[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 2817 Introduced in Senate (IS)]
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119th CONGRESS
1st Session
S. 2817
To amend the Federal Reserve Act to prohibit dual appointments of
employees of the Federal Reserve System, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
September 16, 2025
Mr. Gallego (for himself, Mr. Kim, Ms. Warren, Ms. Alsobrooks, Mr. Van
Hollen, Ms. Cortez Masto, Ms. Blunt Rochester, and Mr. Warnock)
introduced the following bill; which was read twice and referred to the
Committee on Banking, Housing, and Urban Affairs
_______________________________________________________________________
A BILL
To amend the Federal Reserve Act to prohibit dual appointments of
employees of the Federal Reserve System, 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 ``Fed Integrity and Independence Act
of 2025''.
SEC. 2. SENSE OF CONGRESS.
(a) Sense of Congress.--It is the sense of Congress that--
(1) the Federal Reserve System plays a critical role in
maintaining the stability of the economy of the United States
by conducting monetary policy, supervising and regulating
financial institutions, and supporting the payments system;
(2) historically, the insulation of the Federal Reserve
System from political interference has been essential in
preventing an electoral consideration or partisan agenda from
driving any monetary policy decision;
(3) the credibility and effectiveness of the Federal
Reserve System depend on the ability of the Federal Reserve
System to operate independently of any short-term political
pressure, particularly from an elected official or individual
in a position of public trust;
(4) the presence of a current government official, Member
of Congress, or other politically affiliated individual in a
role within the Federal Reserve System raises legitimate
concerns about conflict of interest and undue influence; and
(5) the purpose of this Act, and the amendments made by
this Act, is to strengthen the institutional integrity and
independence of the Federal Reserve System by more
categorically prohibiting dual appointments, preventing
conflicts of interest, and ensuring a clear separation between
a political actor and a monetary policy decision.
SEC. 3. PROHIBITION OF DUAL APPOINTMENT.
(a) Board of Governors.--The fourth sentence of the first
undesignated paragraph of section 10 of the Federal Reserve Act (12
U.S.C. 241) is amended by striking ``business of the Board and shall
each receive'' and inserting ``business of the Board, may not
simultaneously hold any other office, position, or employment for which
the member is appointed by the President, including under a leave of
absence from such other office, position, or employment, and shall each
receive''.
(b) Federal Reserve Bank Presidents, Vice Presidents, Officers, and
Employees.--The fifth subparagraph of the fourth undesignated paragraph
of section 4 of the Federal Reserve Act (12 U.S.C. 341) is amended by
adding at the end the following: ``A president, vice president,
officer, or employee of the bank may not simultaneously hold any other
office, position, or employment for which the president, vice
president, officer, or employee is appointed by the President,
including under a leave of absence from such other office, position, or
employment.''.
(c) Federal Reserve Bank Board of Directors.--The ninth
undesignated paragraph of section 4 of the Federal Reserve Act (12
U.S.C. 302) is amended by adding at the end the following: ``A member
of such board of directors may not simultaneously hold any other
office, position, or employment for which the member is appointed by
the President, including under a leave of absence from such other
office, position, or employment.''.
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