Federal Reserve System Modernization Act

(Reported to House from the Committee on Banking, Finance and Urban Affairs with amendment, H. Rept. 98-694)

Federal Reserve System Modernization Act - Amends the Federal Reserve Act to require the Board of Governors of the Federal Reserve System (Board) to keep detailed minutes of all meetings of the Federal Open Market Committee. Sets forth the contents of and the guidelines for the keeping and publication of such minutes.

Declares that nothing in this Act shall limit the authority of the Committee or the Board to publish information (other than detailed minutes maintained pursuant to this Act) concerning the Committee's meetings prior to the end of the fourth calendar year following the calendar year in which the meeting involved occurs.

States that the President is not geographically restricted in the appointment of the Chairman of the Board. Provides for a four-year term for the Chairman, which shall expire the year after the expiration of the term of the President who appointed him or her. Provides for the appointment of the Vice Chairman to such Board.

Repeals the requirement that the Board print an annual report of its operations for the information of the Congress.

Provides for the effective dates of the amendments made by this Act.

Increases from $140,000,000 to $200,000,000 the limit on the aggregate cost for the erection of Federal Reserve bank branch buildings.

Requires each Federal Reserve bank to comply with the provisions relating to small and disadvantaged businesses contained in the Small Business Act.