,i #aae? ,,congress #b;d ,session ,h4 ,r4 #fgda ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,septemb] #g1 #bjah,mr4 ,b>r 7= himself1 ,mr4 ,lucas1 ,mr4 ,mooney ( ,we/ ,virg9ia1 ,ms4 ,t5ney1 & ,mr4 ,davidson7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices1 & 9 addition to ! ,committee on ,rules1 = a p]iod to be subsequ5tly det]m9$ by ! ,speak]1 9 ea* case = consid]ation ( su* provisions z fall )9 ! jurisdiction ( ! committee conc]n$ ,a ,,bill ,to am5d ! ,f$]al ,res]ve ,act to increase monet>y policy transp>5cy & acc\ntability & to make re=ms to ! ,f$]al ,res]ve ,sy/em1 & = o!r purposes4 #a4 ,%ort title2 table ( cont5ts 7a7 ,%ort title ,?is ,act may be cit$ z ! ,f$]al ,res]ve ,re=m ,act ( #bjah4 7b7 ,table ( cont5ts ,! table ( cont5ts = ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title2 table ( cont5ts4 ,sec4 #b4 ,monet>y policy transp>5cy & acc\ntability4 ,sec4 #c4 ,indep5d5ce f cr$it policy4 ,sec4 #d4 ,congressional acc\ntability = em]g5cy l5d+ programs4 ,sec4 #e4 ,int]e/ rates on balances ma9ta9$ at a ,f$]al ,res]ve ,bank by depository in/itutions e/abli%$ by ,f$]al ,op5 ,m>ket ,committee4 ,sec4 #f4 ,memb]%ip ( ,f$]al ,op5 ,m>ket ,committee4 ,sec4 #g4 ,br++ ! non-monet>y policy relat$ functions ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em into ! appropriations process4 ,sec4 #h4 ,am5dm5t to appo9tm5t ( presid5ts ( ,f$]al ,res]ve ,banks4 ,sec4 #i4 ,f$]al ,op5 ,m>ket ,committee black\t p]iod4 ,sec4 #aj4 ,sal>ies1 f9ancial disclosures1 & (fice /aff ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em4 ,sec4 #aa4 ,vice ,*airman = ,sup]vision report requirem5t4 ,sec4 #ab4 ,removal ( dual m&ate4 #b4 ,monet>y policy transp>5cy & acc\ntability ,section #ab;,a ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bfc7 is am5d$-- 7#a7 by r$esignat+ subsections 7b7 & 7c7 z subsections 7d7 & 7e71 respectively2 & 7#b7 by ins]t+ aft] subsection 7a7 ! foll[+ new subsections3 7b7 ,policy transp>5cy 7#a7 ,monet>y policy /rategy 7,a7 ,9 g5]al ,! ,committee %all annually e/abli% exactly #a monet>y policy /rategy1 :i* %all s]ve z a non-te*nical public communication ( ! ,committee's cons5sus expectation = ! conduct ( monet>y policy dur+ t cal5d> ye>4 7,b7 ,requirem5ts ,ea* monet>y policy /rategy ( ! ,committee %all include ! foll[+3 7i7 ,a pla9 ,engli% description ( h[ ! ,committee w\ld adju/ ea* ( ! foll[+ monet>y policy in/rum5ts 9 reaction to *anges 9 a small & well-def9$ set ( publicly available economic indicators3 7,i7 ,%ort-t]m int]e/ rate t>gets e/abli%$ by ! ,committee4 7,,ii7 ,op5-m>ket op]ations au?oriz$ "u section #ad4 7,,iii7 ,e>n+s on balances ma9ta9$ at a ,f$]al res]ve bank by or on behalf ( a depository in/itution "u section #ai7;b77#ab74 7ii7 ,an id5tification ( #a monet>y policy in/rum5t f ! li/ 9 clause 7i7 t ! ,committee expects to use z ! prim>y in/rum5t = implem5t+ ! monet>y policy /rategy describ$ "u subp>agraph 7,a74 7#b7 ,ref]5ce monet>y policy rules ,9 addition to ! monet>y policy /rategy requir$ "u p>agraph 7#a71 ! ,committee %all annually adopt at lea/ #a & n m ?an #c ref]5ce monet>y policy rules1 ea* ( :i* %all ma!matically express h[ ! prim>y monet>y policy in/rum5t id5tifi$ "u p>agraph 7#a77;,b77ii7 reacts to *anges 9 a small & well-def9$ set ( publicly available economic indicators4 7#c7 ,deviations ,no?+ 9 ?is subsection %all be con/ru$ to prev5t ! ,committee f sett+ %ort-t]m int]e/ rate t>gets1 conduct+ op5-m>ket op]ations1 or pay+ e>n+s on balances pursuant to section #ai7;b77#ab7 9 a mann] t deviates f a monet>y policy /rategy or any ref]5ce monet>y policy rules e/abli%$ "u ?is subsection4 7c7 ,te/imony & reports ( ! ,*airman ,! ,*airman %all1 concurr5t ) ea* semi-annual he>+ requir$ "u section #b;,b1 submit a report to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives1 conta9+-- 7#a7 a /atem5t z to :e!r ! monet>y policy /rategy e/abli%$ "u subsection 7b77#a7 qualitatively diff]s f any ( ! ref]5ce monet>y policy rules requir$ "u subsection 7b77#b7 &1 if applicable1 a full & non-te*nical explanation ( any su* diff]5ce2 7#b7 a /atem5t z to :e!r ! ,committee's conduct ( monet>y policy s9ce ! previ\s report quantitatively diff]s f any ref]5ce monet>y policy rule &1 if applicable1 a full & non-te*nical explanation ( any su* diff]5ces2 & 7#c7 a description (-- 7,a7 ! circum/ances "u :i* ! ,committee's monet>y policy /rategy may be am5d$ f ye> to ye>2 & 7,b7 a full & non-te*nical explanation ( any su* actual am5dm5t4 4 #c4 ,indep5d5ce f cr$it policy 7a7 ,return+ to a monet>y policy balance %eet 7#a7 ,9 g5]al ,n lat] ?an #a ye> aft] ! date ( ! enactm5t ( ?is ,act-- 7,a7 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all transf] to ! ,dep>tm5t ( ! ,treasury all cov]$ assets t are nei!r gold /ock1 ,treasury curr5cy1 nor direct obligations ( ! ,unit$ ,/ates1 =eign c5tral banks1 or ! ,int]national ,monet>y ,fund2 & 7,b7 ! ,secret>y ( ! ,treasury %all transf] to ! ,f$]al res]ve banks direct obligations ( ! ,unit$ ,/ates ( equival5t m>ket value to su* cov]$ assets4 7#b7 ,cov]$ assets def9$ ,9 ?is subsection1 ! t]m cov]$ assets means all assets-- 7,a7 pur*as$ ?r\gh op5-m>ket op]ations by ! ,f$]al res]ve banks2 or 7,b7 acquir$ ?r\gh transactions "u ! foll[+ sections ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bba et seq473 7i7 ,section #aj;,a be=e ! date ( ! enactm5t ( ?is ,act4 7ii7 ,section #aj;,b4 7iii7 ,section #ac4 7iv7 ,section #ac;,a4 7v7 ,section #bd4 7b7 ,op5 m>ket asset pur*ases ,section #ad7;b7 7#ab ,u4,s4,c4 #cee7 ( ! ,f$]al ,res]ve ,act 7relat+ to ,pur*ase & sale ( obligations ( ,unit$ ,/ates1 ,/ates1 c\nties1 etc47 is am5d$ to read z foll[s3 7b7 ,to buy & sell 9 ! op5 m>ket1 at home or abroad1 "u ! direction & regulations ( ! ,f$]al ,op5 ,m>ket ,committee1 gold /ock1 ,treasury curr5cy1 or direct obligations ( ! ,unit$ ,/ates1 =eign c5tral banks1 or ! ,int]national ,monet>y ,fund4 ,no?+ 9 ?is subsection %all be con/ru$ to limit advances "u section #aj;,b1 or disc\nt loans "u sections #ac1 #ac;,a1 or #bd4 4 7c7 ,ma9ta9+ a monet>y policy balance %eet 7#a7 ,assets acquir$ "u em]g5cy l5d+ ,section #ac7c7 ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #cdc7c77 is am5d$ by add+ at ! end ! foll[+ new subp>agraph3 7,f7 ,n lat] ?an #a ye> aft] a ,f$]al res]ve bank acquires any assets "u ?is p>agraph t are nei!r gold nor direct obligations ( ! ,unit$ ,/ates1 =eign c5tral banks1 or ! ,int]national ,monet>y ,fund-- 7i7 ! ,bo>d %all transf] su* assets ( ! ,f$]al res]ve bank to ! ,dep>tm5t ( ! ,treasury2 & 7ii7 ! ,secret>y ( ! ,treasury %all transf] to ! ,f$]al res]ve banks direct obligations ( ! ,unit$ ,/ates ( equival5t m>ket value to ! assets describ$ 9 clause 7i74 4 7#b7 ,repeal ( au?ority to provide em]g5cy advances to gr\ps ( memb] banks ,section #aj;,a ( ! ,f$]al ,res]ve ,act is repeal$4 7#c7 ,assets acquir$ ?r\gh advances to memb] banks ,! second undesignat$ p>agraph ( subsection 7a7 ( section #aj;,b ( ! ,f$]al ,res]ve ,act is am5d$-- 7,a7 by ins]t+ n be=e secur$ by mortgage loans2 & 7,b7 by /rik+ l[e/ disc\nt rate & ins]t+ highe/ disc\nt rate4 #d4 ,congressional acc\ntability = em]g5cy l5d+ programs ,section #ac7c7 ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #cdc7c771 z am5d$ by section #c1 is fur!r am5d$-- 7#a7 9 subp>agraph 7,a7-- 7,a7 by ins]t+ t pose a ?reat to ! f9ancial /ability ( ! ,unit$ ,/ates aft] unusual & exig5t circum/ances2 & 7,b7 by /rik+ ! affirmative vote ( n less ?an five memb]s & ins]t+ ! prior approval ( ! ,secret>y ( ! ,treasury & n less ?an #b_/c ( ! memb]s ( ! ,f$]al ,op5 ,m>ket ,committee2 7#b7 9 subp>agraph 7,b7-- 7,a7 9 clause 7i71 by ins]t+ at ! end ! foll[+3 ,f$]al res]ve banks may n accept equity securities issu$ by ! recipi5t ( any loan or o!r f9ancial assi/ance "u ?is p>agraph z collat]al4 ,n lat] ?an #f mon?s aft] ! date ( ! enactm5t ( ?is s5t5ce1 ! ,bo>d %all1 by rule1 e/abli%-- 7,i7 a me?od = det]m9+ ! suffici5cy ( ! collat]al requir$ "u ?is p>agraph2 7,,ii7 acceptable classes ( collat]al2 7,,iii7 ! am\nt ( any disc\nt on ! value ( ! collat]al t ! ,f$]al res]ve banks w apply = purposes ( calculat+ ! suffici5cy ( collat]al "u ?is p>agraph2 & 7,,iv7 a me?od = obta9+ indep5d5t appraisals ( ! value ( collat]al ! ,f$]al res]ve banks receive4 2 7,b7 9 clause 7ii7-- 7i7 by /rik+ ! second s5t5ce2 & 7ii7 by ins]t+ aft] ! fir/ s5t5ce ! foll[+3 ,a borr[] %all n be eligible to borr[ f any em]g5cy l5d+ program or facility unless ! ,bo>d & all ,f$]al bank+ regulators ) jurisdiction ov] ! borr[] c]tify t1 at ! "t ! borr[] initially borr[s "u ! program or facility1 ! borr[] is n insolv5t42 & 7,c7 by /rik+ clause 7iv72 7#c7 by ins]t+ f9ancial in/itution be=e p>ticipant ea* place su* t]m appe>s2 7#d7 9 subp>agraph 7,d77i71 by ins]t+ f9ancial in/itution be=e p>ticipants2 & 7#e7 by add+ at ! end ! foll[+ new subp>agraphs3 7,g7 ,jo9t resolution ( approval 7i7 ,9 g5]al ,a program or facility creat$ "u subp>agraph 7,a7 %all t]m9ate on ! date t is #cj cal5d> days aft] ! date on :i* ,congress receives a report describ$ 9 subp>agraph 7,c7 unless !re is enact$ into law a jo9t resolution approv+ ! program or facility n lat] ?an #cj cal5d> days aft] ! date on :i* ! report is receiv$4 ,any loan (f]$ ?r\gh ! program or facility t is out/&+ z ( ! date on :i* ! program or facility is t]m9at$ %all be repaid 9 full n lat] ?an #cj cal5d> days aft] ! date on :i* ! program or facility is t]m9at$4 7ii7 ,cont5ts ( jo9t resolution ,= ! purpose ( ?is subp>agraph1 ! t]m jo9t resolution means only a jo9t resolution-- 7,i7 t is introduc$ n lat] ?an #c cal5d> days aft] ! date on :i* ! report describ$ 9 subp>agraph 7,c7 is receiv$ by ,congress2 7,,ii7 t does n h a preamble2 7,,iii7 ! title ( :i* is z foll[s3 ,jo9t resolution relat+ to ! approval ( a program or facility creat$ by ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em2 & 7,,iv7 ! matt] aft] ! resolv+ clause ( :i* is z foll[s3 ,t ,congress approves ! program or facility creat$ by ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em on 4 7,! blank space be+ appropriately fill$ 974 7iii7 ,fa/ track consid]ation 9 ,h\se ( ,repres5tatives 7,i7 ,reconv5+ ,^u receipt ( a report "u subp>agraph 7,c71 ! ,speak]1 if ! ,h\se w\ld o!rwise be adj\rn$1 %all notify ! ,memb]s ( ! ,h\se t1 pursuant to ?is subp>agraph1 ! ,h\se %all conv5e n lat] ?an ! second cal5d> day aft] receipt ( su* report4 7,,ii7 ,report+ & dis*>ge ,any committee ( ! ,h\se ( ,repres5tatives to :i* a jo9t resolution is ref]r$ %all report x to ! ,h\se n lat] ?an #e cal5d> days aft] ! date ( receipt ( ! report describ$ 9 subp>agraph 7,c74 ,if a committee fails to report ! jo9t resolution )9 t p]iod1 ! committee %all be dis*>g$ f fur!r consid]ation ( ! jo9t resolution & ! jo9t resolution %all be ref]r$ to ! appropriate cal5d>4 7,,iii7 ,proce$+ to consid]ation ,aft] ea* committee au?oriz$ to consid] a jo9t resolution reports x to ! ,h\se or has be5 dis*>g$ f its consid]ation1 x %all be 9 ord]1 n lat] ?an ! six? day aft] ,congress receives ! report describ$ 9 subp>agraph 7,c71 to move to proce$ to consid] ! jo9t resolution 9 ! ,h\se4 ,all po9ts ( ord] aga9/ ! motion are waiv$4 ,su* a motion %all n be 9 ord] aft] ! ,h\se has dispos$ ( a motion to proce$ on ! jo9t resolution4 ,! previ\s "q %all be consid]$ z ord]$ on ! motion to its adoption )\t int]v5+ motion4 ,! motion %all n be debatable4 ,a motion to reconsid] ! vote by :i* ! motion is dispos$ ( %all n be 9 ord]4 7,,iv7 ,consid]ation ,! jo9t resolution %all be consid]$ z read4 ,all po9ts ( ord] aga9/ ! jo9t resolution & aga9/ its consid]ation are waiv$4 ,! previ\s "q %all be consid]$ z ord]$ on ! jo9t resolution to its passage )\t int]v5+ motion except #b h\rs ( debate equally divid$ & controll$ by ! propon5t & an oppon5t4 ,a motion to reconsid] ! vote on passage ( ! jo9t resolution %all n be 9 ord]4 7iv7 ,fa/ track consid]ation 9 ,s5ate 7,i7 ,reconv5+ ,^u receipt ( a report "u subp>agraph 7,c71 if ! ,s5ate has adj\rn$ or recess$ = m ?an #b days1 ! majority lead] ( ! ,s5ate1 aft] consultation ) ! m9ority lead] ( ! ,s5ate1 %all notify ! ,memb]s ( ! ,s5ate t1 pursuant to ?is subp>agraph1 ! ,s5ate %all conv5e n lat] ?an ! second cal5d> day aft] receipt ( su* report4 7,,ii7 ,placem5t on cal5d> ,^u introduction 9 ! ,s5ate1 ! jo9t resolution %all be plac$ imm$iately on ! cal5d>4 7,,iii7 ,floor consid]ation 7aa7 ,9 g5]al ,not)/&+ ,rule ,,xxii ( ! ,/&+ ,rules ( ! ,s5ate1 x is 9 ord] at any "t dur+ ! p]iod beg9n+ on ! f\r? day aft] ! date on :i* ,congress receives a report describ$ 9 subp>agraph 7,c7 & end+ on ! six? day aft] ! date on :i* ,congress receives ! report 7ev5 ?\gh a previ\s motion to ! same effect has be5 disagre$ to7 to move to proce$ to ! consid]ation ( ! jo9t resolution1 & all po9ts ( ord] aga9/ ! jo9t resolution 7& aga9/ consid]ation ( ! jo9t resolution7 are waiv$4 ,! motion to proce$ is n debatable4 ,! motion is n subject to a motion to po/pone4 ,a motion to reconsid] ! vote by :i* ! motion is agre$ to or disagre$ to %all n be 9 ord]4 ,if a motion to proce$ to ! consid]ation ( ! resolution is agre$ to1 ! jo9t resolution %all rema9 ! unf9i%$ bus9ess until dispos$ (4 7bb7 ,debate ,debate on ! jo9t resolution1 & on all debatable motions & appeals 9 connection !re)1 %all be limit$ to n m ?an #aj h\rs1 :i* %all be divid$ equally betwe5 ! majority & m9ority lead]s or _! designees4 ,a motion fur!r to limit debate is 9 ord] & n debatable4 ,an am5dm5t to1 or a motion to po/pone1 or a motion to proce$ to ! consid]ation ( o!r bus9ess1 or a motion to recommit ! jo9t resolution is n 9 ord]4 7cc7 ,vote on passage ,! vote on passage %all occur imm$iately foll[+ ! conclusion ( ! debate on a jo9t resolution1 & a s+le quorum call at ! conclusion ( ! debate if reque/$ 9 accordance ) ! rules ( ! ,s5ate4 7dd7 ,rul+s ( ! *air on proc$ure ,appeals f ! decisions ( ! ,*air relat+ to ! application ( ! rules ( ! ,s5ate1 z ! case may be1 to ! proc$ure relat+ to a jo9t resolution %all be decid$ )\t debate4 7v7 ,coord9ation ) action by o!r ,h\se 7,i7 ,9 g5]al ,if1 be=e ! passage by "o ,h\se ( a jo9t resolution ( t ,h\se1 t ,h\se receives f ! o!r ,h\se a jo9t resolution1 !n ! foll[+ proc$ures %all apply3 7aa7 ,! jo9t resolution ( ! o!r ,h\se %all n be ref]r$ to a committee4 7bb7 ,) respect to a jo9t resolution ( ! ,h\se receiv+ ! resolution-- 7,,aa7 ! proc$ure 9 t ,h\se %all be ! same z if no jo9t resolution _h be5 receiv$ f ! o!r ,h\se2 b 7,,bb7 ! vote on passage %all be on ! jo9t resolution ( ! o!r ,h\se4 7,,ii7 ,treatm5t ( jo9t resolution ( o!r ,h\se ,if "o ,h\se fails to introduce or consid] a jo9t resolution "u ?is section1 ! jo9t resolution ( ! o!r ,h\se %all be entitl$ to exp$it$ floor proc$ures "u ?is section4 7,,iii7 ,consid]ation aft] passage ,if1 foll[+ passage ( ! jo9t resolution 9 ! ,s5ate1 ! ,s5ate !n receives ! companion measure f ! ,h\se ( ,repres5tatives1 ! companion measure %all n be debatable4 7,,iv7 ,vetoes ,if ! ,presid5t vetoes ! jo9t resolution1 ! p]iod beg9n+ on ! date ! ,presid5t vetoes ! jo9t resolution & end+ on ! date ! ,congress receives ! veto message ) respect to ! jo9t resolution %all be disreg>d$ 9 comput+ ! #cj-;cal5d> day p]iod describ$ 9 clause 7i7 & debate on a veto message 9 ! ,s5ate "u ?is section %all be #a h\r equally divid$ betwe5 ! majority & m9ority lead]s or _! designees4 7,v7 ,rules ( ,h\se ( ,repres5tatives & ,s5ate ,?is subp>agraph is enact$ by ,congress-- 7aa7 z an ex]cise ( ! rulemak+ p[] ( ! ,s5ate & ,h\se ( ,repres5tatives1 respectively1 & z su* x is deem$ a "p ( ! rules ( ea* ,h\se1 respectively1 b applicable only ) respect to ! proc$ure to be foll[$ 9 t ,h\se 9 ! case ( a jo9t resolution1 & x sup]s$es o!r rules only to ! ext5t t x is inconsi/5t ) su* rules2 & 7bb7 ) full recognition ( ! con/itutional "r ( ei!r ,h\se to *ange ! rules 7s f> z relat+ to ! proc$ure ( t ,h\se7 at any "t1 9 ! same mann]1 & to ! same ext5t z 9 ! case ( any o!r rule ( t ,h\se4 7,h7 ,p5alty rate 7i7 ,9 g5]al ,n lat] ?an #f mon?s aft] ! date ( enactm5t ( ?is subp>agraph1 ! ,bo>d %all1 ) respect to a recipi5t ( any loan or o!r f9ancial assi/ance "u ?is p>agraph1 e/abli% by rule a m9imum int]e/ rate on ! pr9cipal am\nt ( any loan or o!r f9ancial assi/ance4 7ii7 ,m9imum int]e/ rate def9$ ,9 ?is subp>agraph1 ! t]m m9imum int]e/ rate %all mean ! sum (-- 7,i7 ! av]age ( ! second>y disc\nt rate ( all ,f$]al res]ve banks ov] ! mo/ rec5t #ij-;day p]iod2 & 7,,ii7 ! av]age ( ! diff]5ce betwe5 a di/ress$ corporate bond yield index 7z def9$ by rule ( ! ,bo>d7 & a bond yield index ( debt issu$ by ! ,unit$ ,/ates 7z def9$ by rule ( ! ,bo>d7 ov] ! mo/ rec5t #ij-;day p]iod4 7,i7 ,f9ancial in/itution p>ticipant def9$ ,= purposes ( ?is p>agraph1 ! t]m f9ancial in/itution p>ticipant-- 7i7 means a company t is pr$om9antly engag$ 9 f9ancial activities 7z def9$ 9 section #ajb7;a7 ( ! ,f9ancial ,/ability ,act ( #bjaj 7#ab ,u4,s4,c4 #ecaa7;a7772 & 7ii7 does n include an ag5cy describ$ 9 subp>agraph 7,w7 ( section #ecab7;a77#b7 ( title #ca1 ,unit$ ,/ates ,code1 or an entity controll$ or sponsor$ by su* an ag5cy4 4 #e4 ,int]e/ rates on balances ma9ta9$ at a ,f$]al ,res]ve ,bank by depository in/itutions e/abli%$ by ,f$]al ,op5 ,m>ket ,committee ,subp>agraph 7,a7 ( section #ai7;b77#ab7 ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #dfa7;b77#ab77;,a77 is am5d$ by ins]t+ e/abli%$ by ! ,f$]al ,op5 ,m>ket ,committee aft] rate or rates4 #f4 ,memb]%ip ( ,f$]al ,op5 ,m>ket ,committee ,section #ab;,a7a7 ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bfc7;a77 is am5d$-- 7#a7 9 ! fir/ s5t5ce1 by /rik+ five repres5tatives ( ! ,f$]al ,res]ve banks to be select$ z h]e9aft] provid$ & ins]t+ "o repres5tative f ea* ( ! ,f$]al ,res]ve banks2 7#b7 9 ! second s5t5ce1 by /rik+ &1 beg9n+ & all t foll[s ?r\gh ,san ,francisco2 & 7#c7 by /rik+ ! ?ird & f\r? s5t5ces4 #g4 ,br++ ! non-monet>y policy relat$ functions ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em into ! appropriations process 7a7 ,9 g5]al ,! ,f$]al ,res]ve ,act is am5d$ by ins]t+ aft] section #aa;,b ! foll[+3 #aa;,c4 ,appropriations requirem5t = non-monet>y policy relat$ adm9i/rative co/s 7a7 ,appropriations requirem5t 7#a7 ,recov]y ( co/s ( annual appropriation ,! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em & ! ,f$]al res]ve banks %all collect assessm5ts & o!r fees1 z provid$ "u ?is ,act1 t are design$ to recov] ! co/s to ! ,gov]nm5t ( ! annual appropriation to ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em by ,congress4 ,! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em & ! ,f$]al res]ve banks may only incur obligations or all[ & pay exp5ses ) respect to non-monet>y policy relat$ adm9i/rative co/s pursuant to an appropriations ,act4 7#b7 ,(fsett+ collections ,assessm5ts & o!r fees describ$ "u p>agraph 7#a7 = any fiscal ye>-- 7,a7 %all be deposit$ & cr$it$ z (fsett+ collections to ! acc\nt provid+ appropriations to ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em2 & 7,b7 %all n be collect$ = any fiscal ye> except to ! ext5t provid$ 9 advance 9 appropriation ,acts4 7#c7 ,limitation ,?is subsection %all only apply to ! non-monet>y policy relat$ adm9i/rative co/s ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em4 7b7 ,def9itions ,= purposes ( ?is section3 7#a7 ,monet>y policy ,! t]m monet>y policy means a /rategy = produc+ a g5]ally acceptable ex*ange m$ium t supports ! productive employm5t ( economic res\rces by reliably s]v+ z bo? a unit ( acc\nt & /ore ( value4 7#b7 ,non-monet>y policy relat$ adm9i/rative co/s ,! t]m non-monet>y policy relat$ adm9i/rative co/s means adm9i/rative co/s n relat$ to ! conduct ( monet>y policy1 & includes-- 7,a7 direct op]at+ exp5ses = sup]vis+ & regulat+ entities sup]vis$ & regulat$ by ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 includ+ conduct+ exam9ations1 conduct+ /ress te/s1 communicat+ ) ! entities reg>d+ sup]visory matt]s & laws1 & regulations2 7,b7 op]at+ exp5ses = activities integral to c>ry+ out sup]visory & regulatory responsibilities1 su* z tra9+ /aff 9 ! sup]visory function1 rese>* & analysis functions includ+ libr>y subscription s]vices1 & collect+ & process+ regulatory reports fil$ by sup]vis$ in/itutions2 & 7,c7 support1 ov]head1 & p5sion exp5ses relat$ to ! items describ$ "u subp>agraphs 7,a7 & 7,b74 4 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply ) respect to exp5ses paid & fees collect$ on or aft] ,octob] #a1 #bjah4 #h4 ,am5dm5t to appo9tm5t ( presid5ts ( ,f$]al ,res]ve ,banks ,! fif? subp>agraph ( ! f\r? undesignat$ p>agraph ( section #d ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #cda7 is am5d$ by /rik+ ,class ,b & ,class ,c directors & ins]t+ bo>d ( directors4 #i4 ,f$]al ,op5 ,m>ket ,committee black\t p]iod ,section #ab;,a ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bfc71 z am5d$ by section #b1 is fur!r am5d$ by add+ at ! end ! foll[+ new subsection3 7f7 ,black\t p]iod 7#a7 ,9 g5]al ,dur+ a black\t p]iod1 ! only public communications t may be made by memb]s & /aff ( ! ,committee ) respect to macroeconomic or f9ancial developm5ts or ab\t curr5t or prospective monet>y policy issues are ! foll[+3 7,a7 ,! dissem9ation ( publi%$ data1 surveys1 & reports t h be5 cle>$ = publication by ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em4 7,b7 ,answ]s to te*nical que/ions specific to a data release4 7,c7 ,communications ) respect to ! prud5tial or sup]visory functions ( ! ,bo>d ( ,gov]nors4 7#b7 ,black\t p]iod def9$ ,= purposes ( ?is subsection1 & ) respect to a meet+ ( ! ,committee describ$ "u subsection 7a71 ! t]m black\t p]iod means ! "t p]iod t-- 7,a7 beg9s imm$iately aft] midnight on ! day t is "o week prior to ! date on :i* su* meet+ takes place2 & 7,b7 ends at midnight on ! day aft] ! date on :i* su* meet+ takes place4 7#c7 ,exemption = *airman ( ! bo>d ( gov]nors ,no?+ 9 ?is section %all prohibit ! ,*airman ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em f p>ticipat+ 9 or issu+ public communications4 4 #aj4 ,sal>ies1 f9ancial disclosures1 & (fice /aff ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em 7a7 ,9 g5]al ,section #aa ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bdh7 is am5d$-- 7#a7 by r$esignat+ ! second subsection 7s7 7relat+ to ,assessm5ts1 ,fees1 & ,o!r ,*>ges = ,c]ta9 ,companies7 z subsection 7t72 & 7#b7 by add+ at ! end ! foll[+ new subsections3 7u7 ,prohibit$ & re/rict$ f9ancial int]e/s & transactions ,! memb]s & employees ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all be subject to ! provisions "u section #ddja4ajb ( title #e1 ,code ( ,f$]al ,regulations1 to ! same ext5t z su* provisions apply to an employee ( ! ,securities & ,ex*ange ,commission4 7v7 ,disclosure ( /aff sal>ies & f9ancial in=mation ,! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all make publicly available1 on ! website ( ! ,bo>d ( ,gov]nors1 a se>*able database t conta9s ! names ( all memb]s1 (fic]s1 & employees ( ! ,bo>d ( ,gov]nors :o receive an annual sal>y 9 excess ( ! annual rate ( basic pay = ,,gs-#ae ( ! ,g5]al ,s*$ule1 &-- 7#a7 ! ye>ly sal>y in=mation = su* individuals1 along ) any nonsal>y comp5sation receiv$ by su* individuals2 & 7#b7 any f9ancial disclosures requir$ to be made by su* individuals4 4 7b7 ,(fice /aff = ea* memb] ( ! ,bo>d ( ,gov]nors ,subsection 7l7 ( section #aa ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bdh7 is am5d$ by add+ at ! end ! foll[+3 ,ea* memb] ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em may employ1 at a m9imum1 #b individuals1 ) su* individuals select$ by su* memb] & ! sal>ies ( su* individuals set by su* memb]4 ,a memb] may employ additional individuals z det]m9$ necess>y by ! ,bo>d ( ,gov]nors44 #aa4 ,vice ,*airman = ,sup]vision report requirem5t ,p>agraph 7#ab7 ( section #aj ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bdg7;b77 is am5d$-- 7#a7 by r$esignat+ su* p>agraph z p>agraph 7#aa72 & 7#b7 9 su* p>agraph1 by add+ at ! end ! foll[+3 ,9 ea* su* appe>ance1 ! ,vice ,*airman = ,sup]vision %all provide writt5 te/imony t includes ! /atus ( all p5d+ & anticipat$ rulemak+s t are be+ made by ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em4 ,if1 at ! "t ( any appe>ance describ$ 9 ?is p>agraph1 ! position ( ,vice ,*airman = ,sup]vision is vacant1 ! ,vice ,*airman = ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em 7:o has ! responsibility to s]ve 9 ! abs5ce ( ! ,*airman7 %all appe> in/ead & provide ! requir$ writt5 te/imony4 ,if1 at ! "t ( any appe>ance describ$ 9 ?is p>agraph1 bo? ,vice ,*airman positions are vacant1 ! ,*airman ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all appe> in/ead & provide ! requir$ writt5 te/imony44 #ab4 ,removal ( dual m&ate ,section #b;,a ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bbe;a7 is am5d$ by /rik+ maximum employm5t1 /able prices1 & ins]t+ /able prices4