Strengthening Federal Reserve System Accountability Act of 2023

Summary

Strengthening Federal Reserve System Accountability Act of 2023 This bill revises director qualifications and elections for the boards of federal reserve banks and makes other changes to transparency and ethics requirements. (There are 12 federal reserve banks each overseen by a 9-member board of directors. Each board is comprised of 3 directors from 3 statutorily defined classes: A, B, and C.) The bill limits the eligibility for Class A directors to those who represent banks with less than $50 billion in assets. Further, Class B directors must be selected by Board of Governors of the Federal Reserve System, rather than by the banks as under current law. Individuals who served as bank executives, directors, or employees in the preceding five years are prohibited from serving as Class B directors. No director is allowed to serve more than 2 full terms. The bill requires the board to publish specified details regarding director selection and candidacy. The bill also prohibits bank directors from participating in certain bank supervision activities, including the selection of supervisory bank officers. Finally, the bill requires directors, presidents, and vice presidents to comply with specified ethics rules regarding investment and trading activity.

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Timeline

1. 17 May 2023

   Introduced

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

   Source: IntroReferral

2. 17 May 2023

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

• Introduced in Senate · 17 May 2023 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 17 May 2023

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 17 May 2023

  DownloadOpen at official source

• Introduced in Senate

  summary · EN · 17 May 2023

  Open at official source

Sponsors

• Sen. Warren, Elizabeth [D-MA] · D · Sponsor
• Sen. Scott, Rick [R-FL] · R · Sponsor
• · ssbk00 · Standing

Related records

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