S 1155
118th Congress
Senate
Finance and Financial Sector
Federal Reserve Accountability Act of 2023
Introduced: March 30, 2023
Introduced by:
Tillis, Thomas
Republican
· North Carolina
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 30, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Mar 30, 2023
Introduced in Senate
Plain-English summary
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.
What's happening now
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Committees of jurisdiction
1