,i  #aacth ,,congress  #b;d ,session    
,h4 ,r4 #cibh  ,,in ,,the ,,house ,,of  
,,representatives  ,january #bg1        
#bjad,mr4 ,garrett introduced the       
following bill2 which was referred to   
the ,committee on ,financial ,services  
,a ,,bill  ,to improve the              
accountability and transparency of the  
,board of ,governors of the ,federal    
,reserve ,system1 and for other         
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,federal ,reserve   
,accountability and ,transparency ,act  
of #bjad4  #b4 ,economic analysis       
,section #aa of the ,federal ,reserve   
,act 7#ab ,u4,s4,c4 #bdh7 is amended by 
inserting after subsection 7l7 the      
following3  7m7 ,consideration of       
economic impacts  7#a7 ,in general      
,before issuing any regulation1 the     
,board of ,governors of the ,federal    
,reserve ,system shall-- 7,a7 clearly   
identify the nature and source of the   
problem that the proposed regulation is 
designed to address1 as well as assess  

the significance of that problem1 to    
enable assessment of whether any new    
regulation is warranted2  7,b7 assess   
the costs and benefits1 both qualitative
 and quantitative1 of the intended      
regulation and propose or adopt a       
regulation only on a reasoned           
determination that the benefits of the  
intended regulation outweigh the costs  
of the regulation2  7,c7 identify and   
assess available alternatives to the    
regulation that were considered1        
including modification of an existing   
regulation1 together with an explanation
 of why the regulation meets the        
regulatory objectives more effectively  
than the alternatives2 and  7,d7 ensure 
that any regulation is accessible1      
consistent1 written in plain language1  
and easy to understand and shall        
measure1 and seek to improve1 the actual
 results of regulatory requirements4    
7#b7 ,considerations and actions  7,a7  
,required actions ,in deciding whether  
and how to regulate1 the ,board shall   

assess the costs and benefits of        
available regulatory alternatives1      
including the alternative of not        
regulating1 and choose the approach that
 maximizes net benefits4 ,specifically1 
the ,board shall-- 7i7 evaluate whether1
 consistent with obtaining regulatory   
objectives1 the regulation is tailored  
to impose the least burden on society1  
including market participants1          
individuals1 businesses of differing    
sizes1 and other entities 7including    
,state and local governmental entities71
 taking into account1 to the extent     
practicable1 the cumulative costs of    
regulations2 and  7ii7 evaluate whether 
the regulation is inconsistent1         
incompatible1 or duplicative of other   
,federal regulations4  7,b7 ,additional 
considerations ,in addition1 in making a
 reasoned determination of the costs and
 benefits of a potential regulation1 the
 ,board shall1 to the extent that each  
is relevant to the particular proposed  
regulation1 take into consideration the 

impact of the regulation on-- 7i7       
investor choice2  7ii7 market liquidity 
in the securities markets2  7iii7 small 
businesses2  7iv7 economic growth2  7v7 
cost and access to capital2  7vi7 market
 stability2  7vii7 global               
competitiveness2  7viii7 job creation2  
7ix7 rate of inflation2 and  7x7        
employment levels4  7#c7 ,explanation   
and comments ,the ,board shall explain  
in its final rule the nature of comments
 that it received1 including those from 
the industry or consumer groups         
concerning the potential costs or       
benefits of the proposed rule or        
proposed rule change1 and shall provide 
a response to those comments in its     
final rule1 including an explanation of 
any changes that were made in response  
to those comments and the reasons that  
the ,board did not incorporate those    
industry group concerns related to the  
potential costs or benefits in the final
 rule4  7#d7 ,post-adoption impact      
assessment  7,a7 ,in general ,whenever  

the ,board adopts or amends a regulation
 designated as a major rule within the  
meaning of section #hjd7b7 of title #e1 
,united ,states ,code1 it shall state1  
in its adopting release1 the following3 
7i7 ,the purposes and intended          
consequences of the regulation4  7ii7   
,appropriate post-implementation        
quantitative and qualitative metrics to 
measure the economic impact of the      
regulation and to measure the extent to 
which the regulation has accomplished   
the stated purposes4  7iii7 ,the        
assessment plan that will be used1      
consistent with the requirements of     
subparagraph 7,b71 to assess whether the
 regulation has achieved the stated     
purposes4  7iv7 ,any reasonably         
foreseeable indirect effects that may   
result from the regulation4  7,b7       
,requirements of assessment plan and    
report  7i7 ,requirements of plan ,the  
assessment plan required under this     
paragraph shall consider the costs1     
benefits1 and intended and unintended   

consequences of the regulation4 ,the    
plan shall specify the data to be       
collected1 the methods for collection   
and analysis of the data and a date for 
completion of the assessment4 ,the      
assessment plan shall include an        
analysis of any jobs added or lost as a 
result of the regulation1               
differentiating between public and      
private sector jobs4  7ii7 ,submission  
and publication of report ,the ,board   
shall1 not later than #b years after the
 publication of the adopting release1   
cause the assessment report to be       
published in the ,federal ,register for 
notice and comment4 ,if the ,board      
determines1 at least #ij days before    
such date1 that an extension is         
necessary1 the ,board shall publish a   
notice of such extension in the ,federal
 ,register1 along with the specific     
reasons why the extension is necessary4 
,any material modification of the plan1 
as necessary to assess unforeseen       
aspects or consequences of the          

regulation1 shall be promptly published 
in the ,federal ,register for notice and
 comment4  7iii7 ,data collection not   
subject to notice and comment           
requirements ,if the ,board has         
published its assessment plan for notice
 and comment1 specifying the data to be 
collected and method of collection1 at  
least #cj days prior to adoption of a   
final regulation or amendment1 such     
collection of data shall not be subject 
to the notice and comment requirements  
in section #cejf7;c7 of title #dd1      
,united ,states ,code 7commonly referred
 to as the ,paperwork ,reduction ,act74 
,any material modifications of the plan 
that require collection of data not     
previously published for notice and     
comment shall also be exempt from such  
requirements if the ,board has published
 notice for comment in the ,federal     
,register of the additional data to be  
collected1 at least #cj days prior to   
initiation of data collection4  7iv7    
,final action ,not later than #ahj days 

after publication of the assessment     
report in the ,federal ,register1 the   
,board shall issue for notice and       
comment a proposal to amend or rescind  
the regulation1 or publish a notice that
 the ,board has determined that no      
action will be taken on the regulation4 
,such a notice will be deemed a final   
agency action4  7#e7 ,covered           
regulations and other actions ,solely as
 used in this subsection1 the term      
regulation-- 7,a7 means a statement of  
general applicability and future effect 
that is designed to implement1          
interpret1 or prescribe law or policy or
 to describe the procedure or practice  
requirements of the ,board of           
,governors1 including rules1 orders of  
general applicability1 interpretive     
releases1 and other statements of       
general applicability that the ,board of
 ,governors intends to have the force   
and effect of law2 and  7,b7 does not   
include-- 7i7 a regulation issued in    
accordance with the formal rulemaking   

provisions of section #eef or #eeg of   
title #e1 ,united ,states ,code2  7ii7 a
 regulation that is limited to the      
organization1 management1 or personnel  
matters of the ,board of ,governors2    
7iii7 a regulation promulgated pursuant 
to statutory authority that expressly   
prohibits compliance with this          
provision2 and  7iv7 a regulation that  
is certified by the ,board of ,governors
 to be an emergency action1 if such     
certification is published in the       
,federal ,register4  4  #c4 ,federal    
,open ,market ,committee blackout period
 ,section #ab;,a of the ,federal        
,reserve ,act 7#ab ,u4,s4,c4 #bfc7 is   
amended by adding at the end the        
following3  7d7 ,blackout period  7#a7  
,in general ,during a blackout period1  
the only public communications that may 
be made by members and staff of the     
,committee with respect to macroeconomic
 or financial developments or about     
current or prospective monetary policy  
issues are the following3 7,a7 ,the     

dissemination of published data1        
surveys1 and reports that have been     
cleared for publication by the ,board of
 ,governors of the ,federal ,reserve    
,system4  7,b7 ,answering technical     
questions specific to a data release4   
7,c7 ,communications with respect to the
 prudential or supervisory functions of 
the ,board of ,governors4  7#b7         
,blackout period defined ,for purposes  
of this subsection1 and with respect to 
a meeting of the ,committee described   
under subsection 7a71 the term blackout 
period means the time period that-- 7,a7
 begins immediately after midnight on   
the day that is #a-week prior to the    
date on which such meeting takes place2 
and  7,b7 ends at midnight on the day   
after the date on which such meeting    
takes place4  4  #d4 ,staff term limits1
 pay1 ethics standards1 and financial   
disclosures  7a7 ,in general ,section   
#aa of the ,federal ,reserve ,act 7#ab  
,u4,s4,c4 #bdh7 is amended-- 7#a7 by    
redesignating the second subsection 7s7 

7relating to assessments1 fees1 and     
other charges7 as subsection 7t72 and   
7#b7 by adding at the end the following3
  7u7 ,ethics standards for members and 
employees  7#a7 ,prohibited and         
restricted financial interests and      
transactions ,the members and employees 
of the ,board of ,governors of the      
,federal ,reserve ,system shall be      
subject to the provisions under section 
#ddja4ajb of title #e1 ,code of ,federal
 ,regulations1 to the same extent as    
such provisions apply to an employee of 
the ,securities and ,exchange           
,commission4  7#b7 ,treatment of        
brokerage accounts and availability of  
account statements ,the members and     
employees of the ,board of ,governors of
 the ,federal ,reserve ,system shall--  
7,a7 disclose all brokerage accounts    
that they maintain1 as well as those in 
which they control trading or have a    
financial interest 7including managed   
accounts1 trust accounts1 investment    
club accounts1 and the accounts of      

spouses or minor children who live with 
the member or employee72 and  7,b7 with 
respect to any securities account that  
the member or employee is required to   
disclose to the ,board of ,governors1   
authorize their brokers and dealers to  
send duplicate account statements       
directly to ,board of ,governors4  7#c7 
,prohibitions related to outside        
employment and activities ,the members  
and employees of the ,board of          
,governors of the ,federal ,reserve     
,system shall be subject to the         
prohibitions related to outside         
employment and activities described     
under section #ddja4ajc7;c7 of title #e1
 ,code of ,federal ,regulations1 to the 
same extent as such prohibitions apply  
to an employee of the ,securities and   
,exchange ,commission4  7#d7 ,additional
 ethics standards ,the members and      
employees of the ,board of ,governors of
 the ,federal ,reserve ,system shall be 
subject to-- 7,a7 the employee          
responsibilities and conduct regulations

 of the ,office of ,personnel           
,management under part #gce of title #e1
 ,code of ,federal ,regulations2  7,b7  
the canons of ethics contained in       
subpart ,c of part #bjj of title #ag1   
,code of ,federal ,regulations1 to the  
same extent as such subpart applies to  
the employees of the ,securities and    
,exchange ,commission2 and  7,c7 the    
regulations concerning the conduct of   
members and employees and former members
 and employees contained in subpart ,m  
of part #bjj of title #ag1 ,code of     
,federal ,regulations1 to the same      
extent as such subpart applies to the   
employees of the ,securities and        
,exchange ,commission4  7v7 ,additional 
employees required ,to make a public    
financial disclosure ,for purposes of   
the financial disclosure requirements   
under part #bfcd of title #e1 ,code of  
,federal ,regulations1 an employee of   
the ,board of ,governors shall be deemed
 a public filer if the employee is an   
attorney1 accountant1 examiner1 auditor1

 investigator1 or deals with information
 technology security4  7w7 ,disclosure  
of staff salaries and financial         
information ,the ,board of ,governors of
 the ,federal ,reserve ,system shall    
make publicly available1 on the website 
of the ,board of ,governors1 a          
searchable database that contains the   
names of all ,members1 officers1 and    
employees of the ,board of ,governors of
 the ,federal ,reserve ,system and each 
,federal reserve bank1 and-- 7#a7 the   
yearly salary information for such      
individuals1 along with any non-salary  
compensation received by such           
individuals2 and  7#b7 any financial    
disclosures required to be made by such 
individuals4  4  7b7 ,limitation on     
,federal ,reserve ,system staff pay and 
terms of office ,the ,federal ,reserve  
,act is amended-- 7#a7 in the provision 
enumerated ,fifth of the fourth         
undesignated paragraph of section #d1 by
 inserting after the first sentence the 
following3 ,such president1 vice        

presidents1 and other officers and      
employees may not be paid a salary in   
excess of #ii percent of the salary of  
the ,chairman of the ,board of          
,governors of the ,federal ,reserve     
,system4 ,no person may serve for more  
than #f years in any one of the         
following positions3 general counsel1   
deputy general counsel1 senior adviser1 
director1 deputy director1 senior       
associate director1 and assistant       
director42 and  7#b7 in section #aa7l71 
by adding at the end the following3 ,no 
attorney1 expert1 assistant1 clerk1 or  
other employee of the ,board of         
,governors of the ,federal ,reserve     
,system may be paid a salary in excess  
of #ii percent of the salary of the     
,chairman of the ,board of ,governors of
 the ,federal ,reserve ,system4 ,no     
person may serve for more than #f years 
in any one of the following positions3  
general counsel1 deputy general counsel1
 senior adviser1 director1 deputy       
director1 senior associate director1 and

 assistant director44  7c7 ,office staff
 for each member of the ,board of       
,governors ,section #aa7t7 of the       
,federal ,reserve ,act1 as amended by   
subsection 7b71 is further amended by   
adding at the end the following3 ,each  
member of the ,board of ,governors of   
the ,federal ,reserve ,system may employ
 #d individuals for the purpose of      
staffing the member's office1 with such 
individuals selected by such member and 
the salaries of such individuals set by 
such member44  7d7 ,,gao study  7#a7 ,in
 general ,the ,comptroller ,general of  
the ,united ,states shall carry out a   
study on-- 7,a7 employee pay and the    
employee pay scale used by the ,board of
 ,governors of the ,federal ,reserve    
,system1 including-- 7i7 how individual 
employee compensation relates to job    
function1 educational attainment1 and   
work experience2 and  7ii7 how the pay  
scale compares to the pay scales used by
 other ,federal departments and         
agencies1 especially other financial    

regulators2 and  7,b7 requiring the     
,board of ,governors of the ,federal    
,reserve ,system to be funded through   
the regular appropriations process4     
7#b7 ,report ,not later than the end of 
the #ahj-;day period beginning on the   
date of the enactment of this ,act1 the 
,comptroller ,general shall issue a     
report to the ,congress containing--    
7,a7 all findings and determinations    
made by the ,comptroller ,general in    
carrying out the study required under   
paragraph 7#a72  7,b7 recommendations on
 how to make the pay scale used by the  
,board of ,governors more consistent    
with pay scales used by other ,federal  
departments and agencies2 and  7,c7 a   
report on the pay amounts for employees 
at the ,board of ,governors1 broken down
 by division and job function4  #e4     
,vice ,chairman for ,supervision report 
requirement ,section #aj of the ,federal
 ,reserve ,act is amended-- 7#a7 by     
redesignating paragraph 7#ab7 as        
paragraph 7#aa72 and  7#b7 in paragraph 

7#aa71 as so redesignated1 by adding at 
the end the following3 ,in each such    
appearance1 the ,vice ,chairman for     
,supervision shall provide written      
testimony that includes the status of   
all pending and anticipated rulemakings 
that are being made by the ,board of    
,governors of the ,federal ,reserve     
,system4 ,if1 at the time of any        
appearance described in this paragraph1 
the position of ,vice ,chairman for     
,supervision is vacant1 the ,vice       
,chairman for the ,board of ,governors  
of the ,federal ,reserve ,system 7who   
has the responsibility to serve in the  
absence of the ,chairman7 shall appear  
instead and provide the required written
 testimony4 ,if1 at the time of any     
appearance described in this paragraph1 
both ,vice ,chairman positions are      
vacant1 the ,chairman of the ,board of  
,governors of the ,federal ,reserve     
,system shall appear instead and provide
 the required written testimony44  #f4  
,federal ,reserve communications with   

,congress ,section #b;,b of the ,federal
 ,reserve ,act 7#ab ,u4,s4,c4 #bbe;b7 is
 amended-- 7#a7 in subsection 7a71 by   
adding at the end the following3  7#c7  
,question period ,during any appearance 
before a committee of the ,congress1 the
 ,chairman or any other official or     
employee of the ,board of ,governors    
making such appearance shall remain as  
long as members of the committee have   
questions1 but no later than #e p4m4  2 
7#b7 in subsection 7b7-- 7,a7 in the    
heading for such subsection1 by striking
 ,report and inserting reports1         
questions1 and meetings2  7,b7 by       
striking ,the ,board and inserting the  
following3  7#a7 ,in general ,the ,board
  2 and  7,c7 by adding at the end the  
following3  7#b7 ,responses to          
,congressional committee questions  7,a7
 ,in general ,not later than the end of 
the #f-week period following the date on
 which any member or employee of the    
,board of ,governors of the ,federal    
,reserve ,system appears before a       

committee of the ,congress1 the ,board  
shall respond1 in writing1 to any       
questions submitted by such committee4  
7,b7 ,inability to meet deadline ,if the
 written response described under       
subparagraph 7,a7 cannot be provided    
within the #f-week period described     
under such subparagraph1 the ,chairman  
of the ,board shall inform the chairman 
of the appropriate committee1 in        
writing1 within such #f-week period--   
7i7 as to why the ,board is unable to   
provide the written response within the 
#f-week period2 and  7ii7 the expected  
date on which the ,board will respond to
 such questions4  7#c7 ,congressional   
meeting request accountability  7,a7 ,in
 general ,upon receiving a meeting      
request from a member or staff member   
serving on the ,committee of ,financial 
,services or ,budget of the ,house of   
,representatives or the ,committee of   
,banking1 ,housing1 and ,urban ,affairs 
or ,budget of the ,senate1 the ,board of
 ,governors of the ,federal ,reserve    

,system shall-- 7i7 respond1 within #c  
business days1 to notify such member or 
staff member that the request has been  
received2 and  7ii7 include in such     
response whether the meeting request can
 be accommodated and1 if so1 the dates  
and times when officers and employees of
 the ,board are available for such      
meeting4  7,b7 ,inability to accommodate
 meeting ,if1 in a response described   
under subparagraph 7,a71 the ,board     
states that the meeting cannot be       
accommodated within the #b-week period  
following such response1 the ,chairman  
of the ,board shall accompany such      
response with a detailed written        
explanation to the chairman of the      
committee as to why the meeting cannot  
be accommodated within such period and  
when the request will be accommodated4  
7#d7 ,salary freeze while in violation  
,during any period of time with respect 
to which the ,board of ,governors or the
 ,chairman of the ,board of ,governors  
is in violation of any provision of this

 subsection1 no employee of the ,board  
of ,governors may receive an increase in
 salary or other compensation4  4  #g4  
,transparency of regulatory activities  
7a7 ,stress test rulemaking1 ,,gao      
review1 and publication of results      
,section #afe7;i77#a77;,b7 of the       
,dodd-,frank ,wall ,street ,reform and  
,consumer ,protection ,act 7#ab         
,u4,s4,c4 #ecfe7;i77#a77;,b77 is        
amended-- 7#a7 by amending clause 7i7 to
 read as follows3  7i7 shall-- 7,i7     
issue regulations1 after providing for  
public notice and comment1 that provide 
for at least #c different sets of       
conditions under which the evaluation   
required by this subsection shall be    
conducted1 including baseline1 adverse1 
and severely adverse1 and methodologies 
including models used to estimate losses
 on certain assets2  7,,ii7 provide     
copies of such regulations to the       
,comptroller ,general of the ,united    
,states and the ,panel of ,economic     
,advisors of the ,congressional ,budget 

,office before publishing such          
regulations2  2 and  7#b7 in clause 7v71
 by inserting before the period the     
following3 1 including any results of a 
resubmitted test4  7b7 ,publication of  
the number of supervisory letters sent  
to the largest bank holding companies   
,section #afe of the ,dodd-,frank ,wall 
,street ,reform and ,consumer           
,protection ,act 7#ab ,u4,s4,c4 #ecfe7  
is amended by adding at the end the     
following3  7l7 ,publication of         
supervisory letter information ,the     
,board of ,governors shall publicly     
disclose-- 7#a7 the aggregate number of 
supervisory letters sent to bank holding
 companies described in subsection 7a7  
since the date of the enactment of this 
section1 and keep such number updated2  
and  7#b7 the aggregate number of such  
letters that are designated as ,matters 
,requiring ,attention and the aggregate 
number of such letters that are         
designated as ,matters ,requiring       
,immediate ,attention4  4  7c7          

,disclosure of audits and reviews to    
appropriate committees  7#a7 ,in general
 ,not later than the end of the #cj-;day
 period beginning on the date of the    
enactment of this ,act1 the ,board of   
,governors of the ,federal ,reserve     
,system shall submit to the ,committee  
on ,financial ,services of the ,house of
 ,representatives and the ,committee on 
,banking1 ,housing1 and ,urban ,affairs 
of the ,senate unredacted copies of--   
7,a7 the ,board of ,governors' ,review  
of ,regulatory ,supervisory ,audit2     
7,b7 the ,board of ,governors'          
#bjjc-bjjh ,performance ,review2 and    
7,c7 each performance review performed  
by the ,board of ,governors after the   
date of the enactment of this ,act4     
7#b7 ,notice of sensitive information   
,the ,board of ,governors shall ensure  
that the documents described under      
paragraph 7#a7 are accompanied by a list
 of any sections in such documents that 
the ,board of ,governors deems to be    
sensitive information that should not be

 made public4  #h4 ,treatment of certain
 directors and presidents  7a7          
,elimination of class ,c directors      
,section #d of the ,federal ,reserve    
,act is amended-- 7#a7 in the provision 
enumerated ,fifth of the fourth         
undesignated paragraph1 by striking and 
,class ,c2  7#b7 in the ninth           
undesignated paragraph1 by striking     
classes ,a1 ,b1 and ,c and inserting    
classes ,a and ,b2  7#c7 in the tenth   
undesignated paragraph1 by striking     
three members and inserting four        
members2  7#d7 in the eleventh          
undesignated paragraph1 by striking     
three members and inserting five        
members2  7#e7 by striking the twelfth  
and fifteenth undesignated paragraphs2  
7#f7 by amending the twentieth          
undesignated paragraph to read as       
follows3  7#bj7 ,designation of chairman
 and deputy chairman  7,a7 ,designation 
of chairman  7i7 ,in general ,one of the
 class ,a or ,b directors who has tested
 banking experience shall be designated 

by the ,board of ,governors of the      
,federal ,reserve ,system as chairman of
 the board of directors of the ,federal 
reserve bank and as ,federal reserve    
agent4  7ii7 ,duties ,the chairman      
shall-- 7,i7 maintain1 under regulations
 to be established by the ,board of     
,governors of the ,federal ,reserve     
,system1 a local office of said board on
 the premises of the ,federal reserve   
bank2  7,,ii7 make regular reports to   
the ,board of ,governors of the ,federal
 ,reserve ,system2 and  7,,iii7 act as  
the official representative of the      
,board of ,governors for the performance
 of the functions conferred upon it by  
this ,act4  7iii7 ,compensation ,the    
chairman shall receive an annual        
compensation to be fixed by the ,board  
of ,governors of the ,federal ,reserve  
,system and paid monthly by the ,federal
 reserve bank to which the chairman is  
designated4  7,b7 ,designation of deputy
 chairman ,one of the class ,a or ,b    
directors shall be appointed by the     

,board of ,governors of the ,federal    
,reserve ,system as deputy chairman to  
exercise the powers of the chairman of  
the board when necessary4  2 and  7#g7  
by amending the twenty-fourth           
undesignated paragraph to read as       
follows3  7#bd7 ,term of directors2     
vacancies  7,a7 ,term of directors      
,every director of a ,federal reserve   
bank shall hold office for a term of    
three years1 and such terms shall be    
staggered1 from the date of the         
enactment of this paragraph1 such that--
 7i7 with respect to the four class ,a  
directors1 one director's term shall    
expire in each of the first and second  
years and two directors' terms shall    
expire in the third year2 and  7ii7 with
 respect to the five class ,b directors1
 one director's term shall expire in the
 first year and two directors' terms    
shall expire in each of the second and  
third years4  7,b7 ,vacancies ,vacancies
 that may occur in the several classes  
of directors of ,federal reserve banks  

may be filled in the manner provided for
 the original selection of such         
directors1 such appointees to hold      
office for the unexpired terms of their 
predecessors4  4  7b7 ,appointment of   
bank president and vice president ,the  
provision enumerated ,fifth of the      
fourth undesignated paragraph of section
 #d of the ,federal ,reserve ,act is    
amended by striking with the approval of
 the ,board of ,governors of the        
,federal ,reserve ,system14  #i4        
,international travel and negotiations  
7a7 ,international travel ,section #aa  
of the ,federal ,reserve ,act 7#ab      
,u4,s4,c4 #bdh71 as amended by section  
#d1 is further amended by adding at the 
end the following3  7x7 ,temporary      
authorization for international travel  
7#a7 ,in general ,members and employees 
of the ,board of ,governors of the      
,federal ,reserve ,system may not travel
 outside of the ,united ,states for the 
purposes of performing any function on  
behalf of the ,board of ,governors of   

the ,federal ,reserve ,system after the 
end of the #b-year period beginning on  
the date of enactment of this           
subsection4  7#b7 ,exception ,paragraph 
7#a7 shall not apply to travel through  
another country for purposes of         
traveling from one part of the ,united  
,states to another part of the ,united  
,states4  4  7b7 ,international         
negotiations ,section #aa of the        
,federal ,reserve ,act 7#ab ,u4,s4,c4   
#bdh71 as amended by subsection 7a71 is 
further amended by adding at the end the
 following3  7y7 ,international         
negotiations  7#a7 ,notice of           
negotiations2 consultation ,at least #ij
 calendar days before any ,member or    
employee of the ,board of ,governors of 
the ,federal ,reserve ,system enters    
into negotiations with any foreign or   
multinational entity1 the ,board of     
,governors shall-- 7,a7 issue a notice  
of negotiations to the ,committee on    
,financial ,services of the ,house of   
,representatives and the ,committee on  

,banking1 ,housing1 and ,urban ,affairs 
of the ,senate2  7,b7 make such notice  
available to the public1 including on   
the website of the ,board of ,governors2
 and  7,c7 solicit public comment1 and  
consult with the committees described   
under subparagraph 7,a71 with respect to
 the topic matter1 scope1 and goals of  
the negotiations4  7#b7 ,public reports 
on negotiations ,after the end of any   
negotiation described under paragraph   
7#a71 the ,board of ,governors shall    
issue a public report on the topics that
 were discussed at the negotiation and  
any new or revised rulemakings or policy
 changes that the ,board of ,governors  
believe should be enacted as a result of
 the negotiations4  7#c7 ,notice of     
agreements2 consultation ,at least #ij  
calendar days before any ,member or     
employee of the ,board of ,governors of 
the ,federal ,reserve ,system enters    
into any agreement with any foreign or  
multinational entity1 the ,board of     
,governors shall-- 7,a7 issue a notice  

of agreement to the ,committee on       
,financial ,services of the ,house of   
,representatives and the ,committee on  
,banking1 ,housing1 and ,urban ,affairs 
of the ,senate2  7,b7 make such notice  
available to the public1 including on   
the website of the ,board of ,governors2
 and  7,c7 consult with such committees 
with respect to the nature of the       
agreement and any anticipated effects   
such agreement will have on the economy4
  4  #aj4 ,improvements to the          
,financial ,institutions ,examination   
,council  7a7 ,economic analysis        
,section #ajjh of the ,federal          
,financial ,institutions ,examination   
,council ,act of #aigh 7#ab ,u4,s4,c4   
#ccje7 is amended by adding at the end  
the following3  7d7 ,consideration of   
economic impacts  7#a7 ,in general      
,before issuing any regulation1 the     
,council shall-- 7,a7 clearly identify  
the nature and source of the problem    
that the proposed regulation is designed
 to address1 as well as assess the      

significance of that problem1 to enable 
assessment of whether any new regulation
 is warranted2  7,b7 assess the costs   
and benefits1 both qualitative and      
quantitative1 of the intended regulation
 and propose or adopt a regulation only 
on a reasoned determination that the    
benefits of the intended regulation     
outweigh the costs of the regulation2   
7,c7 identify and assess available      
alternatives to the regulation that were
 considered1 including modification of  
an existing regulation1 together with an
 explanation of why the regulation meets
 the regulatory objectives more         
effectively than the alternatives2 and  
7,d7 ensure that any regulation is      
accessible1 consistent1 written in plain
 language1 and easy to understand and   
shall measure1 and seek to improve1 the 
actual results of regulatory            
requirements4  7#b7 ,considerations and 
actions  7,a7 ,required actions ,in     
deciding whether and how to regulate1   
the ,council shall assess the costs and 

benefits of available regulatory        
alternatives1 including the alternative 
of not regulating1 and choose the       
approach that maximizes net benefits4   
,specifically1 the ,council shall-- 7i7 
evaluate whether1 consistent with       
obtaining regulatory objectives1 the    
regulation is tailored to impose the    
least burden on society1 including      
market participants1 individuals1       
businesses of differing sizes1 and other
 entities 7including ,state and local   
governmental entities71 taking into     
account1 to the extent practicable1 the 
cumulative costs of regulations2 and    
7ii7 evaluate whether the regulation is 
inconsistent1 incompatible1 or          
duplicative of other ,federal           
regulations4  7,b7 ,additional          
considerations ,in addition1 in making a
 reasoned determination of the costs and
 benefits of a potential regulation1 the
 ,council shall1 to the extent that each
 is relevant to the particular proposed 
regulation1 take into consideration the 

impact of the regulation on-- 7i7       
investor choice2  7ii7 market liquidity 
in the securities markets2  7iii7 small 
businesses2  7iv7 economic growth2  7v7 
cost and access to capital2  7vi7 market
 stability2  7vii7 global               
competitiveness2  7viii7 job creation2  
7ix7 rate of inflation2 and  7x7        
employment levels4  7#c7 ,explanation   
and comments ,the ,council shall explain
 in its final rule the nature of        
comments that it received1 including    
those from the industry or consumer     
groups concerning the potential costs or
 benefits of the proposed rule or       
proposed rule change1 and shall provide 
a response to those comments in its     
final rule1 including an explanation of 
any changes that were made in response  
to those comments and the reasons that  
the ,council did not incorporate those  
industry group concerns related to the  
potential costs or benefits in the final
 rule4  7#d7 ,post-adoption impact      
assessment  7,a7 ,in general ,whenever  

the ,council adopts or amends a         
regulation designated as a major rule   
within the meaning of section #hjd7b7 of
 title #e1 ,united ,states ,code1 it    
shall state1 in its adopting release1   
the following3 7i7 ,the purposes and    
intended consequences of the regulation4
  7ii7 ,appropriate post-implementation 
quantitative and qualitative metrics to 
measure the economic impact of the      
regulation and to measure the extent to 
which the regulation has accomplished   
the stated purposes4  7iii7 ,the        
assessment plan that will be used1      
consistent with the requirements of     
subparagraph 7,b71 to assess whether the
 regulation has achieved the stated     
purposes4  7iv7 ,any reasonably         
foreseeable indirect effects that may   
result from the regulation4  7,b7       
,requirements of assessment plan and    
report  7i7 ,requirements of plan ,the  
assessment plan required under this     
paragraph shall consider the costs1     
benefits1 and intended and unintended   

consequences of the regulation4 ,the    
plan shall specify the data to be       
collected1 the methods for collection   
and analysis of the data and a date for 
completion of the assessment4 ,the      
assessment plan shall include an        
analysis of any jobs added or lost as a 
result of the regulation1               
differentiating between public and      
private sector jobs4  7ii7 ,submission  
and publication of report ,the ,council 
shall1 not later than #b years after the
 publication of the adopting release1   
cause the assessment report to be       
published in the ,federal ,register for 
notice and comment4 ,if the ,council    
determines1 at least #ij days before    
such date1 that an extension is         
necessary1 the ,council shall public a  
notice of such extension in the ,federal
 ,register1 along with the specific     
reasons why the extension is necessary4 
,any material modification of the plan1 
as necessary to assess unforeseen       
aspects or consequences of the          

regulation1 shall be promptly published 
in the ,federal ,register for notice and
 comment4  7iii7 ,data collection not   
subject to notice and comment           
requirements ,if the ,council has       
published its assessment plan for notice
 and comment1 specifying the data to be 
collected and method of collection1 at  
least #cj days prior to adoption of a   
final regulation or amendment1 such     
collection of data shall not be subject 
to the notice and comment requirements  
in section #cejf7;c7 of title #dd1      
,united ,states ,code 7commonly referred
 to as the ,paperwork ,reduction ,act74 
,any material modifications of the plan 
that require collection of data not     
previously published for notice and     
comment shall also be exempt from such  
requirements if the ,council has        
published notice for comment in the     
,federal ,register of the additional    
data to be collected1 at least #cj days 
prior to initiation of data collection4 
7iv7 ,final action ,not later than #ahj 

days after publication of the assessment
 report in the ,federal ,register1 the  
,council shall issue for notice and     
comment a proposal to amend or rescind  
the regulation1 or publish a notice that
 the ,council has determined that no    
action will be taken on the regulation4 
,such a notice will be deemed a final   
agency action4  7#e7 ,covered           
regulations and other actions ,solely as
 used in this subsection1 the term      
regulation-- 7,a7 means a statement of  
general applicability and future effect 
that is designed to implement1          
interpret1 or prescribe law or policy or
 to describe the procedure or practice  
requirements of the ,council1 including 
rules1 orders of general applicability1 
interpretive releases1 and other        
statements of general applicability that
 the ,council intends to have the force 
and effect of law2 and  7,b7 does not   
include-- 7i7 a regulation issued in    
accordance with the formal rulemaking   
provisions of section #eef or #eeg of   

title #e1 ,united ,states ,code2  7ii7 a
 regulation that is limited to the      
organization1 management1 or personnel  
matters of the ,council2  7iii7 a       
regulation promulgated pursuant to      
statutory authority that expressly      
prohibits compliance with this          
provision2 and  7iv7 a regulation that  
is certified by the ,council to be an   
emergency action1 if such certification 
is published in the ,federal ,register4 
4  7b7 ,ethics standards ,section #ajjh 
of the ,federal ,financial ,institutions
 ,examination ,council ,act of #aigh    
7#ab ,u4,s4,c4 #ccje71 as amended by    
subsection 7a71 is further amended by   
adding at the end the following3  7e7   
,ethics standards  7#a7 ,prohibited and 
restricted financial interests and      
transactions ,the members and employees 
of the ,council shall be subject to the 
provisions under section #ddja4ajb of   
title #e1 ,code of ,federal             
,regulations1 to the same extent as such
 provisions apply to an employee of the 

,securities and ,exchange ,commission4  
7#b7 ,treatment of brokerage accounts   
and availability of account statements  
,the members and employees of the       
,council shall-- 7,a7 disclose all      
brokerage accounts that they maintain1  
as well as those in which they control  
trading or have a financial interest    
7including managed accounts1 trust      
accounts1 investment club accounts1 and 
the accounts of spouses or minor        
children who live with the member or    
employee72 and  7,b7 with respect to any
 securities account that the member or  
employee is required to disclose to the 
,council1 authorize their brokers and   
dealers to send duplicate account       
statements directly to ,council4  7#c7  
,prohibitions related to outside        
employment and activities ,the members  
and employees of the ,council shall be  
subject to the prohibitions related to  
outside employment and activities       
described under section #ddja4ajc7;c7 of
 title #e1 ,code of ,federal            

,regulations1 to the same extent as such
 prohibitions apply to an employee of   
the ,securities and ,exchange           
,commission4  7#d7 ,additional ethics   
standards ,the members and employees of 
the ,council shall be subject to-- 7,a7 
the employee responsibilities and       
conduct regulations of the ,office of   
,personnel ,management under part #gce  
of title #e1 ,code of ,federal          
,regulations2  7,b7 the canons of ethics
 contained in subpart ,c of part #bjj of
 title #ag1 ,code of ,federal           
,regulations1 to the same extent as such
 subpart applies to the employees of the
 ,securities and ,exchange ,commission2 
and  7,c7 the regulations concerning the
 conduct of members and employees and   
former members and employees contained  
in subpart ,m of part #bjj of title #ag1
 ,code of ,federal ,regulations1 to the 
same extent as such subpart applies to  
the employees of the ,securities and    
,exchange ,commission4  7f7 ,additional 
employees required ,to make a public    

financial disclosure ,for purposes of   
the financial disclosure requirements   
under part #bfcd of title #e1 ,code of  
,federal ,regulations1 an employee of   
the ,council shall be deemed a public   
filer if the employee is an attorney1   
accountant1 examiner1 auditor1          
investigator1 or deals with information 
technology security4  7g7 ,disclosure of
 staff salaries and financial           
information ,the ,council shall make    
publicly available1 on the website of   
the ,council1 a searchable database that
 contains the names of all ,members and 
employees of the ,council1 and-- 7#a7   
the yearly salary information for such  
individuals1 along with any non-salary  
compensation received by such           
individuals2 and  7#b7 any financial    
disclosures required to be made by such 
individuals4  4  #aa4 ,improvements to  
the ,financial ,stability ,oversight    
,council  7a7 ,economic analysis        
,section #aaa of the ,financial         
,stability ,act of #bjaj 7#ab ,u4,s4,c4 

#ecba7 is amended by adding at the end  
the following3  7k7 ,consideration of   
economic impacts  7#a7 ,in general      
,before issuing any regulation1 the     
,council shall-- 7,a7 clearly identify  
the nature and source of the problem    
that the proposed regulation is designed
 to address1 as well as assess the      
significance of that problem1 to enable 
assessment of whether any new regulation
 is warranted2  7,b7 assess the costs   
and benefits1 both qualitative and      
quantitative1 of the intended regulation
 and propose or adopt a regulation only 
on a reasoned determination that the    
benefits of the intended regulation     
outweigh the costs of the regulation2   
7,c7 identify and assess available      
alternatives to the regulation that were
 considered1 including modification of  
an existing regulation1 together with an
 explanation of why the regulation meets
 the regulatory objectives more         
effectively than the alternatives2 and  
7,d7 ensure that any regulation is      

accessible1 consistent1 written in plain
 language1 and easy to understand and   
shall measure1 and seek to improve1 the 
actual results of regulatory            
requirements4  7#b7 ,considerations and 
actions  7,a7 ,required actions ,in     
deciding whether and how to regulate1   
the ,council shall assess the costs and 
benefits of available regulatory        
alternatives1 including the alternative 
of not regulating1 and choose the       
approach that maximizes net benefits4   
,specifically1 the ,council shall-- 7i7 
evaluate whether1 consistent with       
obtaining regulatory objectives1 the    
regulation is tailored to impose the    
least burden on society1 including      
market participants1 individuals1       
businesses of differing sizes1 and other
 entities 7including ,state and local   
governmental entities71 taking into     
account1 to the extent practicable1 the 
cumulative costs of regulations2 and    
7ii7 evaluate whether the regulation is 
inconsistent1 incompatible1 or          

duplicative of other ,federal           
regulations4  7,b7 ,additional          
considerations ,in addition1 in making a
 reasoned determination of the costs and
 benefits of a potential regulation1 the
 ,council shall1 to the extent that each
 is relevant to the particular proposed 
regulation1 take into consideration the 
impact of the regulation on-- 7i7       
investor choice2  7ii7 market liquidity 
in the securities markets2  7iii7 small 
businesses2  7iv7 economic growth2  7v7 
cost and access to capital2  7vi7 market
 stability2  7vii7 global               
competitiveness2  7viii7 job creation2  
7ix7 rate of inflation2 and  7x7        
employment levels4  7#c7 ,explanation   
and comments ,the ,council shall explain
 in its final rule the nature of        
comments that it received1 including    
those from the industry or consumer     
groups concerning the potential costs or
 benefits of the proposed rule or       
proposed rule change1 and shall provide 
a response to those comments in its     

final rule1 including an explanation of 
any changes that were made in response  
to those comments and the reasons that  
the ,council did not incorporate those  
industry group concerns related to the  
potential costs or benefits in the final
 rule4  7#d7 ,post-adoption impact      
assessment  7,a7 ,in general ,whenever  
the ,council adopts or amends a         
regulation designated as a major rule   
within the meaning of section #hjd7b7 of
 title #e1 ,united ,states ,code1 it    
shall state1 in its adopting release1   
the following3 7i7 ,the purposes and    
intended consequences of the regulation4
  7ii7 ,appropriate post-implementation 
quantitative and qualitative metrics to 
measure the economic impact of the      
regulation and to measure the extent to 
which the regulation has accomplished   
the stated purposes4  7iii7 ,the        
assessment plan that will be used1      
consistent with the requirements of     
subparagraph 7,b71 to assess whether the
 regulation has achieved the stated     

purposes4  7iv7 ,any reasonably         
foreseeable indirect effects that may   
result from the regulation4  7,b7       
,requirements of assessment plan and    
report  7i7 ,requirements of plan ,the  
assessment plan required under this     
paragraph shall consider the costs1     
benefits1 and intended and unintended   
consequences of the regulation4 ,the    
plan shall specify the data to be       
collected1 the methods for collection   
and analysis of the data and a date for 
completion of the assessment4 ,the      
assessment plan shall include an        
analysis of any jobs added or lost as a 
result of the regulation1               
differentiating between public and      
private sector jobs4  7ii7 ,submission  
and publication of report ,the ,council 
shall1 not later than #b years after the
 publication of the adopting release1   
cause the assessment report to be       
published in the ,federal ,register for 
notice and comment4 ,if the ,council    
determines1 at least #ij days before    

such date1 that an extension is         
necessary1 the ,council shall public a  
notice of such extension in the ,federal
 ,register1 along with the specific     
reasons why the extension is necessary4 
,any material modification of the plan1 
as necessary to assess unforeseen       
aspects or consequences of the          
regulation1 shall be promptly published 
in the ,federal ,register for notice and
 comment4  7iii7 ,data collection not   
subject to notice and comment           
requirements ,if the ,council has       
published its assessment plan for notice
 and comment1 specifying the data to be 
collected and method of collection1 at  
least #cj days prior to adoption of a   
final regulation or amendment1 such     
collection of data shall not be subject 
to the notice and comment requirements  
in section #cejf7;c7 of title #dd1      
,united ,states ,code 7commonly referred
 to as the ,paperwork ,reduction ,act74 
,any material modifications of the plan 
that require collection of data not     

previously published for notice and     
comment shall also be exempt from such  
requirements if the ,council has        
published notice for comment in the     
,federal ,register of the additional    
data to be collected1 at least #cj days 
prior to initiation of data collection4 
7iv7 ,final action ,not later than #ahj 
days after publication of the assessment
 report in the ,federal ,register1 the  
,council shall issue for notice and     
comment a proposal to amend or rescind  
the regulation1 or publish a notice that
 the ,council has determined that no    
action will be taken on the regulation4 
,such a notice will be deemed a final   
agency action4  7#e7 ,covered           
regulations and other actions ,solely as
 used in this subsection1 the term      
regulation-- 7,a7 means a statement of  
general applicability and future effect 
that is designed to implement1          
interpret1 or prescribe law or policy or
 to describe the procedure or practice  
requirements of the ,council1 including 

rules1 orders of general applicability1 
interpretive releases1 and other        
statements of general applicability that
 the ,council intends to have the force 
and effect of law2 and  7,b7 does not   
include-- 7i7 a regulation issued in    
accordance with the formal rulemaking   
provisions of section #eef or #eeg of   
title #e1 ,united ,states ,code2  7ii7 a
 regulation that is limited to the      
organization1 management1 or personnel  
matters of the ,council2  7iii7 a       
regulation promulgated pursuant to      
statutory authority that expressly      
prohibits compliance with this          
provision2 and  7iv7 a regulation that  
is certified by the ,council to be an   
emergency action1 if such certification 
is published in the ,federal ,register4 
4  7b7 ,ethics standards ,section #aaa  
of the ,financial ,stability ,act of    
#bjaj 7#ab ,u4,s4,c4 #ecba71 as amended 
by subsection 7a71 is further amended by
 adding at the end the following3  7l7  
,ethics standards  7#a7 ,prohibited and 

restricted financial interests and      
transactions ,the members and employees 
of the ,council shall be subject to the 
provisions under section #ddja4ajb of   
title #e1 ,code of ,federal             
,regulations1 to the same extent as such
 provisions apply to an employee of the 
,securities and ,exchange ,commission4  
7#b7 ,treatment of brokerage accounts   
and availability of account statements  
,the members and employees of the       
,council shall-- 7,a7 disclose all      
brokerage accounts that they maintain1  
as well as those in which they control  
trading or have a financial interest    
7including managed accounts1 trust      
accounts1 investment club accounts1 and 
the accounts of spouses or minor        
children who live with the member or    
employee72 and  7,b7 with respect to any
 securities account that the member or  
employee is required to disclose to the 
,council1 authorize their brokers and   
dealers to send duplicate account       
statements directly to ,council4  7#c7  

,prohibitions related to outside        
employment and activities ,the members  
and employees of the ,council shall be  
subject to the prohibitions related to  
outside employment and activities       
described under section #ddja4ajc7;c7 of
 title #e1 ,code of ,federal            
,regulations1 to the same extent as such
 prohibitions apply to an employee of   
the ,securities and ,exchange           
,commission4  7#d7 ,additional ethics   
standards ,the members and employees of 
the ,council shall be subject to-- 7,a7 
the employee responsibilities and       
conduct regulations of the ,office of   
,personnel ,management under part #gce  
of title #e1 ,code of ,federal          
,regulations2  7,b7 the canons of ethics
 contained in subpart ,c of part #bjj of
 title #ag1 ,code of ,federal           
,regulations1 to the same extent as such
 subpart applies to the employees of the
 ,securities and ,exchange ,commission2 
and  7,c7 the regulations concerning the
 conduct of members and employees and   

former members and employees contained  
in subpart ,m of part #bjj of title #ag1
 ,code of ,federal ,regulations1 to the 
same extent as such subpart applies to  
the employees of the ,securities and    
,exchange ,commission4  7m7 ,additional 
employees required ,to make a public    
financial disclosure ,for purposes of   
the financial disclosure requirements   
under part #bfcd of title #e1 ,code of  
,federal ,regulations1 an employee of   
the ,council shall be deemed a public   
filer if the employee is an attorney1   
accountant1 examiner1 auditor1          
investigator1 or deals with information 
technology security4  7n7 ,disclosure of
 staff salaries and financial           
information ,the ,council shall make    
publicly available1 on the website of   
the ,council1 a searchable database that
 contains the names of all ,members and 
employees of the ,council1 and-- 7#a7   
the yearly salary information for such  
individuals1 along with any non-salary  
compensation received by such           

individuals2 and  7#b7 any financial    
disclosures required to be made by such 
individuals4  4