109 HR 3720 IH: Repeal of Federal Reserve Board Term Limitation Act U.S. House of Representatives 2005-09-08 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 109th CONGRESS 1st Session H. R. 3720 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.

1.

Short title

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

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.