[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4759 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 4759

 To amend the Federal Reserve Act to revise the membership of Federal 
             Open Market Committee, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                            January 10, 2018

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

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                                 A BILL


 
 To amend the Federal Reserve Act to revise the membership of Federal 
             Open Market Committee, and for other purposes.

    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 ``FOMC Representation Improvement 
Act''.

SEC. 2. MEMBERSHIP OF FEDERAL OPEN MARKET COMMITTEE.

    Section 12A(a) of the Federal Reserve Act (12 U.S.C. 263(a)) is 
amended--
            (1) in the first sentence, by striking ``five 
        representatives of the Federal Reserve banks to be selected as 
        hereinafter provided'' and inserting ``one representative from 
        each of the Federal Reserve banks'';
            (2) in the second sentence, by striking ``and, beginning'' 
        and all that follows through ``San Francisco''; and
            (3) by striking the third and fourth sentences.
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