Federal Reserve Act Amendments of 1979

Summary

Federal Reserve Act Amendments of 1979 - Amends the Federal Reserve Act to increase the number of directors of each Federal Reserve Bank from nine to twelve by adding three additional directors to the class of directors designated from the public by the Board of Governors of the Federal Reserve System. Directs the President to appoint, by and with the advice and consent of the Senate, two members of the Board to serve as the Chairman and Vice Chairman for terms of four years. Permits the Vice Chairman to act as Chairman during a temporary absence, unavailability, or disability of the Chairman pending appointment of a successor. Stipulates that upon the expiration of such terms, the Chairman or Vice Chairman shall continue to serve in that capacity until a successor is appointed and has qualified. Allows the Chairman of the Board of Governors prior to the date of enactment of this Act to continue in the office of Chairman until the expiration of the full four-year term.

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Documents

1 official file

• Introduced in House

  summary · EN · 27 March 1979

  Open at official source

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