A bill to modernize the Federal Reserve System.
Federal Reserve System Modernization Act - Amends the Federal Reserve Act to provide that the President shall not be restricted geographically in the appointment of the Chairman of the Board of Governors of the Federal Reserve System.
Provides that the Chairman's term of office shall expire on January 31 of the year after the expiration of the term of the President who appointed him or her. Provides for the appointment of a Vice Chairman of the Board who shall serve in the Chairman's absence. Requires the Board member with the most years of service to perform the Chairman's duties if the offices of Chairman and Vice Chairman are vacant.
Repeals the requirement that the Speaker of the House of Representatives print the Board's annual operations report for the information of the Congress.
Increases the limit of 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.
Introduced in House
Introduced in House
Referred to House Committee on Banking, Finance and Urban Affairs.
Referred to Subcommittee on Domestic Monetary Policy.
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