Rescinded FRB Member Increase Act

[ToadKing]

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 'FRB Member Increase Act'

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

(3) This Act has been authored by Rep. ToadKing.

(4) This Act has been co-sponsored by Senator EATB.

2. Reasons and Intent

(1) To expand the Federal Reserve Board so it can better reflect a wider range of expertise and viewpoints.

(2) To remove unnecessary limits on board size in order to support more profound and informed policy debate.

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PART II — AMENDMENTS​

3. Amendments

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

"(c) It shall have 4 6 seats for Sitting Board Members and additionally 1 ex officio seat for the Secretary of the Department of Commerce."

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

"(iii) Sitting Board Members shall be divided into 2 3 members in class A and 2 3 members in class B."