,,ii  #aai? ,,congress  #a/ ,session    
,s4 #bhag  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,septemb] #af1 #bjbe   
,mr4 ,gallego 7= himself1 ,mr4 ,kim1    
,ms4 ,w>r51 ,ms4 ,alsobrooks1 ,mr4 ,van 
,holl51 ,ms4 ,cortez ,ma/o1 ,ms4 ,blunt 
,ro*e/]1 & ,mr4 ,w>nock7 introduc$ !    
foll[+ bill2 :i* 0 read twice & ref]r$  
to ! ,committee on ,bank+1 ,h\s+1 &     
,urban ,affairs  ,a ,,bill  ,to am5d !  
,f$]al ,res]ve ,act to prohibit dual    
appo9tm5ts ( employees ( ! ,f$]al       
,res]ve ,sy/em1 & = o!r purposes4  #a4  
,%ort title ,?is ,act may be cit$ z !   
,f$ ,integrity & ,indep5d5ce ,act (     
#bjbe4  #b4 ,s5se ( ,congress  7a7 ,s5se
 ( ,congress ,x is ! s5se ( ,congress   
t--  7#a7 ! ,f$]al ,res]ve ,sy/em plays 
a critical role 9 ma9ta9+ ! /ability ( !
 economy ( ! ,unit$ ,/ates by conduct+  
monet>y policy1 sup]vis+ & regulat+     
f9ancial in/itutions1 & support+ !      
paym5ts sy/em2  7#b7 hi/orically1 !     
insulation ( ! ,f$]al ,res]ve ,sy/em f  
political int]f]5ce has be5 ess5tial 9  

prev5t+ an electoral consid]ation or    
p>tisan ag5da f driv+ any monet>y policy
 decision2  7#c7 ! cr$ibility &         
effectiv5ess ( ! ,f$]al ,res]ve ,sy/em  
dep5d on ! ability ( ! ,f$]al ,res]ve   
,sy/em to op]ate indep5d5tly ( any      
%ort-t]m political pressure1 p>ticul>ly 
f an elect$ (ficial or individual 9 a   
position ( public tru/2  7#d7 ! pres5ce 
( a curr5t gov]nm5t (ficial1 ,memb] (   
,congress1 or o!r politically affiliat$ 
individual 9 a role )9 ! ,f$]al ,res]ve 
,sy/em raises legitimate conc]ns ab\t   
conflict ( int]e/ & undue influ5ce2 &   
7#e7 ! purpose ( ?is ,act1 & ! am5dm5ts 
made by ?is ,act1 is to /r5g!n !        
in/itutional integrity & indep5d5ce ( ! 
,f$]al ,res]ve ,sy/em by m categorically
 prohibit+ dual appo9tm5ts1 prev5t+     
conflicts ( int]e/1 & ensur+ a cle>     
sep>ation betwe5 a political actor & a  
monet>y policy decision4  #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$]al ,res]ve 
,bank ,presid5ts1 ,vice ,presid5ts1     
,(fic]s1 & ,employees ,! fif?           
subp>agraph ( ! f\r? undesignat$        
p>agraph ( section #d ( ! ,f$]al ,res]ve
 ,act 7#ab ,u4,s4,c4 #cda7 is am5d$ by  
add+ at ! end ! foll[+3 ,a presid5t1    
vice presid5t1 (fic]1 or employee ( !   
bank may n simultane\sly hold any o!r   
(fice1 position1 or employm5t = :i* !   
presid5t1 vice presid5t1 (fic]1 or      
employee is appo9t$ by ! ,presid5t1     
includ+ "u a leave ( abs5ce f su* o!r   
(fice1 position1 or employm5t44  7c7    
,f$]al ,res]ve ,bank ,bo>d ( ,directors 
,! n9? undesignat$ p>agraph ( section #d
 ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 

#cjb7 is am5d$ by add+ at ! end !       
foll[+3 ,a memb] ( su* bo>d ( directors 
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 employm5t44