Federal Reserve Amendments of 1981

Summary

Federal Reserve Amendments of 1981 - Amends the Federal Reserve Act to increase to nine the number of members of the Board of Governors of the Federal Reserve System. Sets the term of office of such members at five years, except that of the members first appointed under this Act, one shall serve for a term of one year, two shall serve for terms of two years, two shall serve for terms of three years, two shall serve for terms of four years, and two shall serve for terms of five years, as designated by the President at the time of appointment. Permits only one member of the Board to have served as a staff member of the Federal Reserve System. Requires each member of the Board, within 15 days after notice of appointment, to make and subscribe to the oath of office. Provides that upon the expiration of their terms of office, members of the Board shall continue to serve until their successors are appointed and have qualified. Provides for the designation by the President, by and with the advice and consent of the Senate, of the chairman and the vice chairman of the Board. Requires the full amount of all interest, discounts, assessments, and fees received by the Federal Reserve Banks to be paid or credited by such banks to the Secretary of the Treasury and covered into the Treasury as miscellaneous receipts. Permits the expenses of such banks to be paid only from such funds as may be specifically authorized or appropriated for that purpose. Authorizes appropriations as necessary to pay the expenses of the Board and the salaries of its members and employees. Amends the Accounting and Auditing Act of 1950 to direct the Comptroller General of the United States to make annual audits of the Financial Institutions Examination Council.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 1 October 1981

  Open at official source

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