batable. A motion to reconsider the 
vote by which the motion is disposed 
of shall not be in order. 
‘‘(IV) 
CONSIDERATION.—The 
joint resolution shall be considered as 
read. All points of order against the 
joint resolution and against its consid-
eration are waived. The previous ques-
tion shall be considered as ordered on 
the joint resolution to its passage 
without intervening motion except 2 
hours of debate equally divided and 
controlled by the proponent and an 
opponent. A motion to reconsider the 
vote on passage of the joint resolution 
shall not be in order. 
‘‘(iv) FAST TRACK CONSIDERATION IN 
SENATE.— 
‘‘(I) RECONVENING.—Upon re-
ceipt of a report under subparagraph 
(C), if the Senate has adjourned or 
recessed for more than 2 days, the 
majority leader of the Senate, after 
consultation with the minority leader 
of the Senate, shall notify the Mem-
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bers of the Senate that, pursuant to 
this subparagraph, the Senate shall 
convene not later than the second cal-
endar day after receipt of such report. 
‘‘(II) 
PLACEMENT
ON
CAL-
ENDAR.—Upon introduction in the 
Senate, the joint resolution shall be 
placed immediately on the calendar. 
‘‘(III) FLOOR CONSIDERATION.— 
‘‘(aa) IN
GENERAL.—Not-
withstanding Rule XXII of the 
Standing Rules of the Senate, it 
is in order at any time during the 
period beginning on the fourth 
day after the date on which Con-
gress receives a report described 
in subparagraph (C) and ending 
on the sixth day after the date on 
which Congress receives the re-
port (even though a previous mo-
tion to the same effect has been 
disagreed to) to move to proceed 
to the consideration of the joint 
resolution, and all points of order 
against the joint resolution (and 
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against consideration of the joint 
resolution) are waived. The mo-
tion to proceed is not debatable. 
The motion is not subject to a 
motion to postpone. A motion to 
reconsider the vote by which the 
motion is agreed to or disagreed 
to shall not be in order. If a mo-
tion to proceed to the consider-
ation of the resolution is agreed 
to, the joint resolution shall re-
main the unfinished business 
until disposed of. 
‘‘(bb) DEBATE.—Debate on 
the joint resolution, and on all 
debatable motions and appeals in 
connection therewith, shall be 
limited to not more than 10 
hours, which shall be divided 
equally between the majority and 
minority leaders or their des-
ignees. A motion further to limit 
debate is in order and not debat-
able. An amendment to, or a mo-
tion to postpone, or a motion to 
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proceed to the consideration of 
other business, or a motion to re-
commit the joint resolution is not 
in order. 
‘‘(cc) VOTE ON PASSAGE.— 
The vote on passage shall occur 
immediately following the conclu-
sion of the debate on a joint reso-
lution, and a single quorum call 
at the conclusion of the debate if 
requested in accordance with the 
rules of the Senate. 
‘‘(dd) 
RULINGS
OF
THE 
CHAIR ON PROCEDURE.—Appeals 
from the decisions of the Chair 
relating to the application of the 
rules of the Senate, as the case 
may be, to the procedure relating 
to a joint resolution shall be de-
cided without debate. 
‘‘(v) COORDINATION WITH ACTION BY 
OTHER HOUSE.— 
‘‘(I) IN GENERAL.—If, before the 
passage by one House of a joint reso-
lution of that House, that House re-
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ceives from the other House a joint 
resolution, then the following proce-
dures shall apply: 
‘‘(aa) The joint resolution of 
the other House shall not be re-
ferred to a committee. 
‘‘(bb) With respect to a joint 
resolution of the House receiving 
the resolution— 
‘‘(AA) the procedure in 
that House shall be the 
same as if no joint resolu-
tion had been received from 
the other House; but 
‘‘(BB) the vote on pas-
sage shall be on the joint 
resolution 
of 
the 
other 
House. 
‘‘(II) TREATMENT OF JOINT RES-
OLUTION OF OTHER HOUSE.—If one 
House fails to introduce or consider a 
joint resolution under this section, the 
joint resolution of the other House 
shall be entitled to expedited floor 
procedures under this section. 
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‘‘(III) 
CONSIDERATION
AFTER 
PASSAGE.—If, following passage of 
the joint resolution in the Senate, the 
Senate then receives the companion 
measure from the House of Rep-
resentatives, the companion measure 
shall not be debatable. 
‘‘(IV) VETOES.—If the President 
vetoes the joint resolution, the period 
beginning on the date the President 
vetoes the joint resolution and ending 
on the date the Congress receives the 
veto message with respect to the joint 
resolution shall be disregarded in com-
puting the 30-calendar day period de-
scribed in clause (i) and debate on a 
veto message in the Senate under this 
section shall be 1 hour equally divided 
between the majority and minority 
leaders or their designees. 
‘‘(V) RULES OF HOUSE OF REP-
RESENTATIVES
AND
SENATE.—This 
subparagraph is enacted by Con-
gress— 
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nancial assistance under this paragraph, 
establish by rule a minimum interest rate 
on the principal amount of any loan or 
other financial assistance. 
‘‘(ii) MINIMUM
INTEREST
RATE
DE-
FINED.—In this subparagraph, the term 
‘minimum interest rate’ shall mean the 
sum of— 
‘‘(I) the average of the secondary 
discount rate of all Federal reserve 
banks over the most recent 90-day pe-
riod; and 
‘‘(II) the average of the dif-
ference between a distressed corporate 
bond yield index (as defined by rule of 
the Board) and a bond yield index of 
debt issued by the United States (as 
defined by rule of the Board) over the 
most recent 90-day period. 
‘‘(I) FINANCIAL INSTITUTION PARTICIPANT 
DEFINED.—For purposes of this paragraph, the 
term ‘financial institution participant’— 
‘‘(i) means a company that is pre-
dominantly engaged in financial activities 
(as defined in section 102(a) of the Finan-
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cial Stability Act of 2010 (12 U.S.C. 
5311(a))); and 
‘‘(ii) does not include an agency de-
scribed in subparagraph (W) of section 
5312(a)(2) of title 31, United States Code, 
or an entity controlled or sponsored by 
such an agency.’’. 
SEC. 5. INTEREST RATES ON BALANCES MAINTAINED AT A 
FEDERAL RESERVE BANK BY DEPOSITORY 
INSTITUTIONS ESTABLISHED BY FEDERAL 
OPEN MARKET COMMITTEE. 
Subparagraph (A) of section 19(b)(12) of the Federal 
Reserve Act (12 U.S.C. 461(b)(12)(A)) is amended by in-
serting ‘‘established by the Federal Open Market Com-
mittee’’ after ‘‘rate or rates’’. 
SEC. 6. MEMBERSHIP OF FEDERAL OPEN MARKET COM-
MITTEE. 
Section 12A(a) of the Federal Reserve Act (12 
U.S.C. 263(a)) is amended— 
(1) in the first sentence, by striking ‘‘five rep-
resentatives of the Federal Reserve banks to be se-
lected as hereinafter provided’’ and inserting ‘‘one 
representative from each of the Federal Reserve 
banks’’; 
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(2) in the second sentence, by striking ‘‘and, 
beginning’’ and all that follows through ‘‘San Fran-
cisco’’; and 
(3) by striking the third and fourth sentences. 
SEC. 7. BRINGING THE NON-MONETARY POLICY RELATED 
FUNCTIONS OF THE BOARD OF GOVERNORS 
OF THE FEDERAL RESERVE SYSTEM INTO 
THE APPROPRIATIONS PROCESS. 
(a) IN GENERAL.—The Federal Reserve Act is 
amended by inserting after section 11B the following: 
‘‘SEC. 11C. APPROPRIATIONS REQUIREMENT FOR NON- 
MONETARY POLICY RELATED ADMINISTRA-
TIVE COSTS. 
‘‘(a) APPROPRIATIONS REQUIREMENT.— 
‘‘(1) RECOVERY OF COSTS OF ANNUAL APPRO-
PRIATION.—The Board of Governors of the Federal 
Reserve System and the Federal reserve banks shall 
collect assessments and other fees, as provided under 
this Act, that are designed to recover the costs to 
the Government of the annual appropriation to the 
Board of Governors of the Federal Reserve System 
by Congress. The Board of Governors of the Federal 
Reserve System and the Federal reserve banks may 
only incur obligations or allow and pay expenses 
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with respect to non-monetary policy related adminis-
trative costs pursuant to an appropriations Act. 
‘‘(2) OFFSETTING COLLECTIONS.—Assessments 
and other fees described under paragraph (1) for 
any fiscal year— 
‘‘(A) shall be deposited and credited as off-
setting collections to the account providing ap-
propriations to the Board of Governors of the 
Federal Reserve System; and 
‘‘(B) shall not be collected for any fiscal 
year except to the extent provided in advance in 
appropriation Acts. 
‘‘(3) LIMITATION.—This subsection shall only 
apply to the non-monetary policy related administra-
tive costs of the Board of Governors of the Federal 
Reserve System. 
‘‘(b) DEFINITIONS.—For purposes of this section: 
‘‘(1) MONETARY POLICY.—The term ‘monetary 
policy’ means a strategy for producing a generally 
acceptable exchange medium that supports the pro-
ductive employment of economic resources by reli-
ably serving as both a unit of account and store of 
value. 
‘‘(2) NON-MONETARY POLICY RELATED ADMIN-
ISTRATIVE COSTS.—The term ‘non-monetary policy 
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related administrative costs’ means administrative 
costs not related to the conduct of monetary policy, 
and includes— 
‘‘(A) direct operating expenses for super-
vising and regulating entities supervised and 
regulated by the Board of Governors of the 
Federal Reserve System, including conducting 
examinations, conducting stress tests, commu-
nicating with the entities regarding supervisory 
matters and laws, and regulations; 
‘‘(B) operating expenses for activities inte-
gral to carrying out supervisory and regulatory 
responsibilities, such as training staff in the su-
pervisory function, research and analysis func-
tions including library subscription services, and 
collecting and processing regulatory reports 
filed by supervised institutions; and 
‘‘(C) support, overhead, and pension ex-
penses related to the items described under sub-
paragraphs (A) and (B).’’. 
(b) EFFECTIVE DATE.—The amendments made by 
this section shall apply with respect to expenses paid and 
fees collected on or after October 1, 2018. 
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SEC. 8. AMENDMENT TO APPOINTMENT OF PRESIDENTS OF 
FEDERAL RESERVE BANKS. 
The fifth subparagraph of the fourth undesignated 
paragraph of section 4 of the Federal Reserve Act (12 
U.S.C. 341) is amended by striking ‘‘Class B and Class 
C directors’’ and inserting ‘‘board of directors’’. 
SEC. 9. FEDERAL OPEN MARKET COMMITTEE BLACKOUT 
PERIOD. 
Section 12A of the Federal Reserve Act (12 U.S.C. 
263), as amended by section 2, is further amended by add-
ing at the end the following new subsection: 
‘‘(f) BLACKOUT PERIOD.— 
‘‘(1) IN GENERAL.—During a blackout period, 
the only public communications that may be made 
by members and staff of the Committee with respect 
to macroeconomic or financial developments or about 
current or prospective monetary policy issues are the 
following: 
‘‘(A) The dissemination of published data, 
surveys, and reports that have been cleared for 
publication by the Board of Governors of the 
Federal Reserve System. 
‘‘(B) Answers to technical questions spe-
cific to a data release. 
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‘‘(C) Communications with respect to the 
prudential or supervisory functions of the 
Board of Governors. 
‘‘(2) BLACKOUT PERIOD DEFINED.—For pur-
poses of this subsection, and with respect to a meet-
ing of the Committee described under subsection (a), 
the term ‘blackout period’ means the time period 
that— 
‘‘(A) begins immediately after midnight on 
the day that is one week prior to the date on 
which such meeting takes place; and 
‘‘(B) ends at midnight on the day after the 
date on which such meeting takes place. 
‘‘(3) EXEMPTION
FOR
CHAIRMAN
OF
THE 
BOARD
OF
GOVERNORS.—Nothing in this section 
shall prohibit the Chairman of the Board of Gov-
ernors of the Federal Reserve System from partici-
pating in or issuing public communications.’’. 
SEC. 10. 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 amended— 
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(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) PROHIBITED AND RESTRICTED FINANCIAL IN-
TERESTS AND TRANSACTIONS.—The members and em-
ployees 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. 
‘‘(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 who receive an annual 
salary in excess of the annual rate of basic pay for GS– 
15 of the General Schedule, and— 
‘‘(1) the yearly salary information for such indi-
viduals, along with any nonsalary compensation re-
ceived by such individuals; and 
‘‘(2) any financial disclosures required to be 
made by such individuals.’’. 
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(b) OFFICE STAFF
FOR EACH MEMBER
OF
THE 
BOARD OF GOVERNORS.—Subsection (l) of section 11 of 
the Federal Reserve Act (12 U.S.C. 248) is amended by 
adding at the end the following: ‘‘Each member of the 
Board of Governors of the Federal Reserve System may 
employ, at a minimum, 2 individuals, with such individuals 
selected by such member and the salaries of such individ-
uals set by such member. A member may employ addi-
tional individuals as determined necessary by the Board 
of Governors.’’. 
SEC. 11. VICE CHAIRMAN FOR SUPERVISION REPORT RE-
QUIREMENT. 
Paragraph (12) of section 10 of the Federal Reserve 
Act (12 U.S.C. 247(b)) is amended— 
(1) by redesignating such paragraph as para-
graph (11); and 
(2) in such paragraph, by adding at the end the 
following: ‘‘In each such appearance, the Vice Chair-
man for Supervision shall provide written testimony 
that includes the status of all pending and antici-
pated rulemakings that are being made by the 
Board of Governors of the Federal Reserve System. 
If, at the time of any appearance described in this 
paragraph, the position of Vice Chairman for Super-
vision is vacant, the Vice Chairman for the Board of 
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Governors of the Federal Reserve System (who has 
the responsibility to serve in the absence of the 
Chairman) shall appear instead and provide the re-
quired written testimony. If, at the time of any ap-
pearance described in this paragraph, 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 writ-
ten testimony.’’. 
SEC. 12. REMOVAL OF DUAL MANDATE. 
Section 2A of the Federal Reserve Act (12 U.S.C. 
225a) is amended by striking ‘‘maximum employment, sta-
ble prices,’’ and inserting ‘‘stable prices’’. 
Æ 
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