H.R. 6023 (112th): Federal Reserve Independence Act

Introduced:
Jun 26, 2012 (112th Congress, 2011–2013)
Sponsor:
Rep. Peter DeFazio [D-OR4]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on June 26, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Jun 26, 2012
Referred to Committee Jun 26, 2012
Cosponsors
none
Committees

House Financial Services

The committee chair determines whether a bill will move past the committee stage.

Full Title

To restrict conflicts of interest on the boards of directors of Federal reserve banks, and for other purposes.

Summary

No summaries available.

Text

Read Bill Text »

Last updated Jun 26, 2012.
5 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

6/26/2012--Introduced.
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.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

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