,,ii  #aahth ,,congress  #ast ,session  
,s4 #ieg  ,,in ,,the ,,senate ,,of ,,the
 ,,united ,,states  ,march #bc1         
#bjbc,mr4 ,sanders 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 restrict conflicts of interest  
on the boards of directors of ,federal  
reserve banks1 and for other purposes4  
#a4 ,short title ,this ,act may be cited
 as the ,federal ,reserve ,independence 
,act4  #b4 ,ending conflicts of interest
  7a7 ,class ,a members ,the tenth      
undesignated paragraph of section #d of 
the ,federal ,reserve ,act 7#ab         
,u4,s4,c4 #cjb7 7relating to ,class ,a7 
is amended by striking chosen by and be 
representative of the stockholding banks
 and inserting designated by the ,board 
of ,governors of the ,federal ,reserve  
,system1 from among persons who are not 
employed in any capacity by a           
stockholding bank4  7b7 ,class ,b ,the  

eleventh undesignated paragraph of      
section #d of the ,federal ,reserve ,act
 7#ab ,u4,s4,c4 #cjb7 7relating to      
,class ,b7 is amended by striking be    
elected and inserting be designated by  
the ,board of ,governors of the ,federal
 ,reserve ,system4  7c7 ,limitations on 
boards of directors ,the fourteenth and 
fifteenth undesignated paragraphs of    
section #d of the ,federal ,reserve ,act
 7#ab ,u4,s4,c4 #cjc7 7relating to      
,class ,b and ,class ,c1 respectively7  
are amended to read as follows3  ,no    
employee of a bank holding company or   
other entity regulated by the ,board of 
,governors of the ,federal ,reserve     
,system may serve on the board of       
directors of any ,federal reserve bank4 
,no employee of the ,federal ,reserve   
,system or board member of a ,federal   
reserve bank may own any stock or invest
 in any company that is regulated by the
 ,board of ,governors of the ,federal   
,reserve ,system1 without exception4  4 
#c4 ,reports to ,congress ,not later    

than #a year after the date of enactment
 of this ,act1 and annually thereafter1 
the ,comptroller ,general of the ,united
 ,states shall submit to ,congress a    
report regarding the adherence to the   
provisions of this ,act and the         
amendments made by this ,act4