SEC. 6. VICE CHAIRMAN FOR SUPERVISION REPORT RE-
QUIREMENT. 
Section 10 of the Federal Reserve Act is amended— 
(1) by redesignating paragraph (12) as para-
graph (11); and 
(2) in paragraph (11), as so redesignated, by 
adding at the end the following: ‘‘In each such ap-
pearance, the Vice Chairman for Supervision shall 
provide written testimony that includes the status of 
all pending and anticipated rulemakings that are 
being made by the Board of Governors of the Fed-
eral Reserve System. If, at the time of any appear-
ance described in this paragraph, the position of 
Vice Chairman for Supervision is vacant, the Vice 
Chairman for the Board of Governors of the Federal 
Reserve System (who has the responsibility to serve 
in the absence of the Chairman) shall appear instead 
and provide the required written testimony. If, at 
the time of any appearance described in this para-
graph, both Vice Chairman positions are vacant, the 
Chairman of the Board of Governors of the Federal 
Reserve System shall appear instead and provide the 
required written testimony.’’. 
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SEC. 7. ECONOMIC ANALYSIS OF REGULATIONS OF THE 
BOARD OF GOVERNORS OF THE FEDERAL RE-
SERVE SYSTEM. 
Section 11 of the Federal Reserve Act (12 U.S.C. 
248) is amended by inserting after subsection (l) the fol-
lowing new subsection: 
‘‘(m) CONSIDERATION OF ECONOMIC IMPACTS.— 
‘‘(1) IN GENERAL.—Before issuing any regula-
tion, the Board of Governors of the Federal Reserve 
System shall— 
‘‘(A) clearly identify the nature and source 
of the problem that the proposed regulation is 
designed to address, assess the significance of 
that problem, and assess whether any new regu-
lation is warranted; 
‘‘(B) assess the qualitative and quan-
titative costs and benefits of the proposed regu-
lation and propose or adopt a regulation only 
on a reasoned determination that the benefits 
of the proposed regulation outweigh the costs of 
the regulation; 
‘‘(C) identify and assess available alter-
natives to the proposed regulation that were 
considered, including any alternative offered by 
a member of the Board of Governors of the 
Federal Reserve System or the Federal Open 
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Market Committee and including any modifica-
tion of an existing regulation, together with an 
explanation of why the regulation meets the 
regulatory objectives more effectively than the 
alternatives; and 
‘‘(D) ensure that any proposed regulation 
is accessible, consistent, written in plain lan-
guage, and easy to understand and shall meas-
ure, and seek to improve, the actual results of 
regulatory requirements. 
‘‘(2) CONSIDERATIONS AND ACTIONS.— 
‘‘(A) REQUIRED
ACTIONS.—In deciding 
whether and how to regulate, the Board shall 
assess the costs and benefits of available regu-
latory alternatives, including the alternative of 
not regulating, and choose the approach that 
maximizes net benefits. Specifically, the Board 
shall— 
‘‘(i) evaluate whether, consistent with 
achieving regulatory objectives, the regula-
tion is tailored to impose the least impact 
on the availability of credit and economic 
growth and to impose the least burden on 
society, including market participants, in-
dividuals, businesses of different sizes, and 
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other entities (including State and local 
governmental entities), taking into ac-
count, to the extent practicable, the cumu-
lative costs of regulations; and 
‘‘(ii) evaluate whether the regulation 
is inconsistent, incompatible, or duplicative 
of other Federal regulations. 
‘‘(B) ADDITIONAL
CONSIDERATIONS.—In 
addition, in making a reasoned determination of 
the costs and benefits of a proposed regulation, 
the Board shall, to the extent that each is rel-
evant to the particular proposed regulation, 
take into consideration the impact of the regu-
lation, including secondary costs such as an in-
crease in the cost or a reduction in the avail-
ability of credit or investment services or prod-
ucts, on— 
‘‘(i) the safety and soundness of the 
United States banking system; 
‘‘(ii) market liquidity in securities 
markets; 
‘‘(iii) small businesses; 
‘‘(iv) community banks; 
‘‘(v) economic growth; 
‘‘(vi) cost and access to capital; 
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‘‘(vii) market stability; 
‘‘(viii) global competitiveness; 
‘‘(ix) job creation; 
‘‘(x) the effectiveness of the monetary 
policy transmission mechanism; and 
‘‘(xi) employment levels. 
‘‘(3) EXPLANATION
AND
COMMENTS.—The 
Board shall explain in its final rule the nature of 
comments that it received and shall provide a re-
sponse to those comments in its final rule, including 
an explanation of any changes that were made in re-
sponse to those comments and the reasons that the 
Board did not incorporate concerns related to the 
potential costs or benefits in the final rule. 
‘‘(4) POSTADOPTION IMPACT ASSESSMENT.— 
‘‘(A) IN GENERAL.—Whenever the Board 
adopts or amends a regulation designated as a 
‘major rule’ within the meaning of section 
804(2) of title 5, United States Code, it shall 
state, in its adopting release, the following: 
‘‘(i) The purposes and intended con-
sequences of the regulation. 
‘‘(ii) The assessment plan that will be 
used, consistent with the requirements of 
subparagraph (B), to assess whether the 
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regulation has achieved the stated pur-
poses. 
‘‘(iii) Appropriate postimplementation 
quantitative and qualitative metrics to 
measure the economic impact of the regu-
lation and the extent to which the regula-
tion has accomplished the stated purpose 
of the regulation. 
‘‘(iv) Any reasonably foreseeable indi-
rect effects that may result from the regu-
lation. 
‘‘(B) REQUIREMENTS
OF
ASSESSMENT 
PLAN AND REPORT.— 
‘‘(i) REQUIREMENTS OF PLAN.—The 
assessment plan required under this para-
graph shall consider the costs, benefits, 
and intended and unintended consequences 
of the regulation. The plan shall specify 
the data to be collected, the methods for 
collection and analysis of the data, and a 
date for completion of the assessment. The 
assessment plan shall include an analysis 
of any jobs added or lost as a result of the 
regulation, differentiating between public 
and private sector jobs. 
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‘‘(ii) SUBMISSION
AND
PUBLICATION 
OF REPORT.—The Board shall, not later 
than 2 years after the publication of the 
adopting release, publish the assessment 
plan in the Federal Register for notice and 
comment. If the Board determines, at least 
90 days before the deadline for publication 
of the assessment plan, that an extension 
is necessary, the Board shall publish a no-
tice of such extension and the specific rea-
sons why the extension is necessary in the 
Federal Register. Any material modifica-
tion of the assessment plan, as necessary 
to assess unforeseen aspects or con-
sequences of the regulation, shall be 
promptly published in the Federal Register 
for notice and comment. 
‘‘(iii) DATA
COLLECTION
NOT
SUB-
JECT TO NOTICE AND COMMENT REQUIRE-
MENTS.—If the Board has published the 
assessment plan for notice and comment at 
least 30 days before the adoption of a reg-
ulation designated as a major rule, the col-
lection of data under the assessment plan 
shall not be subject to the notice and com-
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ment requirements in section 3506(c) of 
title 44, United States Code (commonly re-
ferred to as the Paperwork Reduction Act). 
Any material modification of the plan that 
requires collection of data not previously 
published for notice and comment shall 
also be exempt from such requirements if 
the Board has published notice in the Fed-
eral Register for comment on the addi-
tional data to be collected, at least 30 days 
before the initiation of data collection. 
‘‘(iv) FINAL ACTION.—Not later than 
180 days after publication of the assess-
ment plan in the Federal Register, the 
Board shall issue for notice and comment 
a proposal to amend or rescind the regula-
tion, or shall publish a notice that the 
Board has determined that no action will 
be taken on the regulation. Such a notice 
will be deemed a final agency action. 
‘‘(5) COVERED REGULATIONS AND OTHER AC-
TIONS.—Solely as used in this subsection, the term 
‘regulation’— 
‘‘(A) means a statement of general applica-
bility and future effect that is designed to im-
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plement, interpret, or prescribe law or policy, or 
to describe the procedure or practice require-
ments of the Board of Governors, including 
rules, orders of general applicability, interpre-
tive releases, and other statements of general 
applicability that the Board of Governors in-
tends to have the force and effect of law; and 
‘‘(B) does not include— 
‘‘(i) a regulation issued in accordance 
with the formal rulemaking provisions of 
section 556 or 557 of title 5, United States 
Code; 
‘‘(ii) a regulation that is limited to the 
organization, management, or personnel 
matters of the Board of Governors; 
‘‘(iii) a regulation promulgated pursu-
ant to statutory authority that expressly 
prohibits compliance with this provision; or 
‘‘(iv) a regulation that is certified by 
the Board of Governors to be an emer-
gency action, if such certification is pub-
lished in the Federal Register.’’. 
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SEC. 8. SALARIES, FINANCIAL DISCLOSURES, AND OFFICE 
STAFF OF THE BOARD OF GOVERNORS OF 
THE FEDERAL RESERVE SYSTEM. 
(a) IN GENERAL.—Section 11 of the Federal Reserve 
Act (12 U.S.C. 248) is further amended— 
(1) by redesignating the second subsection (s) 
(relating to assessments, fees, and other charges for 
certain companies) as subsection (t); and 
(2) by adding at the end the following new sub-
sections: 
‘‘(u) ETHICS STANDARDS FOR MEMBERS AND EM-
PLOYEES.— 
‘‘(1) PROHIBITED AND RESTRICTED FINANCIAL 
INTERESTS AND TRANSACTIONS.—The members and 
employees of the Board of Governors of the Federal 
Reserve System shall be subject to the provisions 
under section 4401.102 of title 5, Code of Federal 
Regulations, to the same extent as such provisions 
apply to an employee of the Securities and Exchange 
Commission. 
‘‘(2) TREATMENT
OF
BROKERAGE
ACCOUNTS 
AND AVAILABILITY OF ACCOUNT STATEMENTS.—The 
members and employees of the Board of Governors 
of the Federal Reserve System shall— 
‘‘(A) disclose all brokerage accounts that 
they maintain, as well as those in which they 
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control trading or have a financial interest (in-
cluding managed accounts, trust accounts, in-
vestment club accounts, and the accounts of 
spouses or minor children who live with the 
member or employee); and 
‘‘(B) with respect to any securities account 
that the member or employee is required to dis-
close to the Board of Governors, authorize their 
brokers and dealers to send duplicate account 
statements directly to Board of Governors. 
‘‘(3) PROHIBITIONS RELATED TO OUTSIDE EM-
PLOYMENT AND ACTIVITIES.—The members and em-
ployees of the Board of Governors of the Federal 
Reserve System shall be subject to the prohibitions 
related to outside employment and activities de-
scribed under section 4401.103(c) of title 5, Code of 
Federal Regulations, to the same extent as such pro-
hibitions apply to an employee of the Securities and 
Exchange Commission. 
‘‘(4) ADDITIONAL
ETHICS
STANDARDS.—The 
members and employees of the Board of Governors 
of the Federal Reserve System shall be subject to— 
‘‘(A) the employee responsibilities and con-
duct regulations of the Office of Personnel 
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Management under part 735 of title 5, Code of 
Federal Regulations; 
‘‘(B) the canons of ethics contained in sub-
part C of part 200 of title 17, Code of Federal 
Regulations, to the same extent as such subpart 
applies to the employees of the Securities and 
Exchange Commission; and 
‘‘(C) the regulations concerning the con-
duct of members and employees and former 
members and employees contained in subpart M 
of part 200 of title 17, Code of Federal Regula-
tions, to the same extent as such subpart ap-
plies to the employees of the Securities and Ex-
change Commission. 
‘‘(v) DISCLOSURE OF STAFF SALARIES AND FINAN-
CIAL INFORMATION.—The Board of Governors of the Fed-
eral Reserve System shall make publicly available, on the 
website of the Board of Governors, a searchable database 
that contains the names of all members, officers, and em-
ployees of the Board of Governors and each Federal re-
serve bank who receive an annual salary in excess of the 
annual rate of basic pay for GS–15 of the General Sched-
ule, and— 
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