Bill: Draft FRB Board Terms Quick Fix Act

[zLost]

A
BILL
To

Amend the Federal Reserve Act​

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:

1 - Short Title and Enactment
(1) This Act may be cited as the 'FRB Board Terms Quick Fix Act'
(2) This Act shall be enacted at 1400 UTC, two calendar days after signage.
(3) This Act has been authored by Omegabiebel.
(4) This Act has been proposed by Representative zLost.
(4) This Act has been co-sponsored by Senator Omegabiebel.

2 - Reasons
(1) The wording of the term lengths of FRB Board Members requires a simple fix.

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

“(j) Term:

(i) A Sitting Board Member may not serve a term longer than 4 months before needing reconfirmation, but may serve multiple terms.

(ii) This term shall begin on the first day of the month according to the Board Members' class and end 4 calendar months later right before the first day of that month.

(1) Class A: February, June, October

(2) Class B: April, August, December

(iii) Sitting Board Members shall be divided into 2 members in class A and 2 members in class B.

(iv) This term shall end 4 calendar months after the earliest point it was able to begin.

(iv) The Sitting Board Member whose term has ended shall be automatically removed unless reconfirmed before the term ended.

(v) An individual may be confirmed up to 7 days before the term begins. In this case, they shall only become a Sitting Board Member at the start of the term.”

4 - Transition
(1) Only for the transition of this Act:
(a) Board Members in their seat on the 4th of December shall remain in their seat regardless of term lengths for a maximum of 1 month.
(b) They must be replaced or reconfirmed by motion specifically naming the person reconfirmed or replaced.
(i) Failure to be reconfirmed will result in the automatic removal of the Board Member.
(ii) The Board Member who is being replaced or reconfirmed will be nominated pursuant to Section 5(1)(i) of the Federal Reserve Act.
(c) No removal procedure or heightened vote requirement shall be necessary to replace a Board Member while transitioning with this Act.