Federal Reserve Independence Act

12/15/2023, 4:06 PM

Federal Reserve Independence Act

This bill prohibits an employee of a bank holding company or other entity regulated by the Board of Governors of the Federal Reserve System from serving on the board of a Federal Reserve bank. Additionally, employees of the Federal Reserve System and board members of a Federal Reserve bank are prohibited from investing in companies regulated by the board.

Congress
118
Number
S - 957
Introduced on
2023-03-23
# Amendments
0
Sponsors
+5

Variations and Revisions

3/23/2023
Text
PDF
XML

Status of Legislation

Bill Introduced
Introduced to House
House to Vote
Introduced to Senate
Senate to Vote

Purpose and Summary

Federal Reserve Independence Act

This bill prohibits an employee of a bank holding company or other entity regulated by the Board of Governors of the Federal Reserve System from serving on the board of a Federal Reserve bank. Additionally, employees of the Federal Reserve System and board members of a Federal Reserve bank are prohibited from investing in companies regulated by the board.

Alternative Names
Official Title as IntroducedA bill to amend the Federal Reserve Act to restrict conflicts of interest on the boards of directors of Federal reserve banks, and for other purposes.
Policy Areas
Finance and Financial Sector

Comments

Recent Activity

Latest Summary9/20/2023

Federal Reserve Independence Act

This bill prohibits an employee of a bank holding company or other entity regulated by the Board of Governors of the Federal Reserve System from serving on the board of a Federal Reserve bank. Addit...

Latest Action3/23/2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.