,,ii #aahth ,,congress #ast ,session ,s4 #affc ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,may #ag1 #bjbc,ms4 ,warren 7for herself and ,mr4 ,scott of ,florida7 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 limit banker representation on boards of directors of ,federal ,reserve banks1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,strengthening ,federal ,reserve ,system ,accountability ,act of #bjbc4 #b4 ,banker representation on ,federal ,reserve bank boards 7a7 ,class ,a directors 7#a7 ,eligibility ,the tenth undesignated paragraph of section #d of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #cjb7 is amended-- 7,a7 by inserting with #ej1jjj1jjj1jjj or less in assets before the period at the end2 and 7,b7 by inserting ,the ,reserve bank1 in consultation with the ,board of ,governors of the ,federal ,reserve ,system1 may remove a ,class ,a director if1 after the director is elected1 the assets of the bank of the director grow rapidly greater than #ej1jjj1jjj1jjj4 ,no individual may serve as a ,class ,a director if the individual represents a bank that has a ,,camels rating of #c or higher or outstanding ,matters ,requiring ,attention or ,matters ,requiring ,immediate ,attention above the average number for banks of similar size and complexity4 after the period at the end4 7#b7 ,nomination and election ,the #afth undesignated paragraph of section #d of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #cjd7 is amended-- 7,a7 in the third sentence1 by inserting with #ej1jjj1jjj1jjj or less in assets after member bank2 and 7,b7 by striking the first and second sentences4 7b7 ,election of ,class ,b directors 7#a7 ,in general ,the #aath undesignated paragraph of section #d of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #cjb7 is amended by striking three members1 and all that follows through the period at the end and inserting #f members who shall be designated by the ,board of ,governors of the ,federal ,reserve ,system4 ,they shall be elected to represent the public1 without discrimination on the basis of race1 creed1 color1 sex1 or national origin1 and with due but not exclusive consideration to the interests of agriculture1 commerce1 industry1 services1 labor1 and consumers4 ,when the necessary subscriptions to the capital stock have been obtained for the organization of any ,federal reserve bank1 the ,board of ,governors of the ,federal ,reserve ,system shall appoint the class ,b directors and shall designate one of such directors as chairman of the board to be selected4 ,pending the designation of such chairman1 the organization committee shall exercise the powers and duties appertaining to the office of chairman in the organization of such ,federal reserve bank44 7#b7 ,technical and conforming amendments 7,a7 ,the #afth undesignated paragraph of section #d of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #cjd7 is amended-- 7i7 in the first sentence1 as redesignated by subsection 7a77#b77;,b7 of this section1 by striking and one candidate for director of ,class ,b2 and 7ii7 in the third sentence1 as redesignated by subsection 7a77#b77;,b7 of this section1 by striking and ,class ,b4 7,b7 ,section #d of the ,federal ,reserve ,act is amended-- 7i7 in the fifth paragraph of the fourth undesignated paragraph1 by striking and ,class ,c2 7ii7 by striking the #abth undesignated paragraph2 7iii7 by striking the #aeth undesignated paragraph 7#ab ,u4,s4,c4 #cjc72 7iv7 by striking the #agth undesignated paragraph 7#ab ,u4,s4,c4 #cjd72 and 7v7 by striking the #bjth undesignated paragraph4 7c7 ,financial institutions regulated by the ,board of ,governors ,section #d of the ,federal ,reserve ,act is amended-- 7#a7 in the #adth undesignated paragraph 7#ab ,u4,s4,c4 #cjc71 by striking ,no director of class ,b shall be an officer1 director1 or employee of any bank4 and inserting ,no individual who served as an officer1 director1 or employee of any bank or other financial institution regulated by the ,board of ,governors of the ,federal ,reserve ,system during the preceding #e-year period shall serve as a director of class ,b42 and 7#b7 by striking the #aeth undesignated paragraph 7#ab ,u4,s4,c4 #cjc74 #c4 ,reserve ,bank director responsibilities 7a7 ,in general ,the eighth undesignated paragraph of section #d of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #cja7 is amended by inserting after the period at the end of the second sentence the following3 ,the board of directors may not be involved in bank examinations or supervisory processes1 including the selection1 appointment1 and compensation of all ,federal reserve bank officers whose primary duties involve supervisory matters1 budgetary matters1 and any other decisions or deliberations that pertain to supervisory activities44 7b7 ,term limits ,the #bdth undesignated paragraph of section #d of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #cjh7 is amended by inserting ,no director of a ,federal reserve bank may serve more than #b full terms4 after the period at the end of the second sentence4 #d4 ,federal ,reserve transparency and independence 7a7 ,director elections 7#a7 ,class ,a ,the #aith undesignated paragraph of section #d of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #cjd7 is amended by inserting 1 which shall be published on the website of each ,federal reserve bank not later than #c years after such declaration before the period at the end of the fifth sentence4 7#b7 ,class ,b ,the #aath undesignated paragraph of section #d of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #cjb7 is amended by inserting ,the list of the final #c candidates considered for such designation shall be published on the website of the ,board of ,governors of the ,federal ,reserve ,system not earlier than #c years after the date of its completion4 after the period at the end of the second sentence4 7b7 ,director and president selection input ,section #d of the ,federal ,reserve ,act is amended by inserting after the #bjth undesignated paragraph 7#ab ,u4,s4,c4 #cje7 the following3 ,the ,federal reserve banks and the ,board of ,governors of the ,federal ,reserve ,system shall develop processes for allowing public comment and input for nominating ,class ,a directors and designating ,class ,b directors1 and appointing presidents4 ,each ,federal reserve bank shall publish a public contact for such nominations1 designations1 and appointments4 ,the ,board of ,governors of the ,federal ,reserve ,system shall disclose any vote or veto by a member of the ,board for a ,class ,b director or a president not later than #c years after such vote or veto4 ,the ,board of ,governors of the ,federal ,reserve ,system shall release a public statement after the date on which a president is selected describing the involvement of the ,board in the selection process4 4 7c7 ,office staff for members of the ,board of ,governors of the ,federal ,reserve ,system ,section #aa7l7 of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bdh7l77 is amended by inserting ,of amounts made available for staff of the ,federal ,reserve ,system1 each member of the ,board of ,governors may employ not more than #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 member4 after the period at the end4 7d7 ,vote by ,board of ,governors on certain settlements ,section #aj of the ,federal ,reserve ,act is amended-- 7#a7 by redesignating paragraph 7#ab7 7#ab ,u4,s4,c4 #bdg;b7 as paragraph 7#aa72 and 7#b7 by adding at the end the following3 7#ab7 7,a7 ,the ,board of ,governors of the ,federal ,reserve ,system shall vote1 at a properly noticed public meeting of the ,board1 on whether to resolve any enforcement action if the resolution of that action involves the payment of not less than #e1jjj1jjj in compensation1 penalties1 or fines1 or other payments4 7,b7 ,the results of the vote of each member of the ,board under subparagraph 7,a7 shall-- 7i7 be included at the appropriate place in the official minutes of the ,board2 and 7ii7 be made publicly available on the website of the ,board4 4 7e7 ,term limits2 review ,the fifth paragraph of the fourth unenumerated paragraph of section #d of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #cda7 is amended by inserting #8#8,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 ,the ,board of ,governors of the ,federal ,reserve ,system1 in consultation with the relevant ,reserve bank board of directors1 shall initiate a review of the ,reserve bank president and vice ,president and the appropriateness of their removal in the event of a bank failure in the ,reserve district4 ,the ,board of ,governors shall also publish the results of the review not later than #ij days following the bank failure4'' after the period at the end of the fourth sentence4 #e4 ,federal ,reserve ethics ,section #d of the ,federal ,reserve ,act1 as amended by section #d7;b7 of this ,act1 is amended by adding at the end the following3 ,each director1 president1 and vice president shall comply with the same rules for investment and trading activity prescribed by the ,board of ,governors of the ,federal ,reserve ,system4 ,each director shall disclose any financial interest in the same manner as presidents4 ,each ,federal reserve bank shall publicly disclose and explain any rationale for waivers granted to directors from conflict of interest rules4 ,the ,comptroller ,general of the ,united ,states shall annually review conflict of interest rules of the ,federal reserve banks and the ,board of ,governors of the ,federal ,reserve ,system and implementation of and compliance with such rules4 4