Federal Reserve Accountability Act: Limiting Big Bank Influence and Increasing Transparency.
This bill aims to enhance the transparency and independence of the Federal Reserve, the body crucial for national financial stability. It limits the influence of large banks on decision-making by restricting banker representation on regional Federal Reserve bank boards and increasing public interest representation. For citizens, this means monetary policy and bank supervision decisions should better reflect the needs of consumers and small businesses.
Key points
Limiting Big Banks: Only representatives from banks with $50 billion or less in assets can serve as Class A directors on Reserve Bank boards.
Public Representation: Class B directors, representing the public, will be appointed by the Board of Governors, ensuring independence from member banks.
Ethics and Transparency: Imposes term limits, requires public votes on major bank enforcement settlements ($5M+), and mandates stricter conflict of interest rules for Fed officials.
Status:
Expired
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