Federal Reserve Reform Act

Summary

Federal Reserve Reform Act - Amends the Federal Reserve Act to provide for an annual Congressional review of the Federal Reserve Board of Governors' proposed monetary policy. Prohibits discrimination in the selection of the Board of Directors of the Federal Reserve System. Requires Senate confirmation of the chairman of the Board of Governors. Limits the term of office of the chairman to four years. Prohibits the use of income of the Federal Reserve System for lobbying. Makes it a criminal offense for a Federal Reserve bank officer, employee, or director to participate in specified, activities affecting a personal financial interest. Directs the Comptroller General to audit the Federal Reserve Board, the Federal Open Market Committee, and all Federal Reserve banks, and to report on such audit to Congress, the President, the Federal Reserve Board, and the Federal Reserve banks.

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Documents

1 official file

• Introduced in House

  summary · EN · 16 June 1977

  Open at official source

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