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.