[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 530 Introduced in Senate (IS)]

114th CONGRESS
  1st Session
                                 S. 530

To require the president of the Federal Reserve Bank of New York to be 
 appointed by the President, by and with the advice and consent of the 
                                Senate.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           February 23, 2015

   Mr. Reed introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
To require the president of the Federal Reserve Bank of New York to be 
 appointed by the President, by and with the advice and consent of the 
                                Senate.

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

SECTION 1. FEDERAL RESERVE BANK GOVERNANCE.

    (a) In General.--Section 4 of the Federal Reserve Act (12 U.S.C. 
301 through 308; 341) is amended by adding at the end the following:
            ``(25) Selection of the president of the federal reserve 
        bank of new york.--Notwithstanding any other provision of this 
        section, the president of the Federal Reserve Bank of New York 
        shall be appointed by the President, by and with the advice and 
        consent of the Senate, for terms of 5 years.
            ``(26) Testimony.--The president of the Federal Reserve 
        Bank of New York, on an annual basis, shall provide testimony 
        to the Committee on Banking, Housing, and Urban Affairs of the 
        Senate and the Committee on Financial Services of the House of 
        Representatives.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
take effect on the date of enactment of this Act and apply to 
appointments for the president of the Federal Reserve Bank of New York 
made on and after that effective date.
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