1993 - Amends the Federal Reserve Act to declare that the president of each Federal reserve bank shall be appointed by the President, with the consent of the Senate. (Currently such appointment authority is exercised by each Federal reserve bank's board of directors.) Mandates that such presidents represent diverse segments of the population. Modifies the corporate structure of the Federal reserve banks. Authorizes the Board of Governors of the Federal Reserve System to prescribe regulations under which Federal reserve banks may extend credit to member banks. Confers responsibility upon the board of directors of a Federal reserve bank to ascertain whether undue use is being made of bank credit for speculative securities, real estate, or commodities transactions. Grants the Board discretionary authority to deny the use of Federal Reserve System credit facilities to a member bank for its undue use of bank credit. Elaborates details of a two-tiered board of directors for each Federal reserve bank. Bars from board membership any director, officer, employee, or controlling shareholder of banking entities controlled by a foreign government. Amends the Federal Reserve Act to mandate independent annual financial audits. Mandates prompt public disclosure of Federal Open Market Committee meetings and actions. Prescribes guidelines for the management of each Federal reserve branch by a board of directors (subject to Board-prescribed regulations). Mandates that each Federal reserve bank establish at least one advisory council to advise it on pertinent issues. Amends the Civil Rights Act of 1964 to include within its purview the Board and the Federal reserve banks. Establishes the Federal Reserve Accountability Commission to study specified issues and to report findings and conclusions to the President, the Board, and the Congress. Authorizes appropriations. Amends the Federal Reserve Act to prohibit recess appointees and acting presidents of the Federal reserve banks from participating in Federal Open Market Committee decisions. Requires voting participants to hold their positions by virtue of presidential appointment, by and with the consent of the Senate. Amends the Freedom of Information Act to treat Federal reserve banks as Federal agencies.

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Documents

5 official files

• Sponsor Change (text)

  Sponsor Change · EN · 15 March 1993

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• Sponsor Change (PDF)

  Sponsor Change · EN · 15 March 1993

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• Introduced in House (text)

  Introduced in House · EN · 5 January 1993

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• Introduced in House (PDF)

  Introduced in House · EN · 5 January 1993

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• Introduced in House

  summary · EN · 5 January 1993

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