S 3219 · 112th Congress 2011–2013, ended

Federal Reserve Independence Act

Introduced May 22, 2012 Originated Senate Sponsor Bernard Sanders I-VT

Fact sheet

Latest action · May 22, 2012 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

  1. IntroducedMay 22, 2012
  2. Passed SenateNot reached
  3. Passed HouseNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

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.

Cosponsors 2

Members who signed on, in the order they did. All signed on May 22, 2012.

SeatCosponsorSigned on
D-CABarbara BoxerOriginalMay 22, 2012
D-AKMark BegichOriginalMay 22, 2012

Actions 2

Everything that happened, newest first.

  1. May 22, 2012Introduced in Senate
  2. May 22, 2012Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Related bills 1

Companion bills and other measures the record links to this one.

BillTitleRelationshipLatest action
HR 6023Federal Reserve Independence ActIdentical billOct 1, 2012

Subjects

Assigned by the Library of Congress. Policy area: Finance and Financial Sector.

Text 1

Each version as it was printed, newest first.

  1. May 22, 2012Introduced in Senate

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.