Amends the Federal Reserve Act to decrease, from 14 years to seven years, the term of members of the Board of Governors of the Federal Reserve System. Requires that at least one member of such Board have demonstrable experience in small business and one in agriculture.
Directs the President pro tempore of the Senate and the Speaker of the House of Representatives to appoint persons to serve as ex-officio members of the Board for terms not to exceed two years.
Requires the Board to maintain statistics on loans made by size category of business in order that data may be accumulated with regard to interest rates and their effect on various categories of business by size.
Introduced in Senate
Read second time and referred to Senate Committee on Banking.
Committee on Banking requested executive comment from Federal Reserve System.
Committee on Banking. Hearings held.
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