[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3189 Referred in Senate (RFS)]
<DOC>
114th CONGRESS
1st Session
H. R. 3189
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
November 30, 2015
Received
December 17, 2015
Read twice and referred to the Committee on Banking, Housing, and Urban
Affairs
_______________________________________________________________________
AN ACT
To amend the Federal Reserve Act to establish requirements for policy
rules and blackout periods of the Federal Open Market Committee, to
establish requirements for certain activities of the Board of Governors
of the Federal Reserve System, and to amend title 31, United States
Code, to reform the manner in which the Board of Governors of the
Federal Reserve System is audited, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``Fed Oversight
Reform and Modernization Act of 2015'' or the ``FORM Act of 2015''.
(b) Table of Contents.--The table of contents for this Act is as
follows:
Sec. 1. Short title; table of contents.
Sec. 2. Requirements for policy rules of the Federal Open Market
Committee.
Sec. 3. Federal Open Market Committee blackout period.
Sec. 4. Membership of Federal Open Market Committee.
Sec. 5. Requirements for stress tests and supervisory letters for the
Board of Governors of the Federal Reserve
System.
Sec. 6. Frequency of testimony of the Chairman of the Board of
Governors of the Federal Reserve System to
Congress.
Sec. 7. Vice Chairman for Supervision report requirement.
Sec. 8. Economic analysis of regulations of the Board of Governors of
the Federal Reserve System.
Sec. 9. Salaries, financial disclosures, and office staff of the Board
of Governors of the Federal Reserve System.
Sec. 10. Requirements for international processes.
Sec. 11. Amendments to powers of the Board of Governors of the Federal
Reserve System.
Sec. 12. Interest rates on balances maintained at a Federal Reserve
bank by depository institutions established
by Federal Open Market Committee.
Sec. 13. Audit reform and transparency for the Board of Governors of
the Federal Reserve System.
Sec. 14. Reporting requirement for Export-Import Bank.
Sec. 15. Membership of Board of Directors of the Federal reserve banks.
Sec. 16. Establishment of a Centennial Monetary Commission.
Sec. 17. Elimination of surplus funds of Federal reserve banks.
Sec. 18. Public transcripts of FOMC meetings.
SEC. 2. REQUIREMENTS FOR POLICY RULES OF THE FEDERAL OPEN MARKET
COMMITTEE.
The Federal Reserve Act (12 U.S.C. 221 et seq.) is amended by
inserting after section 2B the following new section:
``SEC. 2C. DIRECTIVE POLICY RULES OF THE FEDERAL OPEN MARKET COMMITTEE.
``(a) Definitions.--In this section the following definitions shall
apply:
``(1) Appropriate congressional committees.--The term
`appropriate congressional committees' means the Committee on
Financial Services of the House of Representatives and the
Committee on Banking, Housing, and Urban Affairs of the Senate.
``(2) Directive policy rule.--The term `Directive Policy
Rule' means a policy rule developed by the Federal Open Market
Committee that meets the requirements of subsection (c) and
that provides the basis for the Open Market Operations
Directive.
``(3) GDP.--The term `GDP' means the gross domestic product
of the United States as computed and published by the
Department of Commerce.
``(4) Intermediate policy input.--The term `Intermediate
Policy Input'--
``(A) may include any variable determined by the
Federal Open Market Committee as a necessary input to
guide open-market operations;
``(B) shall include an estimate of, and the method
of calculation for, the current rate of inflation or
current inflation expectations; and
``(C) shall include, specifying whether the
variable or estimate is historical, current, or a
forecast and the method of calculation, at least one
of--
``(i) an estimate of real GDP, nominal GDP,
or potential GDP;
``(ii) an estimate of the monetary
aggregate compiled by the Board of Governors of
the Federal Reserve System and Federal reserve
banks; or
``(iii) an interactive variable or a net
estimate composed of the estimates described in
clauses (i) and (ii).
``(5) Legislative day.--The term `legislative day' means a
day on which either House of Congress is in session.
``(6) Open market operations directive.--The term `Open
Market Operations Directive' means an order to achieve a
specified Policy Instrument Target provided to the Federal
Reserve Bank of New York by the Federal Open Market Committee
pursuant to powers authorized under section 14 of this Act that
guide open-market operations.
``(7) Policy instrument.--The term `Policy Instrument'
means--
``(A) the nominal Federal funds rate;
``(B) the nominal rate of interest paid on
nonborrowed reserves; or
``(C) the discount window primary credit interest
rate most recently published on the Federal Reserve
Statistical Release on selected interest rates (daily
or weekly), commonly referred to as the H.15 release.
``(8) Policy instrument target.--The term `Policy
Instrument Target' means the target for the Policy Instrument
specified in the Open Market Operations Directive.
``(9) Reference policy rule.--The term `Reference Policy
Rule' means a calculation of the nominal Federal funds rate as
equal to the sum of the following:
``(A) The rate of inflation over the previous four
quarters.
``(B) One-half of the percentage deviation of the
real GDP from an estimate of potential GDP.
``(C) One-half of the difference between the rate
of inflation over the previous four quarters and two
percent.
``(D) Two percent.
``(b) Submitting a Directive Policy Rule.--Not later than 48 hours
after the end of a meeting of the Federal Open Market Committee, the
Chairman of the Federal Open Market Committee shall submit to the
appropriate congressional committees and the Comptroller General of the
United States a Directive Policy Rule and a statement that identifies
the members of the Federal Open Market Committee who voted in favor of
the Rule.
``(c) Requirements for a Directive Policy Rule.--A Directive Policy
Rule shall--
``(1) identify the Policy Instrument the Directive Policy
Rule is designed to target;
``(2) describe the strategy or rule of the Federal Open
Market Committee for the systematic quantitative adjustment of
the Policy Instrument Target to respond to a change in the
Intermediate Policy Inputs;
``(3) include a function that comprehensively models the
interactive relationship between the Intermediate Policy
Inputs;
``(4) include the coefficients of the Directive Policy Rule
that generate the current Policy Instrument Target and a range
of predicted future values for the Policy Instrument Target if
changes occur in any Intermediate Policy Input;
``(5) describe the procedure for adjusting the supply of
bank reserves to achieve the Policy Instrument Target;
``(6) include a statement as to whether the Directive
Policy Rule substantially conforms to the Reference Policy Rule
and, if applicable--
``(A) an explanation of the extent to which it
departs from the Reference Policy Rule;
``(B) a detailed justification for that departure;
and
``(C) a description of the circumstances under
which the Directive Policy Rule may be amended in the
future;
``(7) include a certification that such Rule is expected to
support the economy in achieving stable prices and maximum
natural employment over the long term;
``(8) include a calculation that describes with
mathematical precision the expected annual inflation rate over
a 5-year period; and
``(9) include a plan to use the most accurate data, subject
to all historical revisions, for inputs into the Directive
Policy Rule and the Reference Policy Rule.
``(d) GAO Report.--The Comptroller General of the United States
shall compare the Directive Policy Rule submitted under subsection (b)
with the rule that was most recently submitted to determine whether the
Directive Policy Rule has materially changed. If the Directive Policy
Rule has materially changed, the Comptroller General shall, not later
than 7 days after each meeting of the Federal Open Market Committee,
prepare and submit a compliance report to the appropriate congressional
committees specifying whether the Directive Policy Rule submitted after
that meeting and the Federal Open Market Committee are in compliance
with this section.
``(e) Changing Market Conditions.--
``(1) Rule of construction.--Nothing in this Act shall be
construed to require that the plans with respect to the
systematic quantitative adjustment of the Policy Instrument
Target described under subsection (c)(2) be implemented if the
Federal Open Market Committee determines that such plans cannot
or should not be achieved due to changing market conditions.
``(2) GAO approval of update.--Upon determining that plans
described in paragraph (1) cannot or should not be achieved,
the Federal Open Market Committee shall submit an explanation
for that determination and an updated version of the Directive
Policy Rule to the Comptroller General of the United States and
the appropriate congressional committees not later than 48
hours after making the determination. The Comptroller General
shall, not later than 48 hours after receiving such updated
version, prepare and submit to the appropriate congressional
committees a compliance report determining whether such updated
version and the Federal Open Market Committee are in compliance
with this section.
``(f) Directive Policy Rule and Federal Open Market Committee Not
in Compliance.--
``(1) In general.--If the Comptroller General of the United
States determines that the Directive Policy Rule and the
Federal Open Market Committee are not in compliance with this
section in the report submitted pursuant to subsection (d), or
that the updated version of the Directive Policy Rule and the
Federal Open Market Committee are not in compliance with this
section in the report submitted pursuant to subsection (e)(2),
the Chairman of the Board of Governors of the Federal Reserve
System shall, if requested by the chairman of either of the
appropriate congressional committees, not later than 7
legislative days after such request, testify before such
committee as to why the Directive Policy Rule, the updated
version, or the Federal Open Market Committee is not in
compliance.
``(2) GAO audit.--Notwithstanding subsection (b) of section
714 of title 31, United States Code, upon submitting a report
of noncompliance pursuant to subsection (d) or subsection
(e)(2) and after the period of 7 legislative days described in
paragraph (1), the Comptroller General shall audit the conduct
of monetary policy by the Board of Governors of the Federal
Reserve System and the Federal Open Market Committee upon
request of the appropriate congressional committee. Such
committee may specify the parameters of such audit.
``(g) Congressional Hearings.--The Chairman of the Board of
Governors of the Federal Reserve System shall, if requested by the
chairman of either of the appropriate congressional committees and not
later than 7 legislative days after such request, appear before such
committee to explain any change to the Directive Policy Rule.''.
SEC. 3. FEDERAL OPEN MARKET COMMITTEE BLACKOUT PERIOD.
Section 12A of the Federal Reserve Act (12 U.S.C. 263) is amended
by adding at the end the following new subsection:
``(d) Blackout Period.--
``(1) In general.--During a blackout period, the only
public communications that may be made by members and staff of
the Committee with respect to macroeconomic or financial
developments or about current or prospective monetary policy
issues are the following:
``(A) The dissemination of published data, surveys,
and reports that have been cleared for publication by
the Board of Governors of the Federal Reserve System.
``(B) Answers to technical questions specific to a
data release.
``(C) Communications with respect to the prudential
or supervisory functions of the Board of Governors.
``(2) Blackout period defined.--For purposes of this
subsection, and with respect to a meeting of the Committee
described under subsection (a), the term `blackout period'
means the time period that--
``(A) begins immediately after midnight on the day
that is one week prior to the date on which such
meeting takes place; and
``(B) ends at midnight on the day after the date on
which such meeting takes place.
``(3) Exemption for chairman of the board of governors.--
Nothing in this section shall prohibit the Chairman of the
Board of Governors of the Federal Reserve System from
participating in or issuing public communications.''.
SEC. 4. MEMBERSHIP OF FEDERAL OPEN MARKET COMMITTEE.
Section 12A(a) of the Federal Reserve Act (12 U.S.C. 263(a)) is
amended--
(1) in the first sentence, by striking ``five'' and
inserting ``six'';
(2) in the second sentence, by striking ``One by the board
of directors'' and all that follows through the period at the
end and inserting the following: ``One by the boards of
directors of the Federal Reserve Banks of New York and Boston;
one by the boards of directors of the Federal Reserve Banks of
Philadelphia and Cleveland; one by the boards of directors of
the Federal Reserve Banks of Richmond and Atlanta; one by the
boards of directors of the Federal Reserve Banks of Chicago and
St. Louis; one by the boards of directors of the Federal
Reserve Banks of Minneapolis and Kansas City; and one by the
boards of directors of the Federal Reserve Banks of Dallas and
San Francisco.''; and
(3) by inserting after the second sentence the following:
``In odd numbered calendar years, one representative shall be
elected from each of the Federal Reserve Banks of Boston,
Philadelphia, Richmond, Chicago, Minneapolis, and Dallas. In
even-numbered calendar years, one representative shall be
elected from each of the Federal Reserve Banks of New York,
Cleveland, Atlanta, St. Louis, Kansas City, and San
Francisco.''.
SEC. 5. REQUIREMENTS FOR STRESS TESTS AND SUPERVISORY LETTERS FOR THE
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
(a) Stress Test Rulemaking, GAO Review, and Publication of
Results.--Section 165(i)(1)(B) of the Dodd-Frank Wall Street Reform and
Consumer Protection Act (12 U.S.C. 5365(i)(1)(B)) is amended--
(1) by amending clause (i) to read as follows:
``(i) shall--
``(I) issue regulations, after
providing for public notice and
comment, that provide for at least 3
different sets of conditions under
which the evaluation required by this
subsection shall be conducted,
including baseline, adverse, and
severely adverse, and methodologies,
including models used to estimate
losses on certain assets; and
``(II) provide copies of such
regulations to the Comptroller General
of the United States and the Panel of
Economic Advisors of the Congressional
Budget Office before publishing such
regulations;''; and
(2) in clause (v), by inserting before the period the
following: ``, including any results of a resubmitted test''.
(b) Application of CCAR.--Section 165(i)(1) of such Act is further
amended by adding at the end the following new subparagraph:
``(C) Application to ccar.--The requirements of
subparagraph (B) shall apply to all stress tests
performed under the Comprehensive Capital Analysis and
Review exercise established by the Board of
Governors.''.
(c) Publication of the Number of Supervisory Letters Sent to the
Largest Bank Holding Companies.--Section 165 of such Act is further
amended by adding at the end the following new subsection:
``(l) Publication of Supervisory Letter Information.--The Board of
Governors shall publicly disclose--
``(1) the aggregate number of supervisory letters sent to
bank holding companies described in subsection (a) since the
date of the enactment of this section, and keep such number
updated; and
``(2) the aggregate number of such letters that are
designated as `Matters Requiring Attention' and the aggregate
number of such letters that are designated as `Matters
Requiring Immediate Attention'.''.
SEC. 6. FREQUENCY OF TESTIMONY OF THE CHAIRMAN OF THE BOARD OF
GOVERNORS OF THE FEDERAL RESERVE SYSTEM TO CONGRESS.
(a) In General.--Section 2B of the Federal Reserve Act (12 U.S.C.
225b) is amended--
(1) by striking ``semi-annual'' each place it appears and
inserting ``quarterly''; and
(2) in subsection (a)(2)--
(A) by inserting ``and October 20'' after ``July
20'' each place it appears; and
(B) by inserting ``and May 20'' after ``February
20'' each place it appears.
(b) Conforming Amendment.--Paragraph (12) of section 10 of the
Federal Reserve Act (12 U.S.C. 247b(12)) is amended by striking ``semi-
annual'' and inserting ``quarterly''.
SEC. 7. VICE CHAIRMAN FOR SUPERVISION REPORT REQUIREMENT.
Paragraph (12) of section 10 of the Federal Reserve Act (12 U.S.C.
247(b)) is amended--
(1) by redesignating such paragraph as paragraph (11); and
(2) in such paragraph, by adding at the end the following:
``In each such appearance, the Vice Chairman for Supervision
shall provide written testimony that includes the status of all
pending and anticipated rulemakings that are being made by the
Board of Governors of the Federal Reserve System. If, at the
time of any appearance described in this paragraph, the
position of Vice Chairman for Supervision is vacant, the Vice
Chairman for the Board of Governors of the Federal Reserve
System (who has the responsibility to serve in the absence of
the Chairman) shall appear instead and provide the required
written testimony. If, at the time of any appearance described
in this paragraph, both Vice Chairman positions are vacant, the
Chairman of the Board of Governors of the Federal Reserve
System shall appear instead and provide the required written
testimony.''.
SEC. 8. ECONOMIC ANALYSIS OF REGULATIONS OF THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM.
(a) Amendment to Federal Reserve Act.--Section 11 of the Federal
Reserve Act (12 U.S.C. 248) is amended by inserting after subsection
(l) the following new subsection:
``(m) Consideration of Economic Impacts.--
``(1) In general.--Before issuing any regulation, the Board
of Governors of the Federal Reserve System shall--
``(A) clearly identify the nature and source of the
problem that the proposed regulation is designed to
address and assess the significance of that problem;
``(B) assess whether any new regulation is
warranted or, with respect to a proposed regulation
that the Board of Governors is required to issue by
statute and with respect to which the Board has the
authority to exempt certain persons from the
application of such regulation, compare--
``(i) the costs and benefits of the
proposed regulation; and
``(ii) the costs and benefits of a
regulation under which the Board exempts all
persons from the application of the proposed
regulation, to the extent the Board is able;
``(C) assess the qualitative and quantitative costs
and benefits of the proposed regulation and propose or
adopt a regulation only on a reasoned determination
that the benefits of the proposed regulation outweigh
the costs of the regulation;
``(D) identify and assess available alternatives to
the proposed regulation that were considered, including
any alternative offered by a member of the Board of
Governors of the Federal Reserve System or the Federal
Open Market Committee and including any modification of
an existing regulation, together with an explanation of
why the regulation meets the regulatory objectives more
effectively than the alternatives; and
``(E) ensure that any proposed regulation is
accessible, consistent, written in plain language, and
easy to understand and shall measure, and seek to
improve, the actual results of regulatory requirements.
``(2) Considerations and actions.--
``(A) Required actions.--In deciding whether and
how to regulate, the Board shall assess the costs and
benefits of available regulatory alternatives,
including the alternative of not regulating, and choose
the approach that maximizes net benefits. Specifically,
the Board shall--
``(i) evaluate whether, consistent with
achieving regulatory objectives, the regulation
is tailored to impose the least impact on the
availability of credit and economic growth and
to impose the least burden on society,
including market participants, individuals,
businesses of different sizes, and other
entities (including State and local
governmental entities), taking into account, to
the extent practicable, the cumulative costs of
regulations;
``(ii) evaluate whether the regulation is
inconsistent, incompatible, or duplicative of
other Federal regulations; and
``(iii) with respect to a proposed
regulation that the Board is required to issue
by statute and with respect to which the Board
has the authority to exempt certain persons
from the application of such regulation,
compare--
``(I) the costs and benefits of the
proposed regulation; and
``(II) the costs and benefits of a
regulation under which the Board
exempts all persons from the
application of the proposed regulation,
to the extent the Board is able.
``(B) Additional considerations.--In addition, in
making a reasoned determination of the costs and
benefits of a proposed regulation, the Board shall, to
the extent that each is relevant to the particular
proposed regulation, take into consideration the impact
of the regulation, including secondary costs such as an
increase in the cost or a reduction in the availability
of credit or investment services or products, on--
``(i) the safety and soundness of the
United States banking system;
``(ii) market liquidity in securities
markets;
``(iii) small businesses;
``(iv) community banks;
``(v) economic growth;
``(vi) cost and access to capital;
``(vii) market stability;
``(viii) global competitiveness;
``(ix) job creation;
``(x) the effectiveness of the monetary
policy transmission mechanism; and
``(xi) employment levels.
``(3) Explanation and comments.--The Board shall explain in
its final rule the nature of comments that it received and
shall provide a response to those comments in its final rule,
including an explanation of any changes that were made in
response to those comments and the reasons that the Board did
not incorporate concerns related to the potential costs or
benefits in the final rule.
``(4) Postadoption impact assessment.--
``(A) In general.--Whenever the Board adopts or
amends a regulation designated as a `major rule' within
the meaning of section 804(2) of title 5, United States
Code, it shall state, in its adopting release, the
following:
``(i) The purposes and intended
consequences of the regulation.
``(ii) The assessment plan that will be
used, consistent with the requirements of
subparagraph (B), to assess whether the
regulation has achieved the stated purposes.
``(iii) Appropriate postimplementation
quantitative and qualitative metrics to measure
the economic impact of the regulation and the
extent to which the regulation has accomplished
the stated purpose of the regulation.
``(iv) Any reasonably foreseeable indirect
effects that may result from the regulation.
``(B) Requirements of assessment plan and report.--
``(i) Requirements of plan.--The assessment
plan required under this paragraph shall
consider the costs, benefits, and intended and
unintended consequences of the regulation. The
plan shall specify the data to be collected,
the methods for collection and analysis of the
data, and a date for completion of the
assessment. The assessment plan shall include
an analysis of any jobs added or lost as a
result of the regulation, differentiating
between public and private sector jobs.
``(ii) Submission and publication of
report.--The Board shall, not later than 2
years after the publication of the adopting
release, publish the assessment plan in the
Federal Register for notice and comment. If the
Board determines, at least 90 days before the
deadline for publication of the assessment
plan, that an extension is necessary, the Board
shall publish a notice of such extension and
the specific reasons why the extension is
necessary in the Federal Register. Any material
modification of the assessment plan, as
necessary to assess unforeseen aspects or
consequences of the regulation, shall be
promptly published in the Federal Register for
notice and comment.
``(iii) Data collection not subject to
notice and comment requirements.--If the Board
has published the assessment plan for notice
and comment at least 30 days before the
adoption of a regulation designated as a major
rule, the collection of data under the
assessment plan shall not be subject to the
notice and comment requirements in section
3506(c) of title 44, United States Code
(commonly referred to as the Paperwork
Reduction Act). Any material modification of
the plan that requires collection of data not
previously published for notice and comment
shall also be exempt from such requirements if
the Board has published notice in the Federal
Register for comment on the additional data to
be collected, at least 30 days before the
initiation of data collection.
``(iv) Final action.--Not later than 180
days after publication of the assessment plan
in the Federal Register, the Board shall issue
for notice and comment a proposal to amend or
rescind the regulation, or shall publish a
notice that the Board has determined that no
action will be taken on the regulation. Such a
notice will be deemed a final agency action.
``(5) Covered regulations and other actions.--Solely as
used in this subsection, the term `regulation'--
``(A) means a statement of general applicability
and future effect that is designed to implement,
interpret, or prescribe law or policy, or to describe
the procedure or practice requirements of the Board of
Governors, including rules, orders of general
applicability, interpretive releases, and other
statements of general applicability that the Board of
Governors intends to have the force and effect of law;
and
``(B) does not include--
``(i) a regulation issued in accordance
with the formal rulemaking provisions of
section 556 or 557 of title 5, United States
Code;
``(ii) a regulation that is limited to the
organization, management, or personnel matters
of the Board of Governors;
``(iii) a regulation promulgated pursuant
to statutory authority that expressly prohibits
compliance with this provision; or
``(iv) a regulation that is certified by
the Board of Governors to be an emergency
action, if such certification is published in
the Federal Register.''.
(b) Rule of Construction.--Nothing in this section shall apply to
the requirements regarding the conduct of monetary policy described in
section 2.
SEC. 9. SALARIES, FINANCIAL DISCLOSURES, AND OFFICE STAFF OF THE BOARD
OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
(a) In General.--Section 11 of the Federal Reserve Act (12 U.S.C.
248) is amended--
(1) by redesignating the second subsection (s) (relating to
``Assessments, Fees, and Other Charges for Certain Companies'')
as subsection (t); and
(2) by adding at the end the following new subsections:
``(u) Ethics Standards for Members and Employees.--
``(1) Prohibited and restricted financial interests and
transactions.--The members and employees of the Board of
Governors of the Federal Reserve System shall be subject to the
provisions under section 4401.102 of title 5, Code of Federal
Regulations, to the same extent as such provisions apply to an
employee of the Securities and Exchange Commission.
``(2) Treatment of brokerage accounts and availability of
account statements.--The members and employees of the Board of
Governors of the Federal Reserve System shall--
``(A) disclose all brokerage accounts that they
maintain, as well as those in which they control
trading or have a financial interest (including managed
accounts, trust accounts, investment club accounts, and
the accounts of spouses or minor children who live with
the member or employee); and
``(B) with respect to any securities account that
the member or employee is required to disclose to the
Board of Governors, authorize their brokers and dealers
to send duplicate account statements directly to Board
of Governors.
``(3) Prohibitions related to outside employment and
activities.--The members and employees of the Board of
Governors of the Federal Reserve System shall be subject to the
prohibitions related to outside employment and activities
described under section 4401.103(c) of title 5, Code of Federal
Regulations, to the same extent as such prohibitions apply to
an employee of the Securities and Exchange Commission.
``(4) Additional ethics standards.--The members and
employees of the Board of Governors of the Federal Reserve
System shall be subject to--
``(A) the employee responsibilities and conduct
regulations of the Office of Personnel Management under
part 735 of title 5, Code of Federal Regulations;
``(B) the canons of ethics contained in subpart C
of part 200 of title 17, Code of Federal Regulations,
to the same extent as such subpart applies to the
employees of the Securities and Exchange Commission;
and
``(C) the regulations concerning the conduct of
members and employees and former members and employees
contained in subpart M of part 200 of title 17, Code of
Federal Regulations, to the same extent as such subpart
applies to the employees of the Securities and Exchange
Commission.
``(v) Disclosure of Staff Salaries and Financial Information.--The
Board of Governors of the Federal Reserve System shall make publicly
available, on the website of the Board of Governors, a searchable
database that contains the names of all members, officers, and
employees of the Board of Governors who receive an annual salary in
excess of the annual rate of basic pay for GS-15 of the General
Schedule, and--
``(1) the yearly salary information for such individuals,
along with any nonsalary compensation received by such
individuals; and
``(2) any financial disclosures required to be made by such
individuals.''.
(b) Office Staff for Each Member of the Board of Governors.--
Subsection (l) of section 11 of the Federal Reserve Act (12 U.S.C. 248)
is amended by adding at the end the following: ``Each member of the
Board of Governors of the Federal Reserve System may employ, at a
minimum, 2 individuals, with such individuals selected by such member
and the salaries of such individuals set by such member. A member may
employ additional individuals as determined necessary by the Board of
Governors.''.
SEC. 10. REQUIREMENTS FOR INTERNATIONAL PROCESSES.
(a) Board of Governors Requirements.--Section 11 of the Federal
Reserve Act (12 U.S.C. 248), as amended by section 9 of this Act, is
further amended by adding at the end the following new subsection:
``(w) International Processes.--
``(1) Notice of process; consultation.--At least 30
calendar days before any member or employee of the Board of
Governors of the Federal Reserve System participates in a
process of setting financial standards as a part of any foreign
or multinational entity, the Board of Governors shall--
``(A) issue a notice of the process, including the
subject matter, scope, and goals of the process, to the
Committee on Financial Services of the House of
Representatives and the Committee on Banking, Housing,
and Urban Affairs of the Senate;
``(B) make such notice available to the public,
including on the website of the Board of Governors; and
``(C) solicit public comment, and consult with the
committees described under subparagraph (A), with
respect to the subject matter, scope, and goals of the
process.
``(2) Public reports on process.--After the end of any
process described under paragraph (1), the Board of Governors
shall issue a public report on the topics that were discussed
during the process and any new or revised rulemakings or policy
changes that the Board of Governors believes should be
implemented as a result of the process.
``(3) Notice of agreements; consultation.--At least 90
calendar days before any member or employee of the Board of
Governors of the Federal Reserve System participates in a
process of setting financial standards as a part of any foreign
or multinational entity, the Board of Governors shall--
``(A) issue a notice of agreement to the Committee
on Financial Services of the House of Representatives
and the Committee on Banking, Housing, and Urban
Affairs of the Senate;
``(B) make such notice available to the public,
including on the website of the Board of Governors; and
``(C) consult with the committees described under
subparagraph (A) with respect to the nature of the
agreement and any anticipated effects such agreement
will have on the economy.
``(4) Definition.--For purposes of this subsection, the
term `process' shall include any official proceeding or meeting
on financial regulation of a recognized international
organization with authority to set financial standards on a
global or regional level, including the Financial Stability
Board, the Basel Committee on Banking Supervision (or a similar
organization), and the International Association of Insurance
Supervisors (or a similar organization).''.
(b) FDIC Requirements.--The Federal Deposit Insurance Act (12
U.S.C. 1811 et seq.) is amended by adding at the end the following new
section:
``SEC. 51. INTERNATIONAL PROCESSES.
``(a) Notice of Process; Consultation.--At least 30 calendar days
before the Board of Directors participates in a process of setting
financial standards as a part of any foreign or multinational entity,
the Board of Directors shall--
``(1) issue a notice of the process, including the subject
matter, scope, and goals of the process, to the Committee on
Financial Services of the House of Representatives and the
Committee on Banking, Housing, and Urban Affairs of the Senate;
``(2) make such notice available to the public, including
on the website of the Corporation; and
``(3) solicit public comment, and consult with the
committees described under paragraph (1), with respect to the
subject matter, scope, and goals of the process.
``(b) Public Reports on Process.--After the end of any process
described under subsection (a), the Board of Directors shall issue a
public report on the topics that were discussed at the process and any
new or revised rulemakings or policy changes that the Board of
Directors believes should be implemented as a result of the process.
``(c) Notice of Agreements; Consultation.--At least 90 calendar
days before the Board of Directors participates in a process of setting
financial standards as a part of any foreign or multinational entity,
the Board of Directors shall--
``(1) issue a notice of agreement to the Committee on
Financial Services of the House of Representatives and the
Committee on Banking, Housing, and Urban Affairs of the Senate;
``(2) make such notice available to the public, including
on the website of the Corporation; and
``(3) consult with the committees described under paragraph
(1) with respect to the nature of the agreement and any
anticipated effects such agreement will have on the economy.
``(d) Definition.--For purposes of this section, the term `process'
shall include any official proceeding or meeting on financial
regulation of a recognized international organization with authority to
set financial standards on a global or regional level, including the
Financial Stability Board, the Basel Committee on Banking Supervision
(or a similar organization), and the International Association of
Insurance Supervisors (or a similar organization).''.
(c) Treasury Requirements.--Section 325 of title 31, United States
Code, is amended by adding at the end the following new subsection:
``(d) International Processes.--
``(1) Notice of process; consultation.--At least 30
calendar days before the Secretary participates in a process of
setting financial standards as a part of any foreign or
multinational entity, the Secretary shall--
``(A) issue a notice of the process, including the
subject matter, scope, and goals of the process, to the
Committee on Financial Services of the House of
Representatives and the Committee on Banking, Housing,
and Urban Affairs of the Senate;
``(B) make such notice available to the public,
including on the website of the Department of the
Treasury; and
``(C) solicit public comment, and consult with the
committees described under subparagraph (A), with
respect to the subject matter, scope, and goals of the
process.
``(2) Public reports on process.--After the end of any
process described under paragraph (1), the Secretary shall
issue a public report on the topics that were discussed at the
process and any new or revised rulemakings or policy changes
that the Secretary believes should be implemented as a result
of the process.
``(3) Notice of agreements; consultation.--At least 90
calendar days before the Secretary participates in a process of
setting financial standards as a part of any foreign or
multinational entity, the Secretary shall--
``(A) issue a notice of agreement to the Committee
on Financial Services of the House of Representatives
and the Committee on Banking, Housing, and Urban
Affairs of the Senate;
``(B) make such notice available to the public,
including on the website of the Department of the
Treasury; and
``(C) consult with the committees described under
subparagraph (A) with respect to the nature of the
agreement and any anticipated effects such agreement
will have on the economy.
``(4) Definition.--For purposes of this subsection, the
term `process' shall include any official proceeding or meeting
on financial regulation of a recognized international
organization with authority to set financial standards on a
global or regional level, including the Financial Stability
Board, the Basel Committee on Banking Supervision (or a similar
organization), and the International Association of Insurance
Supervisors (or a similar organization).''.
(d) OCC Requirements.--Chapter one of title LXII of the Revised
Statutes of the United States (12 U.S.C. 21 et seq.) is amended--
(1) by adding at the end the following new section:
``SEC. 5156B. INTERNATIONAL PROCESSES.
``(a) Notice of Process; Consultation.--At least 30 calendar days
before the Comptroller of the Currency participates in a process of
setting financial standards as a part of any foreign or multinational
entity, the Comptroller of the Currency shall--
``(1) issue a notice of the process, including the subject
matter, scope, and goals of the process, to the Committee on
Financial Services of the House of Representatives and the
Committee on Banking, Housing, and Urban Affairs of the Senate;
``(2) make such notice available to the public, including
on the website of the Office of the Comptroller of the
Currency; and
``(3) solicit public comment, and consult with the
committees described under paragraph (1), with respect to the
subject matter, scope, and goals of the process.
``(b) Public Reports on Process.--After the end of any process
described under subsection (a), the Comptroller of the Currency shall
issue a public report on the topics that were discussed at the process
and any new or revised rulemakings or policy changes that the
Comptroller of the Currency believes should be implemented as a result
of the process.
``(c) Notice of Agreements; Consultation.--At least 90 calendar
days before the Comptroller of the Currency participates in a process
of setting financial standards as a part of any foreign or
multinational entity, the Board of Directors shall--
``(1) issue a notice of agreement to the Committee on
Financial Services of the House of Representatives and the
Committee on Banking, Housing, and Urban Affairs of the Senate;
``(2) make such notice available to the public, including
on the website of the Office of the Comptroller of the
Currency; and
``(3) consult with the committees described under paragraph
(1) with respect to the nature of the agreement and any
anticipated effects such agreement will have on the economy.
``(d) Definition.--For purposes of this section, the term `process'
shall include any official proceeding or meeting on financial
regulation of a recognized international organization with authority to
set financial standards on a global or regional level, including the
Financial Stability Board, the Basel Committee on Banking Supervision
(or a similar organization), and the International Association of
Insurance Supervisors (or a similar organization).''; and
(2) in the table of contents for such chapter, by adding at
the end the following new item:
``5156B. International processes.''.
(e) Securities and Exchange Commission Requirements.--Section 4 of
the Securities Exchange Act of 1934 (15 U.S.C. 78d) is amended by
adding at the end the following new subsection:
``(j) International Processes.--
``(1) Notice of process; consultation.--At least 30
calendar days before the Commission participates in a process
of setting financial standards as a part of any foreign or
multinational entity, the Commission shall--
``(A) issue a notice of the process, including the
subject matter, scope, and goals of the process, to the
Committee on Financial Services of the House of
Representatives and the Committee on Banking, Housing,
and Urban Affairs of the Senate;
``(B) make such notice available to the public,
including on the website of the Commission; and
``(C) solicit public comment, and consult with the
committees described under subparagraph (A), with
respect to the subject matter, scope, and goals of the
process.
``(2) Public reports on process.--After the end of any
process described under paragraph (1), the Commission shall
issue a public report on the topics that were discussed at the
process and any new or revised rulemakings or policy changes
that the Commission believes should be implemented as a result
of the process.
``(3) Notice of agreements; consultation.--At least 90
calendar days before the Commission participates in a process
of setting financial standards as a part of any foreign or
multinational entity, the Commission shall--
``(A) issue a notice of agreement to the Committee
on Financial Services of the House of Representatives
and the Committee on Banking, Housing, and Urban
Affairs of the Senate;
``(B) make such notice available to the public,
including on the website of the Commission; and
``(C) consult with the committees described under
subparagraph (A) with respect to the nature of the
agreement and any anticipated effects such agreement
will have on the economy.
``(4) Definition.--For purposes of this subsection, the
term `process' shall include any official proceeding or meeting
on financial regulation of a recognized international
organization with authority to set financial standards on a
global or regional level, including the Financial Stability
Board, the Basel Committee on Banking Supervision (or a similar
organization), and the International Association of Insurance
Supervisors (or a similar organization).''.
SEC. 11. AMENDMENTS TO POWERS OF THE BOARD OF GOVERNORS OF THE FEDERAL
RESERVE SYSTEM.
(a) In General.--Section 13(3) of the Federal Reserve Act (12
U.S.C. 343(3)) is amended--
(1) in subparagraph (A)--
(A) by inserting ``that pose a threat to the
financial stability of the United States'' after
``unusual and exigent circumstances''; and
(B) by inserting ``and by the affirmative vote of
not less than nine presidents of the Federal reserve
banks'' after ``five members'';
(2) in subparagraph (B)--
(A) in clause (i), by inserting at the end the
following: ``Federal reserve banks may not accept
equity securities issued by the recipient of any loan
or other financial assistance under this paragraph as
collateral. Not later than 6 months after the date of
enactment of this sentence, the Board shall, by rule,
establish--
``(I) a method for determining the
sufficiency of the collateral required
under this paragraph;
``(II) acceptable classes of
collateral;
``(III) the amount of any discount
of such value that the Federal reserve
banks will apply for purposes of
calculating the sufficiency of
collateral under this paragraph; and
``(IV) a method for obtaining
independent appraisals of the value of
collateral the Federal reserve banks
receive.''; and
(B) in clause (ii)--
(i) by striking the second sentence; and
(ii) by inserting after the first sentence
the following: ``A borrower shall not be
eligible to borrow from any emergency lending
program or facility unless the Board and all
federal banking regulators with jurisdiction
over the borrower certify that, at the time the
borrower initially borrows under the program or
facility, the borrower is not insolvent.'';
(3) by inserting ``financial institution'' before
``participant'' each place such term appears;
(4) in subparagraph (D)(i), by inserting ``financial
institution'' before ``participants''; and
(5) by adding at the end the following new subparagraphs:
``(F) Penalty rate.--
``(i) In general.--Not later than 6 months
after the date of enactment of this
subparagraph, the Board shall, with respect to
a recipient of any loan or other financial
assistance under this paragraph, establish by
rule a minimum interest rate on the principal
amount of any loan or other financial
assistance.
``(ii) Minimum interest rate defined.--In
this subparagraph, the term `minimum interest
rate' shall mean the sum of--
``(I) the average of the secondary
discount rate of all Federal Reserve
banks over the most recent 90-day
period; and
``(II) the average of the
difference between a distressed
corporate bond yield index (as defined
by rule of the Board) and a bond yield
index of debt issued by the United
States (as defined by rule of the
Board) over the most recent 90-day
period.
``(G) Financial institution participant defined.--
For purposes of this paragraph, the term `financial
institution participant'--
``(i) means a company that is predominantly
engaged in financial activities (as defined in
section 102(a) of the Dodd-Frank Wall Street
Reform and Consumer Protection Act (12 U.S.C.
5311(a))); and
``(ii) does not include an agency described
in subparagraph (W) of section 5312(a)(2) of
title 31, United States Code, or an entity
controlled or sponsored by such an agency.''.
(b) Conforming Amendment.--Section 11(r)(2)(A) of such Act is
amended--
(1) in clause (ii)(IV), by striking ``; and'' and inserting
a semicolon;
(2) in clause (iii), by striking the period at the end and
inserting ``; and''; and
(3) by adding at the end the following new clause:
``(iv) the available members secure the affirmative vote of
not less than nine presidents of the Federal reserve banks.''.
SEC. 12. INTEREST RATES ON BALANCES MAINTAINED AT A FEDERAL RESERVE
BANK BY DEPOSITORY INSTITUTIONS ESTABLISHED BY FEDERAL
OPEN MARKET COMMITTEE.
Subparagraph (A) of section 19(b)(12) of the Federal Reserve Act
(12 U.S.C. 461(b)(12)(A)) is amended by inserting ``established by the
Federal Open Market Committee'' after ``rate or rates''.
SEC. 13. AUDIT REFORM AND TRANSPARENCY FOR THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM.
(a) In General.--Notwithstanding section 714 of title 31, United
States Code, or any other provision of law, the Comptroller General of
the United States shall annually complete an audit of the Board of
Governors of the Federal Reserve System and the Federal reserve banks
under subsection (b) of such section 714 within 12 months after the
date of the enactment of this Act.
(b) Report.--
(1) In general.--Not later than 90 days after each audit
required pursuant to subsection (a) is completed, the
Comptroller General--
(A) shall submit to Congress a report on such
audit; and
(B) shall make such report available to the Speaker
of the House, the majority and minority leaders of the
House of Representatives, the majority and minority
leaders of the Senate, the Chairman and Ranking Member
of the committee and each subcommittee of jurisdiction
in the House of Representatives and the Senate, and any
other Member of Congress who requests the report.
(2) Contents.--The report under paragraph (1) shall include
a detailed description of the findings and conclusion of the
Comptroller General with respect to the audit that is the
subject of the report, together with such recommendations for
legislative or administrative action as the Comptroller General
may determine to be appropriate.
(c) Repeal of Certain Limitations.--Subsection (b) of section 714
of title 31, United States Code, is amended by striking the second
sentence.
(d) Technical and Conforming Amendments.--
(1) In general.--Section 714 of title 31, United States
Code, is amended--
(A) in subsection (d)(3), by striking ``or (f)''
each place such term appears;
(B) in subsection (e), by striking ``the third
undesignated paragraph of section 13'' and inserting
``section 13(3)''; and
(C) by striking subsection (f).
(2) Federal reserve act.--Subsection (s) (relating to
``Federal Reserve Transparency and Release of Information'') of
section 11 of the Federal Reserve Act (12 U.S.C. 248) is
amended--
(A) in paragraph (4)(A), by striking ``has the same
meaning as in section 714(f)(1)(A) of title 31, United
States Code'' and inserting ``means a program or
facility, including any special purpose vehicle or
other entity established by or on behalf of the Board
of Governors of the Federal Reserve System or a Federal
reserve bank, authorized by the Board of Governors
under section 13(3), that is not subject to audit under
section 714(e) of title 31, United States Code'';
(B) in paragraph (6), by striking ``or in section
714(f)(3)(C) of title 31, United States Code, the
information described in paragraph (1) and information
concerning the transactions described in section 714(f)
of such title,'' and inserting ``the information
described in paragraph (1)''; and
(C) in paragraph (7), by striking ``and section
13(3)(C), section 714(f)(3)(C) of title 31, United
States Code, and'' and inserting ``, section 13(3)(C),
and''.
SEC. 14. REPORTING REQUIREMENT FOR EXPORT-IMPORT BANK.
The Board of Governors of the Federal Reserve System shall include,
as part of the monthly Federal Reserve statistical release titled
``Industrial Production or Capacity Utilization'' (or any successor
release), an analysis of--
(1) the impact on the index described in the statistical
release due to the operation of the Export-Import Bank; and
(2) the amount of foreign industrial production supported
by foreign export credit agencies, using the same method used
to measure industrial production in the statistical release and
scaled to be comparable to the industrial production
measurement for the United States.
SEC. 15. MEMBERSHIP OF BOARD OF DIRECTORS OF THE FEDERAL RESERVE BANKS.
Section 4 of the Federal Reserve Act (12 U.S.C. 302) is amended--
(1) in the eleventh undesignated paragraph (relating to
Class B), by striking ``and consumers'' and inserting
``consumers, and traditionally underserved communities and
populations''; and
(2) in the twelfth undesignated paragraph (relating to
Class C), by striking ``and consumers'' and inserting
``consumers, and traditionally underserved communities and
populations''.
SEC. 16. ESTABLISHMENT OF A CENTENNIAL MONETARY COMMISSION.
(a) Short Title.--This section may be cited as the ``Centennial
Monetary Commission Act of 2015''.
(b) Findings.--Congress finds the following:
(1) The Constitution endows Congress with the power ``to
coin money, regulate the value thereof''.
(2) Following the financial crisis known as the Panic of
1907, Congress established the National Monetary Commission to
provide recommendations for the reform of the financial and
monetary systems of the United States.
(3) Incorporating several of the recommendations of the
National Monetary Commission, Congress created the Federal
Reserve System in 1913. As currently organized, the Federal
Reserve System consists of the Board of Governors in
Washington, District of Columbia, and the Federal Reserve Banks
organized into 12 districts around the United States. The
stockholders of the 12 Federal Reserve Banks include national
and certain State-chartered commercial banks, which operate on
a fractional reserve basis.
(4) Originally, Congress gave the Federal Reserve System a
monetary mandate to provide an elastic currency, within the
context of a gold standard, in response to seasonal
fluctuations in the demand for currency.
(5) Congress also gave the Federal Reserve System a
financial stability mandate to serve as the lender of last
resort to solvent but illiquid banks during a financial crisis.
(6) In 1977, Congress changed the monetary mandate of the
Federal Reserve System to a dual mandate for maximum employment
and stable prices.
(7) Empirical studies and historical evidence, both within
the United States and in other countries, demonstrate that
price stability is desirable because both inflation and
deflation damage the economy.
(8) The economic challenge of recent years--most notably
the bursting of the housing bubble, the financial crisis of
2008, and the ensuing anemic recovery--have occurred at great
cost in terms of lost jobs and output.
(9) Policymakers are reexamining the structure and
functioning of financial institutions and markets to determine
what, if any, changes need to be made to place the financial
system on a stronger, more sustainable path going forward.
(10) The Federal Reserve System has taken extraordinary
actions in response to the recent economic challenges.
(11) The Federal Open Market Committee has engaged in
multiple rounds of quantitative easing, providing unprecedented
liquidity to financial markets, while committing to holding
short-term interest rates low for a seemingly indefinite
period, and pursuing a policy of credit allocation by
purchasing Federal agency debt and mortgage-backed securities.
(12) In the wake of the recent extraordinary actions of the
Federal Reserve System, Congress--consistent with its
constitutional responsibilities and as it has done periodically
throughout the history of the United States--has once again
renewed its examination of monetary policy.
(13) Central in such examination has been a renewed look at
what is the most proper mandate for the Federal Reserve System
to conduct monetary policy in the 21st century.
(c) Establishment of a Centennial Monetary Commission.--There is
established a commission to be known as the ``Centennial Monetary
Commission'' (in this section referred to as the ``Commission'').
(d) Study and Report on Monetary Policy.--
(1) Study.--The Commission shall--
(A) examine how United States monetary policy since
the creation of the Board of Governors of the Federal
Reserve System in 1913 has affected the performance of
the United States economy in terms of output,
employment, prices, and financial stability over time;
(B) evaluate various operational regimes under
which the Board of Governors of the Federal Reserve
System and the Federal Open Market Committee may
conduct monetary policy in terms achieving the maximum
sustainable level of output and employment and price
stability over the long term, including--
(i) discretion in determining monetary
policy without an operational regime;
(ii) price level targeting;
(iii) inflation rate targeting;
(iv) nominal gross domestic product
targeting (both level and growth rate);
(v) the use of monetary policy rules; and
(vi) the gold standard;
(C) evaluate the use of macro-prudential
supervision and regulation as a tool of monetary policy
in terms of achieving the maximum sustainable level of
output and employment and price stability over the long
term;
(D) evaluate the use of the lender-of-last-resort
function of the Board of Governors of the Federal
Reserve System as a tool of monetary policy in terms of
achieving the maximum sustainable level of output and
employment and price stability over the long term;
(E) recommend a course for United States monetary
policy going forward, including--
(i) the legislative mandate;
(ii) the operational regime;
(iii) the securities used in open market
operations; and
(iv) transparency issues; and
(F) consider the effects of the GDP output and
employment targets of the ``dual mandate'' (both from
the creation of the dual mandate in 1977 until the
present time and estimates of the future effect of the
dual mandate ) on--
(i) United States economic activity;
(ii) Federal Reserve actions; and
(iii) Federal debt.
(2) Report.--Not later than December 1, 2016, the
Commission shall submit to Congress and make publicly available
a report containing a statement of the findings and conclusions
of the Commission in carrying out the study under paragraph
(1), together with the recommendations the Commission considers
appropriate. In making such report, the Commission shall
specifically report on the considerations required under
paragraph (1)(F).
(e) Membership.--
(1) Number and appointment.--
(A) Appointed voting members.--The Commission shall
contain 12 voting members as follows:
(i) Six members appointed by the Speaker of
the House of Representatives, with four members
from the majority party and two members from
the minority party.
(ii) Six members appointed by the President
Pro Tempore of the Senate, with four members
from the majority party and two members from
the minority party.
(B) Chairman.--The Speaker of the House of
Representatives and the majority leader of the Senate
shall jointly designate one of the members of the
Commission as Chairman.
(C) Non-voting members.--The Commission shall
contain 2 non-voting members as follows:
(i) One member appointed by the Secretary
of the Treasury.
(ii) One member who is the president of a
district Federal reserve bank appointed by the
Chair of the Board of Governors of the Federal
Reserve System.
(2) Period of appointment.--Each member shall be appointed
for the life of the Commission.
(3) Timing of appointment.--All members of the Commission
shall be appointed not later than 30 days after the date of the
enactment of this section.
(4) Vacancies.--A vacancy in the Commission shall not
affect its powers, and shall be filled in the manner in which
the original appointment was made.
(5) Meetings.--
(A) Initial meeting.--The Commission shall hold its
initial meeting and begin the operations of the
Commission as soon as is practicable.
(B) Further meetings.--The Commission shall meet
upon the call of the Chair or a majority of its
members.
(6) Quorum.--Seven voting members of the Commission shall
constitute a quorum but a lesser number may hold hearings.
(7) Member of congress defined.--In this subsection, the
term ``Member of Congress'' means a Senator or a Representative
in, or Delegate or Resident Commissioner to, the Congress.
(f) Powers.--
(1) Hearings and sessions.--The Commission or, on the
authority of the Commission, any subcommittee or member
thereof, may, for the purpose of carrying out this section,
hold hearings, sit and act at times and places, take testimony,
receive evidence, or administer oaths as the Commission or such
subcommittee or member thereof considers appropriate.
(2) Contract authority.--To the extent or in the amounts
provided in advance in appropriation Acts, the Commission may
contract with and compensate government and private agencies or
persons to enable the Commission to discharge its duties under
this section, without regard to section 3709 of the Revised
Statutes (41 U.S.C. 5).
(3) Obtaining official data.--
(A) In general.--The Commission is authorized to
secure directly from any executive department, bureau,
agency, board, commission, office, independent
establishment, or instrumentality of the Government,
any information, including suggestions, estimates, or
statistics, for the purposes of this section.
(B) Requesting official data.--The head of such
department, bureau, agency, board, commission, office,
independent establishment, or instrumentality of the
government shall, to the extent authorized by law,
furnish such information upon request made by--
(i) the Chair;
(ii) the Chair of any subcommittee created
by a majority of the Commission; or
(iii) any member of the Commission
designated by a majority of the commission to
request such information.
(4) Assistance from federal agencies.--
(A) General services administration.--The
Administrator of General Services shall provide to the
Commission on a reimbursable basis administrative
support and other services for the performance of the
functions of the Commission.
(B) Other departments and agencies.--In addition to
the assistance prescribed in subparagraph (A), at the
request of the Commission, departments and agencies of
the United States shall provide such services, funds,
facilities, staff, and other support services as may be
authorized by law.
(5) Postal service.--The Commission may use the United
States mails in the same manner and under the same conditions
as other departments and agencies of the United States.
(g) Commission Personnel.--
(1) Appointment and compensation of staff.--
(A) In general.--Subject to rules prescribed by the
Commission, the Chair may appoint and fix the pay of
the executive director and other personnel as the Chair
considers appropriate.
(B) Applicability of civil service laws.--The staff
of the Commission may be appointed without regard to
the provisions of title 5, United States Code,
governing appointments in the competitive service, and
may be paid without regard to the provisions of chapter
51 and subchapter III of chapter 53 of that title
relating to classification and General Schedule pay
rates, except that an individual so appointed may not
receive pay in excess of level V of the Executive
Schedule.
(2) Consultants.--The Commission may procure temporary and
intermittent services under section 3109(b) of title 5, United
States Code, but at rates for individuals not to exceed the
daily equivalent of the rate of pay for a person occupying a
position at level IV of the Executive Schedule.
(3) Staff of federal agencies.--Upon request of the
Commission, the head of any Federal department or agency may
detail, on a reimbursable basis, any of the personnel of such
department or agency to the Commission to assist it in carrying
out its duties under this section.
(h) Termination of Commission.--
(1) In general.--The Commission shall terminate on June 1,
2017.
(2) Administrative activities before termination.--The
Commission may use the period between the submission of its
report and its termination for the purpose of concluding its
activities, including providing testimony to the committee of
Congress concerning its report.
(i) Authorization of Appropriations.--There is authorized to be
appropriated to carry out this section $1,000,000, which shall remain
available until the date on which the Commission terminates.
SEC. 17. ELIMINATION OF SURPLUS FUNDS OF FEDERAL RESERVE BANKS.
(a) In General.--Section 7 of the Federal Reserve Act (12 U.S.C.
289 et seq.) is amended--
(1) in subsection (a)--
(A) in the heading of such subsection, by striking
``and Surplus Funds'';
(B) in paragraph (2), by striking ``deposited in
the surplus fund of the bank'' and inserting
``transferred to the Board of Governors of the Federal
Reserve System for transfer to the Secretary of the
Treasury for deposit in the general fund of the
Treasury''; and
(C) by striking the first subsection (b) (relating
to a transfer for fiscal year 2000).
(b) Transfer to the Treasury.--The Federal reserve banks shall
transfer all of the funds of the surplus funds of such banks to the
Board of Governors of the Federal Reserve System for transfer to the
Secretary of the Treasury for deposit in the general fund of the
Treasury.
SEC. 18. PUBLIC TRANSCRIPTS OF FOMC MEETINGS.
Section 12A of the Federal Reserve Act (12 U.S.C. 263), as amended
by this Act, is further amended by adding at the end the following:
``(e) Public Transcripts of Meetings.--The Committee shall--
``(1) record all meetings of the Committee; and
``(2) make the full transcript of such meetings available
to the public.''.
Passed the House of Representatives November 19, 2015.
Attest:
KAREN L. HAAS,
Clerk.