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Ending Conflicts of Interest on Federal Reserve Bank Boards.

This bill aims to eliminate conflicts of interest within the regional Federal Reserve bank boards, promoting greater impartiality in financial decisions. It bans employees of banks and regulated entities from serving on these boards. Furthermore, Fed employees and board members are prohibited from owning stock or investing in any company regulated by the Fed, ensuring a more stable and fair economic policy.
Key points
Employees of banks and Fed-regulated entities are banned from serving on the boards of Federal Reserve banks.
Fed employees and board members face a total ban on owning stock or investing in any company regulated by the Fed.
The selection process for regional board members (Class A and B) changes from election by banks to designation by the Fed's Board of Governors, reducing bank influence.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_S_957
Sponsor: Sen. Sanders, Bernard [I-VT]
Process start date: 2023-03-23
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Federal Reserve Independence Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_957.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-03-23.

What are the main provisions?

Key points include:

  • Employees of banks and Fed-regulated entities are banned from serving on the boards of Federal Reserve banks.
  • Fed employees and board members face a total ban on owning stock or investing in any company regulated by the Fed.
  • The selection process for regional board members (Class A and B) changes from election by banks to designation by the Fed's Board of Governors, reducing bank influence.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Sanders, Bernard [I-VT].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Economy