Federal Reserve Accountability: Changes in Appointments and Districts
This act modifies how key positions within the Federal Reserve are appointed, increasing the role of the President and Senate. It also redefines the division of the United States into Federal Reserve districts, potentially impacting local banks and their operations. Furthermore, it restricts the use of Federal Reserve funds for lobbying purposes, aiming to enhance transparency and accountability.
Key points
The U.S. President, with Senate approval, will appoint the General Counsel for the Federal Reserve Board and presidents of Federal Reserve banks, increasing political oversight.
The United States will be divided into five Federal Reserve districts instead of twelve, which may alter the structure and operations of local banks and their relationship with the central system.
A ban on using Federal Reserve funds for lobbying is introduced, aiming to limit the institution's influence on the legislative process and enhance its independence from special interest groups.
Federal Reserve bank presidents must reside in their district for at least four years prior to nomination, intended to ensure a better understanding of local needs.
Expired
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