,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #acj  ,,9 ,,! ,,h\se ,,(            
,,repres5tatives  ,janu>y #c1 #bjac ,ms4
 ,kaptur introduc$ ! foll[+ bill2 :i* 0 
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to am5d ! ,f$]al  
,res]ve ,act to alt] ! t]ms & conditions
 applicable to memb]s ( ! ,bo>d (       
,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 & =
 o!r purposes4  #a4 ,%ort title ,?is    
,act may be cit$ z ! ,democratiz+ !     
,f$]al ,res]ve ,sy/em ,act ( #bjac4  #b4
 ,am5dm5ts to ,f$]al ,res]ve ,act  7a7  
,r$uction 9 l5g? ( t]ms  7#a7 ,! fir/   
s5t5ce ( ! fir/ undesignat$ p>agraph (  
section #aj ( ! ,f$]al ,res]ve ,act 7#ab
 ,u4,s4,c4 #bda7 is am5d$ by /rik+      
f\rte5 ye>s & ins]t+ #g ye>s4  7#b7 ,!  
#bnd s5t5ce ( ! #bnd undesignat$        
p>agraph ( section #aj ( ! ,f$]al       
,res]ve ,act 7#ab ,u4,s4,c4 #bdb7 is    
am5d$ by /rik+ f\rte5 ye>s ! #bnd place 
su* t]m appe>s & ins]t+ #g ye>s4  7#c7  
,! ultimate s5t5ce ( ! #bnd undesignat$ 
p>agraph ( section #aj ( ! ,f$]al       

,res]ve ,act 7#ab ,u4,s4,c4 #bdb7 is    
am5d$ by /rik+ f\rte5 ye>s & ins]t+ #g  
ye>s4  7b7 ,increase 9 po/-,s]vice      
re/riction ,! fir/ s5t5ce ( ! #bnd      
undesignat$ p>agraph ( section #aj ( !  
,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bdb7
 is am5d$ by /rik+ two ye>s & ins]t+ #d 
ye>s4  7c7 ,ongo+ s]vice on ,bo>d       
requirem5t = ,*airman & ,vice ,*airman  
7#a7 ,*airman ,! #crd s5t5ce ( ! #bnd   
undesignat$ p>agraph ( section #aj ( !  
,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bdb7
 is am5d$ by /rik+ #a %all be designat$ 
& ins]t+ a memb] :o is curr5tly s]v+ on 
! ,bo>d & has already s]v$ at lea/ #b   
consecutive ye>s on ! ,bo>d %all be     
designat$4  7#b7 ,vice ,*airman ,! #crd 
s5t5ce ( ! #bnd undesignat$ p>agraph (  
section #aj ( ! ,f$]al ,res]ve ,act 7#ab
 ,u4,s4,c4 #bdb7 is am5d$ by /rik+ #b   
%all be designat$ & ins]t+ #b memb]s :o 
are curr5tly s]v+ on ! ,bo>d & h already
 s]v$ at lea/ #a ye> on ! ,bo>d1 %all be
 designat$4  7d7 ,limitation on cont9u+ 
vacancies ,! #d? undesignat$ p>agraph ( 

section #aj ( ! ,f$]al ,res]ve ,act 7#ab
 ,u4,s4,c4 #bdd7 is am5d$--  7#a7 9 !   
ultimate s5t5ce1 by ins]t+ 1 be=e ! end 
( ! #ij-;day p]iod beg9n+ on ! date su* 
vacancy occurs1 aft] %all be appo9t$2 & 
7#b7 by add+ at ! end ! foll[+ new      
s5t5ces3 ,if1 z ( #cj days aft] ! end ( 
su* #ij-;day p]iod1 no nom9ation has be5
 made by ! ,presid5t1 ! *airp]son &     
rank+ ,memb] ( ! ,committees ( ! ,h\se (
 ,repres5tatives & ! ,s5ate :i* h       
jurisdiction ov] ?is ,act1 "u ! rules ( 
! respective ,h\se1 ! ,speak] & !       
m9ority lead] ( ! ,h\se (               
,repres5tatives1 & ! majority lead] &   
m9ority lead] ( ! ,s5ate %all jo9tly    
create a li/ ( #e c&idates 9 rank ord]  
to pres5t to ! ,presid5t = consid]ation 
= ! vacancy4 ,n lat] ?an #cj days aft] !
 transmittal ( su* li/ to ! ,presid5t1 !
 ,presid5t %all nom9ate a p]son1 :e!r f 
su* li/ or ano!r p]son1 to fill !       
vacancy44  7e7 ,am5dm5ts relat+ to f$]al
 op5 m>ket committee  7#a7 ,increase 9  
f$]al res]ve bank repres5tation ,! #a/  

s5t5ce ( section #ab;,a7a7 ( ! ,f$]al   
,res]ve ,act 7#ab ,u4,s4,c4 #bfc7 is    
am5d$ by /rik+ five & ins]t+ #f4  7#b7  
,di/ribution ( f$]al res]ve bank        
memb]%ip ,section #ab;,a7a7 ( ! ,f$]al  
,res]ve ,act 7#ab ,u4,s4,c4 #bfc7 is    
am5d$ by /rik+ ! #bnd s5t5ce & ins]t+ ! 
foll[+3 ,su* repres5tatives %all be     
presid5ts or fir/ vice presid5ts (      
,f$]al res]ve banks & %all be elect$    
annually z foll[s3 ,9 ev5 numb]$ cal5d> 
ye>s1 f among ! presid5ts & fir/ vice   
presid5ts ( ! ,f$]al ,res]ve ,banks (   
,bo/on1 ,kansas ,city1 ,philadelphia1   
,san ,francisco1 ,ri*mond1 & ,/4 ,l\is &
 9 odd numb]$ cal5d> ye>s f among !     
presid5ts & fir/ vice presid5ts ( !     
,f$]al ,res]ve ,banks ( ,new ,york1     
,dallas1 ,*icago1 ,clevel&1 ,atlanta1 & 
,m9neapolis44