A bill to amend the Federal Reserve Act to provide for the increased responsiveness and accountability of the Federal Reserve System to Congress and citizens, and for other purposes.
Federal Reserve System Reform Act - Amends the Federal Reserve Act to require the net earnings of a Federal reserve bank, after all the dividend claims have been fully met, to be paid into the general fund of the Treasury instead of such bank's surplus fund.
Eliminates the provisions of such Act which allow the Board of Governors to levy assessments upon Federal reserve banks to pay its expenses. Authorizes appropriations as necessary for the operations of the Board. Permits the Board to enter into agreements with the Administrator of General Services with respect to the maintenance, operation, or protection of any building owned by the Board.
Provides that as of enactment of this Act the Secretary of the Treasury shall serve as a member of the Board ex officio and that the term of office of each member shall be seven years.
Changes the term of office of the Chairman of the Board from four years to such time as the term of the President making such designation shall expire.
Introduced in Senate
Read twice and referred to the Committee on Banking.
Committee on Banking requested executive comment from Federal Reserve System; Treasury Department.
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