[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 1248 Introduced in Senate (IS)]

114th CONGRESS
  1st Session
                                S. 1248

 To amend the Federal Reserve Act to reform the Federal Reserve System.


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                   IN THE SENATE OF THE UNITED STATES

                              May 7, 2015

Ms. Warren (for herself and Mr. Vitter) introduced the following bill; 
which was read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
 To amend the Federal Reserve Act to reform the Federal Reserve System.

    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 ``Fed Accountability Act of 2015''.

SEC. 2. OFFICE STAFF FOR MEMBERS OF THE BOARD OF GOVERNORS OF THE 
              FEDERAL RESERVE SYSTEM.

    Section 11(l) of the Federal Reserve Act (12 U.S.C. 248(l)) is 
amended by inserting ``Of amounts made available for staff of the 
Federal Reserve System, each member of the Board of Governors may 
employ not more than 4 individuals for the purpose of staffing the 
member's office, with such individuals selected by such member and the 
salaries of such individuals set by such member.'' after the period at 
the end.

SEC. 3. VOTE BY BOARD OF GOVERNORS ON CERTAIN SETTLEMENTS.

    Section 10 of the Federal Reserve Act is amended--
            (1) by redesignating paragraph (12) (12 U.S.C. 247b) as 
        paragraph (11); and
            (2) by adding at the end the following:
            ``(12)(A) The Board of Governors of the Federal Reserve 
        System shall vote, at a properly noticed public meeting of the 
        Board, on whether to resolve any enforcement action if the 
        resolution of that action involves the payment of not less than 
        $1,000,000 in compensation, penalties, or fines, or other 
        payments.
            ``(B) The results of the vote of each member of the Board 
        under subparagraph (A) shall--
                    ``(i) be included at the appropriate place in the 
                official minutes of the Board; and
                    ``(ii) be made publicly available on the website of 
                the Board.''.
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