,i  #aaith ,,congress  #ast ,session    
,h4 ,r4 #dige  ,,in ,,the ,,house ,,of  
,,representatives  ,august #ae1         
#bjbe,mr4 ,carter of ,georgia introduced
 the following bill2 which was referred 
to the ,committee on ,financial         
,services1 and in addition to the       
,committee on ,rules1 for a period to be
 subsequently determined by the         
,speaker1 in each case for consideration
 of such provisions as fall within the  
jurisdiction of the committee concerned 
,a ,,bill  ,to amend the ,federal       
,reserve ,act to establish procedures   
for removal of the ,chairman of the     
,board of ,governors of the ,federal    
,reserve ,system1 and for other         
purposes4  #a4 ,short title  ,this ,act 
may be cited as the ,timely ,oversight  
of ,operations1 ,liquidity1             
,accountability1 ,targeting1 and        
,effectiveness ,act or the ,,too ,,late 
,act4  #b4 ,cause for removal of the    
,chairman of the ,board of ,governors of
 the ,federal ,reserve ,system ,section 

#aj of the ,federal ,reserve ,act 7#ab  
,u4,s4,c4 #bda et seq47 is amended--    
7#a7 by redesignating paragraph 7#ab7 as
 paragraph 7#aa72 and  7#b7 by inserting
 after paragraph 7#aa71 as so           
redesignated1 the following new         
paragraph3  7#ab7 ,cause for removal    
7,a7 ,in general ,the ,president may    
remove the ,chairman of the ,board if1  
for two consecutive quarters1 the       
,federal funds target rate deviates by  
more than #bjj basis points from the    
average generated by any two of the     
following benchmarks during such        
quarters3  7i7 ,the ,implicit ,price    
,deflator for ,personal ,consumption    
,expenditures4  7ii7 ,the difference    
between the yield of a #e-year ,treasury
 bond and the yield of a #e-year        
,treasury ,inflation-,protected         
,security4  7iii7 ,the difference       
between estimates of unemployment of the
 ,board and the relative to the         
projections of the ,congressional       
,budget ,office4  7,b7 ,procedures ,upon

 the occurrence of a deviation described
 in subsection 7a71 the ,president shall
 issue a statement providing a          
justification for removal of the ,chair1
 including references to benchmark data 
and a discussion of the conduct of      
monetary policy4 ,any such statement    
shall be submitted to ,congress and made
 publicly available4  7,c7              
,congressional ,oversight ,not later    
than #cj days after the ,president      
issues a statement described in         
subparagraph 7,b71 the ,committee on    
,financial ,services of the ,house of   
,representatives and the ,committee on  
,banking1 ,housing1 and ,urban ,affairs 
of the ,senate shall hold hearings      
analyzing the justification for removal 
of the ,chair4  7,d7 ,federal funds     
target rate defined ,the term ,federal  
funds target rate means the upper bound 
of the target range for the ,federal    
funds rate established by the ,federal  
,open ,market ,committee4  4