,,ii  #aaith ,,congress  #ast ,session  
,s4 #bhag  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,september #af1
 #bjbe ,mr4 ,gallego 7for himself1 ,mr4 
,kim1 ,ms4 ,warren1 ,ms4 ,alsobrooks1   
,mr4 ,van ,hollen1 ,ms4 ,cortez ,masto1 
,ms4 ,blunt ,rochester1 and ,mr4        
,warnock7 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     
prohibit dual appointments of employees 
of the ,federal ,reserve ,system1 and   
for other purposes4  #a4 ,short title   
,this ,act may be cited as the ,fed     
,integrity and ,independence ,act of    
#bjbe4  #b4 ,sense of ,congress  7a7    
,sense of ,congress ,it is the sense of 
,congress that--  7#a7 the ,federal     
,reserve ,system plays a critical role  
in maintaining the stability of the     
economy of the ,united ,states by       
conducting monetary policy1 supervising 
and regulating financial institutions1  

and supporting the payments system2     
7#b7 historically1 the insulation of the
 ,federal ,reserve ,system from         
political interference has been         
essential in preventing an electoral    
consideration or partisan agenda from   
driving any monetary policy decision2   
7#c7 the credibility and effectiveness  
of the ,federal ,reserve ,system depend 
on the ability of the ,federal ,reserve 
,system to operate independently of any 
short-term political pressure1          
particularly from an elected official or
 individual in a position of public     
trust2  7#d7 the presence of a current  
government official1 ,member of         
,congress1 or other politically         
affiliated individual in a role within  
the ,federal ,reserve ,system raises    
legitimate concerns about conflict of   
interest and undue influence2 and  7#e7 
the purpose of this ,act1 and the       
amendments made by this ,act1 is to     
strengthen the institutional integrity  
and independence of the ,federal        

,reserve ,system by more categorically  
prohibiting dual appointments1          
preventing conflicts of interest1 and   
ensuring a clear separation between a   
political actor and a monetary policy   
decision4  #c4 ,prohibition of ,dual    
,appointment  7a7 ,board of ,governors  
,the fourth sentence of the first       
undesignated paragraph of section #aj of
 the ,federal ,reserve ,act 7#ab        
,u4,s4,c4 #bda7 is amended by striking  
business of the ,board and shall each   
receive and inserting business of the   
,board1 may not simultaneously hold any 
other office1 position1 or employment   
for which the member is appointed by the
 ,president1 including under a leave of 
absence from such other office1         
position1 or employment1 and shall each 
receive4  7b7 ,federal ,reserve ,bank   
,presidents1 ,vice ,presidents1         
,officers1 and ,employees ,the fifth    
subparagraph of the fourth undesignated 
paragraph of section #d of the ,federal 
,reserve ,act 7#ab ,u4,s4,c4 #cda7 is   

amended by adding at the end the        
following3 ,a president1 vice president1
 officer1 or employee of the bank may   
not simultaneously hold any other       
office1 position1 or employment for     
which the president1 vice president1    
officer1 or employee is appointed by the
 ,president1 including under a leave of 
absence from such other office1         
position1 or employment44  7c7 ,federal 
,reserve ,bank ,board of ,directors ,the
 ninth undesignated paragraph of section
 #d of the ,federal ,reserve ,act 7#ab  
,u4,s4,c4 #cjb7 is amended by adding at 
the end the following3 ,a member of such
 board of directors may not             
simultaneously hold any other office1   
position1 or employment for which the   
member is appointed by the ,president1  
including under a leave of absence from 
such other office1 position1 or         
employment44