,i  #aai? ,,congress  #a/ ,session  ,h4 
,r4 #edii  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,septemb] #ah1        
#bjbe,mr4 ,v>gas introduc$ ! foll[+     
bill2 :i* 0 ref]r$ to ! ,committee on   
,f9ancial ,s]vices  ,a ,,bill  ,to am5d 
! ,f$]al ,res]ve ,act to prohibit dual  
appo9tm5ts ( c]ta9 employees ( ! ,f$]al 
,res]ve ,sy/em1 & = o!r purposes4  #a4  
,%ort title ,?is ,act may be cit$ z !   
,f$ ,integrity & ,indep5d5ce ,act (     
#bjbe4  #b4 ,f9d+s2 s5se ( ,congress    
7a7 ,f9d+s ,congress f9ds ! foll[+3     
7#a7 ,! indep5d5ce ( ! ,f$]al ,res]ve   
,sy/em f political int]f]5ce f !        
,presid5t is fundam5tal to ! effective  
op]ation ( ! c5tral bank4  7#b7         
,congress /ructur$ ! ,f$]al ,res]ve     
,sy/em to ensure t its monet>y policy   
decisions focus on a*iev+ long-run goals
 & d n become subject to political      
pressures f ! ,presid5t t c\ld lead to  
undesirable outcomes4  7#c7 ,to protect 
?is indep5d5ce1 ,congress made x s      
memb]s ( ! ,bo>d ( ,gov]nors ( ! ,f$]al 

,res]ve ,sy/em are appo9t$ = /agg]$     
#ad-ye> t]ms1 & ! ,*airman ( ! ,bo>d (  
,gov]nors is appo9t$ = a f\r-ye> t]m4   
7b7 ,s5se ( ,congress ,x is ! s5se (    
,congress t x is n appropriate = any    
employee appo9t$ by ! ,presid5t--:e!r !y
 are on leave or n--to s]ve z a memb] ( 
! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve  
,sy/em4  #c4 ,prohibition ( ,dual       
,appo9tm5t  7a7 ,bo>d ( ,gov]nors ,!    
f\r? s5t5ce ( ! fir/ undesignat$        
p>agraph ( section #aj ( ! ,f$]al       
,res]ve ,act 7#ab ,u4,s4,c4 #bda7 is    
am5d$ by /rik+ bus9ess ( ! ,bo>d & %all 
ea* receive & ins]t+ bus9ess ( ! ,bo>d1 
may n simultane\sly hold any o!r (fice1 
position1 or employm5t = :i* ! memb] is 
appo9t$ by ! ,presid5t1 includ+ "u a    
leave ( abs5ce f su* o!r (fice1         
position1 or employm5t1 & %all ea*      
receive4  7b7 ,f$]al ,res]ve ,bank      
,presid5ts2 ,fir/ ,vice ,presid5t ( !   
,f$]al ,res]ve ,bank ( ,new ,york ,!    
fif? subp>agraph ( ! f\r? undesignat$   
p>agraph ( section #d ( ! ,f$]al ,res]ve

 ,act 7#ab ,u4,s4,c4 #cda7 is am5d$--   
7#a7 by ins]t+ aft] ! second s5t5ce     
7relat+ to presid5ts ( ,f$]al res]ve    
banks7 ! foll[+3 ,a presid5t ( ! bank   
may n simultane\sly hold any o!r (fice1 
position1 or employm5t = :i* ! presid5t 
is appo9t$ by ! ,presid5t1 includ+ "u a 
leave ( abs5ce f su* o!r (fice1         
position1 or employm5t42 &  7#b7 by     
ins]t+ aft] ! ?ird s5t5ce 7relat+ to    
fir/ vice presid5ts ( ,f$]al res]ve     
banks7 ! foll[+3 ,! fir/ vice presid5t (
 ! ,f$]al ,res]ve ,bank ( ,new ,york may
 n simultane\sly hold any o!r (fice1    
position1 or employm5t = :i* ! fir/ vice
 presid5t is appo9t$ by ! ,presid5t1    
includ+ "u a leave ( abs5ce f su* o!r   
(fice1 position1 or employm5t44  7c7    
,rule ( application ,an individual s]v+ 
z a gov]nor ( ! ,bo>d ( ,gov]nors ( !   
,f$]al ,res]ve ,sy/em1 ! presid5t ( a   
,f$]al res]ve bank1 or ! fir/ vice      
presid5t ( ! ,f$]al ,res]ve ,bank ( ,new
 ,york on ! date ( enactm5t ( ?is ,act &
 :o is ineligible to s]ve 9 su* position

 due to ! am5dm5ts made by ?is section  
are h]eby t]m9at$ f su* position on !   
date ( enactm5t ( ?is ,act4