[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4630 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 4630

 To amend the Federal Reserve Act to remove the designation of one of 
the members of the Board of Governors of the Federal Reserve System as 
     the ``Vice Chairman for Supervision'', and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                             July 13, 2023

  Mr. Ogles introduced the following bill; which was referred to the 
                    Committee on Financial Services

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                                 A BILL


 
 To amend the Federal Reserve Act to remove the designation of one of 
the members of the Board of Governors of the Federal Reserve System as 
     the ``Vice Chairman for Supervision'', 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.

    This Act may be cited as the ``Supervision Reform Act of 2023''.

SEC. 2. REMOVAL OF THE VICE CHAIRMAN FOR SUPERVISION DESIGNATION.

    (a) In General.--The second undesignated paragraph of section 10 of 
the Federal Reserve Act (12 U.S.C. 242) (relating to the Chairman and 
Vice Chairman of the Board) is amended by striking ``and 2 shall be 
designated by the President, by and with the advice and consent of the 
Senate, to serve as Vice Chairmen of the Board, each for a term of 4 
years, 1 of whom shall serve in the absence of the Chairman, as 
provided in the fourth undesignated paragraph of this section, and 1 of 
whom shall be designated Vice Chairman for Supervision. The Vice 
Chairman for Supervision shall develop policy recommendations for the 
Board regarding supervision and regulation of depository institution 
holding companies and other financial firms supervised by the Board, 
and shall oversee the supervision and regulation of such firms.'' and 
inserting ``and 1 shall be designated by the President, by and with the 
consent of the Senate, to serve as Vice Chairman of the Board for a 
term of 4 years.''.
    (b) Conforming Amendment.--Section 10 of the Federal Reserve Act 
(12 U.S.C. 241 et seq.) is amended by striking paragraph (12).
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