Federal Reserve Independence Act

Summary

Federal Reserve Independence Act - Amends the Federal Reserve Act regarding class A membership on the board of directors of a Federal Reserve Bank to require the Board of Governors of the Federal Reserve System (Federal Reserve Board) to designate members from among persons who are not employed in any capacity by a stockholding bank. Requires the Federal Reserve Board to designate the class B members of such board of directors (class B members represent the public). Prohibits employees of any Federal Reserve Board-regulated entity from serving on the board of directors of any Reserve Bank. Prohibits any employee of the Federal Reserve System or any board member of a Reserve Bank from owning stock or investing in any company regulated by the Federal Reserve Board. Directs the Comptroller General to report annually to Congress to ensure implementation of this Act.

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Timeline

1. 22 May 2013

   Introduced

   Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

   Source: IntroReferral

2. 22 May 2013

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 22 May 2013 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 22 May 2013

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 22 May 2013

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 22 May 2013

  Open at official source

Sponsors

• Bernie Sanders · I · Sponsor
• Rep. Boxer, Barbara [D-CA-6] · D · Sponsor
• Sen. Begich, Mark [D-AK] · D · Sponsor
• · ssbk00 · Standing

Related records

• related to → Federal Reserve Independence Act