Federal Reserve System Reform Act of 1983

Summary

Federal Reserve System Reform Act of 1983 - Amends the Federal Reserve Act to require the net earnings of a Federal reserve bank, after all the dividend claims have been fully met, to be paid into the general fund of the Treasury instead of such bank's surplus fund. Eliminates the provisions of such Act which allow the Board of Governors to levy assessments upon Federal Reserve banks to pay its expenses. Subjects salaries and operating and administrative expenses of the Board to annual congressional appropriations. Permits the Board to enter into agreements with the Administrator of General Services with respect to the maintenance, operation, or protection of any building owned by the Board. Provides that as of enactment of this Act the Secretary of the Treasury shall serve as a member of the Board ex officio and that the term of office of each member shall be seven years. Changes the terms of office of the Chairman and Vice Chairman of the Board from four years to that period which ends with the expiration of the term of the President making such designations.

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1 official file

• Introduced in Senate

  summary · EN · 3 January 1985

  Open at official source

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