Bill: Draft Federal Reserve Act Amendment Act

[Incarnation__]

CONGRESS OF THE
COMMONWEALTH OF REDMONT
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A BILL TO

Amend the Federal Reserve Act




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The people of the Commonwealth of Redmont, through their elected Representatives in the Congress and the force of law ordained to that Congress by the people through the constitution, do hereby enact the following provisions into law:


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PART I — PRELIMINARIES

1. Short Title and Enactment

(1) This Act may be cited as the ‘Federal Reserve Act Amendment Act.’

(2) This Act shall be enacted immediately upon its signage.

(3) This Act has been authored by jJoshuaTheGreat.

(4) This Act has been sponsored by Rep Incarnation__.

(5) This Act has been co-sponsored by Rep pricelessAgrari.

(6) This Act amends the following acts:

(a) Federal Reserve Act

2. Reasons and Intent

(1) To provide statutory authority for the FRB to effectively enforce its reserve and reporting requirements.

PART II — AMENDMENTS

3. Amendments

(1) Section 6 of the Federal Reserve Act shall be amended with the following new subsections:

(13)
(c) The Federal Reserve Bank has the authority to require commercial banks and credit unions to submit periodic reports, at such times, in such form, and containing such information as the Board may prescribe, as are necessary to assess compliance with subsections (a) and (b).

(d) The Federal Reserve Bank has the authority to enforce subsection (13) by way of imposing fees, charges, monetary fines, or interest charges, or by suspending, limiting, or revoking a commercial bank or credit union’s access to Federal Reserve Bank services, facilities, or accounts.