A bill to amend the Federal Reserve Act to provide that the President shall appoint additional members to the Board of Governors of the Federal Reserve System to represent the interests of small business, organized labor, agriculture, and small financial institutions.

Amends the Federal Reserve Act to increase from seven to 12 the number of members of the Board of Governors of the Federal Reserve System.

Requires the President in selecting the members of the Board to: (1) appoint at least one member each to represent the respective interests of small business, organized labor, agriculture, and small financial institutions; and (2) have due regard for a fair representation of the financial, industrial, and commercial interests of the country in appointing the other members of the Board.

Directs the President, upon the expiration of the term of any appointive Board member, to fix the successor's term at not to exceed 12 years. Prescribes the manner of staggering term expirations.

Directs the President, during 1982, to appoint five additional members to the Board for specified terms. Requires such members to be representatives of small business, organized labor, agricultural interests, and small financial institutions.

Declares that the person appointed to replace the number of the Board whose term expires in 1982 shall be appointed for a term of 11 years.