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United States · Bill · S

S. 1663 (118th)

Strengthening Federal Reserve System Accountability Act of 2023

referredUnited States· United States Congress· EN

Introduced

17 May 2023

Last action

17 May 2023 · Introduced

Status

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

Sponsors

Sen. Warren, Elizabeth [D-MA], Sen. Scott, Rick [R-FL]

Subjects

Discovery layer

Source updated

14 January 2025

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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.

This text is taken from the official record. PoliticalRepo does not editorialize.

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

Documents

3 official files

Introduced in Senate (text)

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  • 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

    ViewDownloadOpen at official source

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  • Introduced in Senate

    summary · EN · 17 May 2023

    Open at official source

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Sponsors

Related records

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Sources

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