A bill to amend the Federal Reserve Act to revise provisions relating to the Board of Governors of the Federal Reserve System, and for other purposes.

Summary

Amends the Federal Reserve Act to decrease, from 14 years to seven years, the term of members of the Board of Governors of the Federal Reserve System. Requires that at least one member of such Board have demonstrable experience in small business and one in agriculture. Directs the President pro tempore of the Senate and the Speaker of the House of Representatives to appoint persons to serve as ex-officio members of the Board for terms not to exceed two years. Requires the Board to maintain statistics on loans made by size category of business in order that data may be accumulated with regard to interest rates and their effect on various categories of business by size.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 10 September 1981

  Open at official source

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