Bill: Pending Board of Governors Reform Act

[missandrist]

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 'Board of Governors Reform Act.'
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by Rep. MissAndrist.
(4) This Act has been co-sponsored by Sen. Goldendude15.

2 - Reasons
(1) The Federal Reserve has faced stagnation and inactivity from its Board of Governors.
(2) The Board of Governors ought to serve for a specified period and not simply for an indefinite period of time.

3 - Amendment
(1) Section 4, subsection 1a of the Federal Reserve Act shall be amended as follows:
(a) The Federal Reserve shall be structured around a Board of Governors, a central body composed of five members, each of whom shall be appointed by the President for a five month term and subject to confirmation by the Senate, by the end of which, they must be re-appointed to continue serving on the Board. Terms will be staggered so that on the first of every month, the seat put up for reappointment least recently is subject to reappointment.

4 - Onboarding
(1) In order to onboard the current Board members, on the first of every month until full implementation of this policy, the seat of the longest-serving Board member that has not been reappointed under this policy shall be subject to reappointment.