Bill: Vote Federal Reserve Appointment Amendment Act

[Aladeen]

CONGRESS OF THE
COMMONWEALTH OF REDMONT
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A BILL TO

Amend the Federal Reserve Act to change the nomination authority for Federal Reserve Board Members to the President

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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 Appointment Amendment Act”.

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

(3) This Act has been authored by Aladeen22.

(4) This Act has been Co-sponsored by xEndeavour

2 - Reasons

(1) To strengthen the independence of the FRB by reducing political influence from the House of Representatives in the nomination of FRB Board Members.

(2) To align the appointment of FRB Board Members with other appointments that are nominated by the President and confirmed by the Senate.

(3) To allow the President to make timely nominations when vacaciones appear on the Federal Reserve Board.

PART II — AMENDMENTS

3 - Amendments

(1) Section 5(1)(i) of the Federal Reserve Act shall be amended as follows:

"The Sitting Board Members shall be nominated by the House of Representatives with a majority, and confirmed by the Senate with a supermajority."

"The Sitting Board Members shall be nominated by the President and confirmed by the Senate with a supermajority."

(2) Section 5(1)(i)(i) of the Federal Reserve Act shall be amended as follows:

"Upon the proposal of a motion to nominate, a joint hearing shall be created for Representatives and Senators. The voting period of the House motion shall end 48 hours after conclusion of the hearing and the motion shall go to the Senate."

"Upon the proposal of a nomination, a hearing shall be created for the Senate. The voting period of the Senate motion shall end 48 hours after the conclusion of the hearing."

 

[ToadKing]

(1) To strengthen the independence of the FRB by reducing political influence from the House of Representatives in the nomination of FRB Board Members.

- This stated reason for this Act does not reduce political influence, but rather shifts that influence to the President and the Senate.

The FRB is currently at full complement. I personally filed the motions to re-nominate xSyncX to the Board and to nominate Soundi83. This current nomination system works. There is no reason to change it.

To note:
Under Section 9(4)(c) of the Federal Reserve Act:

(c) Amendments to governance of the FRB or the appointment, suspension and removal of Board Members shall need a supermajority.

This bill requires a supermajority in both chambers to pass.