[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3720 Introduced in House (IH)]







109th CONGRESS
  1st Session
                                H. R. 3720

  To amend the Federal Reserve Act to permit members of the Board of 
Governors of the Federal Reserve System to be appointed to more than 1 
                            term of office.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 8, 2005

 Mr. Sherman introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To amend the Federal Reserve Act to permit members of the Board of 
Governors of the Federal Reserve System to be appointed to more than 1 
                            term of office.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Repeal of Federal Reserve Board Term 
Limitation Act''.

SEC. 2. REPEAL OF TERM LIMITATION ON FEDERAL RESERVE BOARD MEMBERSHIP.

    The second undesignated paragraph of section 10 of the Federal 
Reserve Act (12 U.S.C. 242) is amended by striking the last sentence 
and inserting the following new sentence: ``Any member of the Board who 
has served a full term of 14 years shall be eligible for reappointment 
to a 5-year term.''
                                 <all>