To reform the Federal Reserve System.

Amends the Federal Reserve Act to provide that the President shall appoint the five Federal Reserve Bank representatives who sit on the Federal Open Market Committee after consultation with, and consideration of, candidates selected by the Federal Advisory Council. (Currently such representatives are elected by the boards of directors of selected Federal Reserve Banks.)

Requires the Federal Open Market Committee to meet and consult, on a quarterly basis, with the Secretary of the Treasury, the Director of the Office of Management and Budget, and the Chairman of the Council of Economic Advisers.

Provides that the terms of office of the Chairman and Vice-chairman of the Board of Governors of the Federal Reserve System (the Board) shall coincide with the term of office of the President.

Amends Federal finance law to require the Board to submit annually to the President, for subsequent submission to the Congress, its estimated receipts and proposed expenditures for the current year, and for the next two succeeding years (including those of the Federal Reserve Banks).