S. 1155 · 118th Congress
Federal Reserve Accountability Act of 2023
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
TillisSponsor3 cosponsors · 3 R
3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill changes the appointment of certain officials to the of Board of Governors of the Federal Reserve System and makes other changes to the operation of the board and Federal Reserve banks.
What it does: CRS summary · Introduced in Senate · Mar 30, 2023
Federal Reserve Accountability Act of 2023
This bill changes the appointment of certain officials to the of Board of Governors of the Federal Reserve System and makes other changes to the operation of the board and Federal Reserve banks.
Specifically, the bill
- requires the President to appoint a general counsel for the board with the advice and consent of the Senate;
- requires the President, rather than each bank's board of directors, to appoint presidents of Federal Reserve banks;
- reduces the number of Federal Reserve districts from 12 to 5;
- allows the President to appoint two members to the board from any one Federal Reserve district; and
- prohibits the use of any board or Federal Reserve bank funds for lobbying activities.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Federal Reserve Accountability Act of 2023
Latest action (Mar 30, 2023): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Mar 30, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.