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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - Senate

Short Titles as Introduced

Federal Reserve Independence Act

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill to restrict conflicts of interest on the boards of directors of Federal reserve banks, and for other purposes.

Actions Overview (1)

Date Actions Overview
05/22/2013Introduced in Senate

All Actions (1)

Date All Actions
05/22/2013Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Action By: Senate

Cosponsors (2)

* = Original cosponsor
CosponsorDate Cosponsored
Sen. Boxer, Barbara [D-CA]* 05/22/2013
Sen. Begich, Mark [D-AK]* 05/22/2013

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Related Documents
Senate Banking, Housing, and Urban Affairs05/22/2013 Referred to

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Subjects (5)

Latest Summary (1)

There is one summary for S.1018. View summaries

Shown Here:
Introduced in Senate (05/22/2013)

Federal Reserve Independence Act - Amends the Federal Reserve Act regarding class A membership on the board of directors of a Federal Reserve Bank to require the Board of Governors of the Federal Reserve System (Federal Reserve Board) to designate members from among persons who are not employed in any capacity by a stockholding bank.

Requires the Federal Reserve Board to designate the class B members of such board of directors (class B members represent the public).

Prohibits employees of any Federal Reserve Board-regulated entity from serving on the board of directors of any Reserve Bank.

Prohibits any employee of the Federal Reserve System or any board member of a Reserve Bank from owning stock or investing in any company regulated by the Federal Reserve Board.

Directs the Comptroller General to report annually to Congress to ensure implementation of this Act.