To amend the Federal Reserve Act to remove the representatives of the Federal Reserve banks from membership on the Federal Open Market Committee.

Amends the Federal Reserve Act to remove from Federal Open Market Committee membership the presidents or first vice presidents, as appropriate, of the Federal Reserve banks.

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1512 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 1512

 To amend the Federal Reserve Act to remove the representatives of the 
   Federal Reserve banks from membership on the Federal Open Market 
                               Committee.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 13, 2011

  Mr. Frank of Massachusetts introduced the following bill; which was 
            referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To amend the Federal Reserve Act to remove the representatives of the 
   Federal Reserve banks from membership on the Federal Open Market 
                               Committee.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. REMOVAL OF FEDERAL RESERVE BANK REPRESENTATIVES FROM FOMC.

    Section 12A of the Federal Reserve Act is amended by striking ``and 
five representatives of the Federal Reserve banks to be selected as 
hereinafter provided. Such representatives shall be presidents or first 
vice presidents of Federal Reserve banks and, beginning with the 
election for the term commencing March 1, 1943, shall be elected 
annually as follows: One by the board of directors of the Federal 
Reserve Bank of New York, one by the boards of directors of the Federal 
Reserve Banks of Boston, Philadelphia, and Richmond, one by the boards 
of directors of the Federal Reserve Banks of Cleveland and Chicago, one 
by the boards of directors of the Federal Reserve Banks of Atlanta, 
Dallas, and St. Louis, and one by the boards of directors of the 
Federal Reserve Banks of Minneapolis, Kansas City, and San Francisco. 
In such elections each board of directors shall have one vote; and the 
details of such elections may be governed by regulations prescribed by 
the committee, which may be amended from time to time. An alternate to 
serve in the absence of each such representative shall likewise be a 
president or first vice president of a Federal Reserve bank and shall 
be elected annually in the same manner.'' and inserting a period.
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