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S. 957 118th Congress Senate

Federal Reserve Independence Act

Official title: A bill to amend the Federal Reserve Act to restrict conflicts of interest on the boards of directors of Federal reserve banks, and for other purposes.

Introduced: March 23, 2023 Introduced by: Bernard Sanders Independent · Vermont See on congress.gov
Finance and Financial Sector
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This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 23, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Mar 23, 2023
Introduced in Senate
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 Latest action March 23, 2023

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Plain-English summary Congressional Research Service

Federal Reserve Independence Act

This bill prohibits an employee of a bank holding company or other entity regulated by the Board of Governors of the Federal Reserve System from serving on the board of a Federal Reserve bank. Additionally, employees of the Federal Reserve System and board members of a Federal Reserve bank are prohibited from investing in companies regulated by the board.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
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APA
U.S. Congress. (2026). S. 957: Federal Reserve Independence Act. 118th Congress. Open America. https://openamerica.io/bill/118-S-957/
MLA
"S. 957: Federal Reserve Independence Act." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-S-957/.
Bluebook (legal)
S. 957, 118th Cong. (2026), https://openamerica.io/bill/118-S-957/.
Markdown link
[S. 957: Federal Reserve Independence Act](https://openamerica.io/bill/118-S-957/)
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