I 
119TH CONGRESS 
1ST SESSION H. R. 5499 
To amend the Federal Reserve Act to prohibit dual appointments of certain 
employees of the Federal Reserve System, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
SEPTEMBER 18, 2025 
Mr. VARGAS introduced the following bill; which was referred to the 
Committee on Financial Services 
A BILL 
To amend the Federal Reserve Act to prohibit dual appoint-
ments of certain employees of the Federal Reserve Sys-
tem, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Fed Integrity and 
Independence Act of 2025’’. 
SEC. 2. FINDINGS; SENSE OF CONGRESS. 
(a) FINDINGS.—Congress finds the following: 
(1) The independence of the Federal Reserve 
System from political interference from the Presi-
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dent is fundamental to the effective operation of the 
central bank. 
(2) Congress structured the Federal Reserve 
System to ensure that its monetary policy decisions 
focus on achieving long-run goals and do not become 
subject to political pressures from the President that 
could lead to undesirable outcomes. 
(3) To protect this independence, Congress 
made it so members of the Board of Governors of 
the Federal Reserve System are appointed for stag-
gered 14-year terms, and the Chairman of the Board 
of Governors is appointed for a four-year term. 
(b) SENSE OF CONGRESS.—It is the sense of Con-
gress that it is not appropriate for any employee appointed 
by the President—whether they are on leave or not—to 
serve as a member of the Board of Governors of the Fed-
eral Reserve System. 
SEC. 3. PROHIBITION OF DUAL APPOINTMENT. 
(a) BOARD OF GOVERNORS.—The fourth sentence of 
the first undesignated paragraph of section 10 of the Fed-
eral Reserve Act (12 U.S.C. 241) is amended by striking 
‘‘business of the Board and shall each receive’’ and insert-
ing ‘‘business of the Board, may not simultaneously hold 
any other office, position, or employment for which the 
member is appointed by the President, including under a 
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leave of absence from such other office, position, or em-
ployment, and shall each receive’’. 
(b) FEDERAL RESERVE BANK PRESIDENTS; FIRST 
VICE PRESIDENT OF THE FEDERAL RESERVE BANK OF 
NEW YORK.—The fifth subparagraph of the fourth undes-
ignated paragraph of section 4 of the Federal Reserve Act 
(12 U.S.C. 341) is amended— 
(1) by inserting after the second sentence (re-
lating to presidents of Federal reserve banks) the 
following: ‘‘A president of the bank may not simulta-
neously hold any other office, position, or employ-
ment for which the president is appointed by the 
President, including under a leave of absence from 
such other office, position, or employment.’’; and 
(2) by inserting after the third sentence (relat-
ing to first vice presidents of Federal reserve banks) 
the following: ‘‘The first vice president of the Fed-
eral Reserve Bank of New York may not simulta-
neously hold any other office, position, or employ-
ment for which the first vice president is appointed 
by the President, including under a leave of absence 
from such other office, position, or employment.’’. 
(c) RULE OF APPLICATION.—An individual serving 
as a governor of the Board of Governors of the Federal 
Reserve System, the president of a Federal reserve bank, 
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or the first vice president of the Federal Reserve Bank 
of New York on the date of enactment of this Act and 
who is ineligible to serve in such position due to the 
amendments made by this section are hereby terminated 
from such position on the date of enactment of this Act. 
Æ 
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