,i  #aacth ,,congress  #ast ,session    
,h4 ,r4 #acj  ,,in ,,the ,,house ,,of   
,,representatives  ,january #c1 #bjac   
,ms4 ,kaptur introduced the following   
bill2 which was referred to the         
,committee on ,financial ,services  ,a  
,,bill  ,to amend the ,federal ,reserve 
,act to alter the terms and conditions  
applicable to members of the ,board of  
,governors of the ,federal ,reserve     
,system1 and for other purposes4  #a4   
,short title ,this ,act may be cited as 
the ,democratizing the ,federal ,reserve
 ,system ,act of #bjac4  #b4 ,amendments
 to ,federal ,reserve ,act  7a7         
,reduction in length of terms  7#a7 ,the
 first sentence of the first            
undesignated paragraph of section #aj of
 the ,federal ,reserve ,act 7#ab        
,u4,s4,c4 #bda7 is amended by striking  
fourteen years and inserting #g years4  
7#b7 ,the #bnd sentence of the #bnd     
undesignated paragraph of section #aj of
 the ,federal ,reserve ,act 7#ab        
,u4,s4,c4 #bdb7 is amended by striking  

fourteen years the #bnd place such term 
appears and inserting #g years4  7#c7   
,the ultimate sentence of the #bnd      
undesignated paragraph of section #aj of
 the ,federal ,reserve ,act 7#ab        
,u4,s4,c4 #bdb7 is amended by striking  
fourteen years and inserting #g years4  
7b7 ,increase in post-,service          
restriction ,the first sentence of the  
#bnd undesignated paragraph of section  
#aj of the ,federal ,reserve ,act 7#ab  
,u4,s4,c4 #bdb7 is amended by striking  
two years and inserting #d years4  7c7  
,ongoing service on ,board requirement  
for ,chairman and ,vice ,chairman  7#a7 
,chairman ,the #crd sentence of the #bnd
 undesignated paragraph of section #aj  
of the ,federal ,reserve ,act 7#ab      
,u4,s4,c4 #bdb7 is amended by striking  
#a shall be designated and inserting a  
member who is currently serving on the  
,board and has already served at least  
#b consecutive years on the ,board shall
 be designated4  7#b7 ,vice ,chairman   
,the #crd sentence of the #bnd          

undesignated paragraph of section #aj of
 the ,federal ,reserve ,act 7#ab        
,u4,s4,c4 #bdb7 is amended by striking  
#b shall be designated and inserting #b 
members who are currently serving on the
 ,board and have already served at least
 #a year on the ,board1 shall be        
designated4  7d7 ,limitation on         
continuing vacancies ,the #dth          
undesignated paragraph of section #aj of
 the ,federal ,reserve ,act 7#ab        
,u4,s4,c4 #bdd7 is amended--  7#a7 in   
the ultimate sentence1 by inserting 1   
before the end of the #ij-;day period   
beginning on the date such vacancy      
occurs1 after shall be appointed2 and   
7#b7 by adding at the end the following 
new sentences3 ,if1 as of #cj days after
 the end of such #ij-;day period1 no    
nomination has been made by the         
,president1 the chairperson and ranking 
,member of the ,committees of the ,house
 of ,representatives and the ,senate    
which have jurisdiction over this ,act1 
under the rules of the respective       

,house1 the ,speaker and the minority   
leader of the ,house of                 
,representatives1 and the majority      
leader and minority leader of the       
,senate shall jointly create a list of  
#e candidates in rank order to present  
to the ,president for consideration for 
the vacancy4 ,not later than #cj days   
after the transmittal of such list to   
the ,president1 the ,president shall    
nominate a person1 whether from such    
list or another person1 to fill the     
vacancy44  7e7 ,amendments relating to  
federal open market committee  7#a7     
,increase in federal reserve bank       
representation ,the #ast sentence of    
section #ab;,a7a7 of the ,federal       
,reserve ,act 7#ab ,u4,s4,c4 #bfc7 is   
amended by striking five and inserting  
#f4  7#b7 ,distribution of federal      
reserve bank membership ,section        
#ab;,a7a7 of the ,federal ,reserve ,act 
7#ab ,u4,s4,c4 #bfc7 is amended by      
striking the #bnd sentence and inserting
 the following3 ,such representatives   

shall be presidents or first vice       
presidents of ,federal reserve banks and
 shall be elected annually as follows3  
,in even numbered calendar years1 from  
among the presidents and first vice     
presidents of the ,federal ,reserve     
,banks of ,boston1 ,kansas ,city1       
,philadelphia1 ,san ,francisco1         
,richmond1 and ,st4 ,louis and in odd   
numbered calendar years from among the  
presidents and first vice presidents of 
the ,federal ,reserve ,banks of ,new    
,york1 ,dallas1 ,chicago1 ,cleveland1   
,atlanta1 and ,minneapolis44