,,ii  #aagth ,,congress  #b;d ,session  
,s4 #ecda  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,december #ba1 
#bjbb ,mr4 ,toomey 7for himself1 ,mr4   
,cramer1 ,mr4 ,cruz1 ,mr4 ,hagerty1 ,mr4
 ,lee1 ,ms4 ,lummis1 and ,mr4 ,tillis7  
introduced the following bill2 which was
 read twice and referred to the         
,committee on ,banking1 ,housing1 and   
,urban ,affairs  ,a ,,bill  ,to amend   
the ,federal ,reserve ,act to provide   
greater accountability to the ,federal  
,reserve ,system1 and for other         
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,federal ,reserve   
,accountability ,act of #bjbb4  #b4     
,appointment of general counsel         
,subsection 7l7 of section #aa of the   
,federal ,reserve ,act 7#ab ,u4,s4,c4   
#bdh7 is amended by inserting ,the      
,president shall appoint a general      
counsel for the ,board1 by and with the 
advice and consent of the ,senate4      
,sections #ccde through #ccdi;b of title
 #e1 ,united ,states ,code1 shall not   

apply to the general counsel4 after the 
period at the end of the first sentence4
  #c4 ,appointment of ,federal ,reserve 
bank presidents  7a7 ,in general ,the   
fifth paragraph of the fourth           
unenumerated paragraph of section #d of 
the ,federal ,reserve ,act 7#ab         
,u4,s4,c4 #cda7 is amended-- 7#a7 in the
 first sentence1 by striking president1 
vice presidents1 and inserting vice     
presidents2  7#b7 in the second         
sentence1 by striking ,class ,b and     
,class ,c directors of the bank1 with   
the approval of the ,board of ,governors
 of the ,federal ,reserve ,system1 for a
 term of #e years and inserting         
,president of the ,united ,states 7by   
and with the advice and consent of the  
,senate7 for a term of #e years2  7#c7  
by striking the third sentence and      
inserting ,the first vice president of  
the bank shall be appointed by the      
,class ,b and ,class ,c board of        
directors of the bank for a term of #e  
years1 and shall1 in the absence or     

disability of the president or during a 
vacancy in the office of the president1 
serve as chief executive officer of the 
bank1 until a nominee for president is  
confirmed by the ,senate or the         
,president of the ,united ,states       
appoints an acting president under      
sections #ccde through #ccdi;b of title 
#e1 ,united ,states ,code42  7#d7 in the
 fourth sentence1 by striking the       
president or 2  7#e7 by inserting ,a    
president may continue to serve after   
the expiration of the term of office to 
which the president was appointed until 
the earlier of the date on which a      
successor has been appointed and        
qualified1 the date on which the next   
session of ,congress subsequent to the  
expiration of such term expires1 or the 
date on which the ,president of the     
,united ,states removes the president4  
,no appointed president shall serve more
 than a total of #aj years1 not         
including any such continuation in      
service4 after the period at the end of 

the fourth sentence2 and  7#f7 by       
inserting ,the president shall have     
their primary residence and principal   
place of business located in that       
,federal ,reserve district for not fewer
 than #d years before the date on which 
the ,president nominates the individual 
to be president of the ,federal ,reserve
 bank for that ,federal ,reserve        
district4 after the period at the end of
 the fifth sentence1 as added by        
paragraph 7#e7 of this subsection4  7b7 
,suspension or removal of officers      
,section #aa7;f7 of the ,federal        
,reserve ,act 7#ab ,u4,s4,c4 #bdh7;f77  
is amended by inserting 7except the     
president7 after reserve bank4  7c7     
,applicability ,sections #ccde through  
#ccdi;b of title #e1 ,united ,states    
,code1 shall apply to presidents of     
,federal ,reserve banks in the same     
manner as officers of ,executive        
agencies4  #d4 ,federal reserve         
districts  7a7 ,in general ,section #b  
of the ,federal ,reserve ,act 7#ab      

,u4,s4,c4 #bbb7 is amended by striking  
the first undesignated paragraph and    
inserting the following3  ,the          
continental ,united ,states shall be    
divided into #e ,federal ,reserve       
districts4 ,the ,first ,federal ,reserve
 ,district shall be composed of ,maine1 
,new ,hampshire1 ,vermont1              
,massachusetts1 ,rhode ,island1         
,connecticut1 ,new ,york1 ,pennsylvania1
 ,new ,jersey1 ,delaware1 the           
,commonwealth of ,puerto ,rico1 and the 
,united ,states ,virgin ,islands1 with  
the city of ,new ,york1 ,new ,york1 as  
the location of the ,federal ,reserve   
bank4 ,the ,second ,federal ,reserve    
,district shall be composed of ,ohio1   
,west ,virginia1 ,virginia1 ,maryland1  
,michigan1 ,indiana1 ,kentucky1         
,illinois1 ,wisconsin1 ,minnesota1 and  
the ,district of ,columbia1 with the    
city of ,cleveland1 ,ohio1 as the       
location of the ,federal ,reserve bank4 
,the ,third ,federal ,reserve ,district 
shall be composed of ,missouri1 ,kansas1

 ,oklahoma1 ,colorado1 ,wyoming1        
,nebraska1 ,iowa1 ,north ,dakota1 ,south
 ,dakota1 and ,montana1 with the city of
 ,kansas ,city1 ,missouri1 as the       
location of the ,federal ,reserve bank4 
,the ,fourth ,federal ,reserve ,district
 shall be composed of ,texas1 ,arkansas1
 ,louisiana1 ,mississippi1 ,alabama1    
,tennessee1 ,georgia1 ,north ,carolina1 
,south ,carolina1 and ,florida1 with the
 city of ,dallas1 ,texas1 as the        
location of the ,federal ,reserve bank4 
,the ,fifth ,federal ,reserve ,district 
shall be composed of ,california1       
,oregon1 ,washington1 ,alaska1 ,hawaii1 
,idaho1 ,nevada1 ,utah1 ,arizona1 ,new  
,mexico1 ,guam1 ,american ,samoa1 and   
the ,northern ,mariana ,islands1 with   
the city of ,san ,francisco1            
,california1 as the location of the     
,federal ,reserve bank4 ,every national 
bank in any ,state shall1 upon          
commencing business1 become a member    
bank of the ,federal ,reserve ,system by
 subscribing and paying for stock in the

 ,federal ,reserve bank of its district 
in accordance with the provisions of    
this ,act and shall thereupon be an     
insured bank under the ,federal ,deposit
 ,insurance ,act1 and failure to do so  
shall subject such bank to the penalty  
provided by the sixth paragraph of this 
section4  4  7b7 ,federal ,open ,market 
,committee ,section #ab;,a of the       
,federal ,reserve ,act 7#ab ,u4,s4,c4   
#bfc7 is amended by striking subsection 
7a7 and inserting the following3  7a7   
,there is hereby created a ,federal     
,open ,market ,committee 7hereinafter   
referred to as the ,committee71 which   
shall consist of the members of the     
,board of ,governors of the ,federal    
,reserve ,system and the chief executive
 officers of the #e ,federal ,reserve   
banks4  4  7c7 ,technical and conforming
 amendments  7#a7 ,section #aa of the   
,federal ,reserve ,act 7#ab ,u4,s4,c4   
#bdh7 is amended by striking subsection 
7e74  7#b7 ,section #af of the ,federal 
,reserve ,act 7#ab ,u4,s4,c4 #dac7 is   

amended1 in the third sentence1 by      
striking twelve and inserting #e4  #e4  
,board of ,governors of the ,federal    
,reserve ,system ,section #aj of the    
,federal ,reserve ,act 7#ab ,u4,s4,c4   
#bda7 is amended--  7#a7 in the second  
sentence1 by striking one of whom shall 
be selected from and inserting #b of    
whom may be residents of2 and  7#b7 by  
inserting ,in this paragraph1 the term  
resident of any one ,federal ,reserve   
district means an individual whose      
primary residence and principal place of
 business has been located in a ,federal
 ,reserve district for not fewer than #d
 years before the date on which the     
,president nominates the individual as a
 member of the ,board4 after the period 
at the end of the fourth sentence4  #f4 
,lobbying with moneys ,the ,federal     
,reserve ,act is amended by inserting   
after section #ae 7#ab ,u4,s4,c4 #cia et
 seq47 the following3  #ae;,a4 ,lobbying
 with moneys ,no part of the income1    
interest1 fees1 money1 or other funds of

 the ,board of ,governors of the        
,federal ,reserve ,system or any        
,federal ,reserve bank shall1 in the    
absence of express authorization by     
,congress1 be used directly or          
indirectly to pay for any personal      
service1 advertisement1 telegram1       
telephone1 letter1 printed or written   
matter1 or other device1 intended or    
designed to influence in any manner a   
,member of ,congress1 a jurisdiction1 or
 an official of any government1 to      
favor1 adopt1 or oppose1 by vote or     
otherwise1 any legislation1 law1        
ratification1 policy1 or appropriation1 
whether before or after the introduction
 of any bill1 measure1 or resolution    
proposing such legislation1 law1        
ratification1 policy1 or appropriation2 
but this shall not prevent officers or  
employees of the ,federal ,reserve      
,system from communicating to any such  
,member or official1 at his request1 or 
to ,congress or such official1 through  
the proper official channels1 requests  

for any legislation1 law1 ratification1 
policy1 or appropriations which they    
deem necessary for the efficient conduct
 of the public business1 or from making 
any communication whose prohibition by  
this section might1 in the opinion of   
the ,attorney ,general1 violate the     
,constitution or interfere with the     
conduct of foreign policy1              
counter-intelligence1 intelligence1 or  
national security activities4           
,violations of this section shall       
constitute violations of section        
#aceb7;a7 of title #ca1 ,united ,states 
,code4  4