,,ii  #aah? ,,congress  #a/ ,session    
,s4 #affc  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,may #ag1 #bjbc,ms4    
,w>r5 7= h]self & ,mr4 ,scott (         
,florida7 introduc$ ! foll[+ bill2 :i* 0
 read twice & ref]r$ to ! ,committee on 
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to am5d ! ,f$]al ,res]ve ,act  
to limit bank] repres5tation on bo>ds ( 
directors ( ,f$]al ,res]ve banks1 & =   
o!r purposes4  #a4 ,%ort title ,?is ,act
 may be cit$ z ! ,/r5g!n+ ,f$]al ,res]ve
 ,sy/em ,acc\ntability ,act ( #bjbc4    
#b4 ,bank] repres5tation on ,f$]al      
,res]ve bank bo>ds  7a7 ,class ,a       
directors  7#a7 ,eligibility ,! t5?     
undesignat$ p>agraph ( section #d ( !   
,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #cjb7
 is am5d$-- 7,a7 by ins]t+ )            
#ej1jjj1jjj1jjj or less 9 assets be=e ! 
p]iod at ! end2 &  7,b7 by ins]t+ ,!    
,res]ve bank1 9 consultation ) ! ,bo>d (
 ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1   
may remove a ,class ,a director if1 aft]
 ! director is elect$1 ! assets ( ! bank

 ( ! director gr[ rapidly great] ?an    
#ej1jjj1jjj1jjj4 ,no individual may s]ve
 z a ,class ,a director if ! individual 
repres5ts a bank t has a ,,camels rat+ (
 #c or high] or out/&+ ,matt]s ,requir+ 
,att5tion or ,matt]s ,requir+ ,imm$iate 
,att5tion above ! av]age numb] = banks (
 simil> size & complexity4 aft] ! p]iod 
at ! end4  7#b7 ,nom9ation & election ,!
 #af? undesignat$ p>agraph ( section #d 
( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4  
#cjd7 is am5d$-- 7,a7 9 ! ?ird s5t5ce1  
by ins]t+ ) #ej1jjj1jjj1jjj or less 9   
assets aft] memb] bank2 &  7,b7 by /rik+
 ! fir/ & second s5t5ces4  7b7 ,election
 ( ,class ,b directors  7#a7 ,9 g5]al ,!
 #aa? undesignat$ p>agraph ( section #d 
( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4  
#cjb7 is am5d$ by /rik+ ?ree memb]s1 &  
all t foll[s ?r\gh ! p]iod at ! end &   
ins]t+ #f memb]s :o %all be designat$ by
 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve 
,sy/em4 ,!y %all be elect$ to repres5t !
 public1 )\t discrim9ation on ! basis ( 
race1 cre$1 color1 sex1 or national     

orig91 & ) due b n exclusive            
consid]ation to ! int]e/s ( agriculture1
 comm]ce1 indu/ry1 s]vices1 labor1 &    
consum]s4 ,:5 ! necess>y subscriptions  
to ! capital /ock h be5 obta9$ = !      
organization ( any ,f$]al res]ve bank1 !
 ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve   
,sy/em %all appo9t ! class ,b directors 
& %all designate "o ( su* directors z   
*airman ( ! bo>d to be select$4 ,p5d+ ! 
designation ( su* *airman1 !            
organization committee %all ex]cise !   
p[]s & duties app]ta9+ to ! (fice (     
*airman 9 ! organization ( su* ,f$]al   
res]ve bank44  7#b7 ,te*nical & con=m+  
am5dm5ts  7,a7 ,! #af? undesignat$      
p>agraph ( section #d ( ! ,f$]al ,res]ve
 ,act 7#ab ,u4,s4,c4 #cjd7 is am5d$--   
7i7 9 ! fir/ s5t5ce1 z r$esignat$ by    
subsection 7a77#b77;,b7 ( ?is section1  
by /rik+ & "o c&idate = director (      
,class ,b2 &  7ii7 9 ! ?ird s5t5ce1 z   
r$esignat$ by subsection 7a77#b77;,b7 ( 
?is section1 by /rik+ & ,class ,b4  7,b7
 ,section #d ( ! ,f$]al ,res]ve ,act is 

am5d$-- 7i7 9 ! fif? p>agraph ( ! f\r?  
undesignat$ p>agraph1 by /rik+ & ,class 
,c2  7ii7 by /rik+ ! #ab? undesignat$   
p>agraph2  7iii7 by /rik+ ! #ae?        
undesignat$ p>agraph 7#ab ,u4,s4,c4     
#cjc72  7iv7 by /rik+ ! #ag? undesignat$
 p>agraph 7#ab ,u4,s4,c4 #cjd72 &  7v7  
by /rik+ ! #bj? undesignat$ p>agraph4   
7c7 ,f9ancial in/itutions regulat$ by ! 
,bo>d ( ,gov]nors ,section #d ( ! ,f$]al
 ,res]ve ,act is am5d$-- 7#a7 9 ! #ad?  
undesignat$ p>agraph 7#ab ,u4,s4,c4     
#cjc71 by /rik+ ,no director ( class ,b 
%all be an (fic]1 director1 or employee 
( any bank4 & ins]t+ ,no individual :o  
s]v$ z an (fic]1 director1 or employee (
 any bank or o!r f9ancial in/itution    
regulat$ by ! ,bo>d ( ,gov]nors ( !     
,f$]al ,res]ve ,sy/em dur+ ! prec$+     
#e-ye> p]iod %all s]ve z a director (   
class ,b42 &  7#b7 by /rik+ ! #ae?      
undesignat$ p>agraph 7#ab ,u4,s4,c4     
#cjc74  #c4 ,res]ve ,bank director      
responsibilities  7a7 ,9 g5]al ,! eigh? 
undesignat$ p>agraph ( section #d ( !   

,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #cja7
 is am5d$ by ins]t+ aft] ! p]iod at !   
end ( ! second s5t5ce ! foll[+3 ,! bo>d 
( directors may n be involv$ 9 bank     
exam9ations or sup]visory processes1    
includ+ ! selection1 appo9tm5t1 &       
comp5sation ( all ,f$]al res]ve bank    
(fic]s ^: prim>y duties involve         
sup]visory matt]s1 budget>y matt]s1 &   
any o!r decisions or delib]ations t     
p]ta9 to sup]visory activities44  7b7   
,t]m limits ,! #bd? undesignat$ p>agraph
 ( section #d ( ! ,f$]al ,res]ve ,act   
7#ab ,u4,s4,c4 #cjh7 is am5d$ by ins]t+ 
,no director ( a ,f$]al res]ve bank may 
s]ve m ?an #b full t]ms4 aft] ! p]iod at
 ! end ( ! second s5t5ce4  #d4 ,f$]al   
,res]ve transp>5cy & indep5d5ce  7a7    
,director elections  7#a7 ,class ,a ,!  
#ai? undesignat$ p>agraph ( section #d (
 ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4   
#cjd7 is am5d$ by ins]t+ 1 :i* %all be  
publi%$ on ! website ( ea* ,f$]al res]ve
 bank n lat] ?an #c ye>s aft] su*       
decl>ation be=e ! p]iod at ! end ( !    

fif? s5t5ce4  7#b7 ,class ,b ,! #aa?    
undesignat$ p>agraph ( section #d ( !   
,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #cjb7
 is am5d$ by ins]t+ ,! li/ ( ! f9al #c  
c&idates consid]$ = su* designation %all
 be publi%$ on ! website ( ! ,bo>d (    
,gov]nors ( ! ,f$]al ,res]ve ,sy/em n   
e>li] ?an #c ye>s aft] ! date ( its     
completion4 aft] ! p]iod at ! end ( !   
second s5t5ce4  7b7 ,director & presid5t
 selection input ,section #d ( ! ,f$]al 
,res]ve ,act is am5d$ by ins]t+ aft] !  
#bj? undesignat$ p>agraph 7#ab ,u4,s4,c4
 #cje7 ! foll[+3  ,! ,f$]al res]ve banks
 & ! ,bo>d ( ,gov]nors ( ! ,f$]al       
,res]ve ,sy/em %all develop processes = 
all[+ public comm5t & input = nom9at+   
,class ,a directors & designat+ ,class  
,b directors1 & appo9t+ presid5ts4 ,ea* 
,f$]al res]ve bank %all publi% a public 
contact = su* nom9ations1 designations1 
& appo9tm5ts4 ,! ,bo>d ( ,gov]nors ( !  
,f$]al ,res]ve ,sy/em %all disclose any 
vote or veto by a memb] ( ! ,bo>d = a   
,class ,b director or a presid5t n lat] 

?an #c ye>s aft] su* vote or veto4 ,!   
,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve    
,sy/em %all release a public /atem5t    
aft] ! date on :i* a presid5t is select$
 describ+ ! involvem5t ( ! ,bo>d 9 !    
selection process4  4  7c7 ,(fice /aff =
 memb]s ( ! ,bo>d ( ,gov]nors ( ! ,f$]al
 ,res]ve ,sy/em ,section #aa7l7 ( !     
,f$]al ,res]ve ,act 7#ab ,u4,s4,c4      
#bdh7l77 is am5d$ by ins]t+ ,( am\nts   
made available = /aff ( ! ,f$]al ,res]ve
 ,sy/em1 ea* memb] ( ! ,bo>d ( ,gov]nors
 may employ n m ?an #d individuals = !  
purpose ( /aff+ ! memb]'s (fice1 ) su*  
individuals select$ by su* memb] & !    
sal>ies ( su* individuals set by su*    
memb]4 aft] ! p]iod at ! end4  7d7 ,vote
 by ,bo>d ( ,gov]nors on c]ta9          
settlem5ts ,section #aj ( ! ,f$]al      
,res]ve ,act is am5d$-- 7#a7 by         
r$esignat+ p>agraph 7#ab7 7#ab ,u4,s4,c4
 #bdg;b7 z p>agraph 7#aa72 &  7#b7 by   
add+ at ! end ! foll[+3  7#ab7 7,a7 ,!  
,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve    
,sy/em %all vote1 at a prop]ly notic$   

public meet+ ( ! ,bo>d1 on :e!r to      
resolve any en=cem5t action if !        
resolution ( t action involves ! paym5t 
( n less ?an #e1jjj1jjj 9 comp5sation1  
p5alties1 or f9es1 or o!r paym5ts4  7,b7
 ,! results ( ! vote ( ea* memb] ( !    
,bo>d "u subp>agraph 7,a7 %all-- 7i7 be 
includ$ at ! appropriate place 9 !      
(ficial m9utes ( ! ,bo>d2 &  7ii7 be    
made publicly available on ! website ( !
 ,bo>d4  4  7e7 ,t]m limits2 review ,!  
fif? p>agraph ( ! f\r? un5um]at$        
p>agraph ( section #d ( ! ,f$]al ,res]ve
 ,act 7#ab ,u4,s4,c4 #cda7 is am5d$ by  
ins]t+ #8#8,a presid5t may cont9ue to   
s]ve aft] ! expiration ( ! t]m ( (fice  
to :i* ! presid5t 0 appo9t$ until !     
e>li] ( ! date on :i* a successor has   
be5 appo9t$ & qualifi$1 ! date on :i* ! 
next session ( ,congress subsequ5t to ! 
expiration ( su* t]m expires1 or ! date 
on :i* ! ,presid5t ( ! ,unit$ ,/ates    
removes ! presid5t4 ,no appo9t$ presid5t
 %all s]ve m ?an a total ( #aj ye>s1 n  
includ+ any su* cont9uation 9 s]vice4 ,!

 ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve   
,sy/em1 9 consultation ) ! relevant     
,res]ve bank bo>d ( directors1 %all     
initiate a review ( ! ,res]ve bank      
presid5t & vice ,presid5t & !           
appropriat5ess ( _! removal 9 ! ev5t ( a
 bank failure 9 ! ,res]ve di/rict4 ,!   
,bo>d ( ,gov]nors %all also publi% !    
results ( ! review n lat] ?an #ij days  
foll[+ ! bank failure4'' aft] ! p]iod at
 ! end ( ! f\r? s5t5ce4  #e4 ,f$]al     
,res]ve e?ics ,section #d ( ! ,f$]al    
,res]ve ,act1 z am5d$ by section #d7;b7 
( ?is ,act1 is am5d$ by add+ at ! end ! 
foll[+3  ,ea* director1 presid5t1 & vice
 presid5t %all comply ) ! same rules =  
inve/m5t & trad+ activity prescrib$ by !
 ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve   
,sy/em4 ,ea* director %all disclose any 
f9ancial int]e/ 9 ! same mann] z        
presid5ts4 ,ea* ,f$]al res]ve bank %all 
publicly disclose & expla9 any rationale
 = waiv]s grant$ to directors f conflict
 ( int]e/ rules4 ,! ,comptroll] ,g5]al (
 ! ,unit$ ,/ates %all annually review   

conflict ( int]e/ rules ( ! ,f$]al      
res]ve banks & ! ,bo>d ( ,gov]nors ( !  
,f$]al ,res]ve ,sy/em & implem5tation ( 
& compliance ) su* rules4  4