ing a vacancy in the office of president, serve as
chief executive officer of the bank.
‘‘(6) VACANCY.—Whenever a vacancy shall
occur in the office of the president or the first vice
president, it shall be filled in the manner provided
for the original appointment and the person so ap-
pointed shall hold office until the expiration of the
term to which such person’s predecessor was ap-
pointed.’’.
(b) TRANSITION.—
(1) PRESIDENT.—The first appointment of the
president for each Federal reserve bank which is
made in accordance with the amendment made by
subsection (a) shall take place upon the earlier of—
(A) the expiration of the term of the presi-
dent of the bank who is serving in such office
on the date of the enactment of this Act; or
(B) the occurrence of the first vacancy in
the office of president of the bank after the
date of the enactment of this Act.
(2) 1ST
VICE
PRESIDENT.—Notwithstanding
any provision of the Federal Reserve Act, the term
of the first vice president of any Federal reserve
bank who was appointed to such position before the
date of the enactment of this Act shall end as of the
date on which the president of the bank is first ap-
pointed in accordance with the amendment made by
subsection (a) and a first vice president shall be ap-
pointed in the manner provided by such amendment.
(c) TECHNICAL AND CONFORMING AMENDMENT.—
The subdivision designated ‘‘Fifth.’’ of the 4th undesig-
nated paragraph of section 4 of the Federal Reserve Act
(12 U.S.C. 341) is amended—
(1) in the 1st sentence, by striking ‘‘a presi-
dent, vice presidents, and’’; and
(2) by striking the 2d, 3d, and 4th sentences
and inserting the following new sentence: ‘‘All execu-
tive officers and all employees of the bank shall be
directly responsible to the president of the bank.’’.
SEC. 3. GAO AUDITS OF FEDERAL RESERVE BOARD AND
FEDERAL RESERVE BANKS REQUIRED; ITEM-
IZED BUDGETS.
(a) REMOVAL OF LIMITATION ON GAO AUDITS.—
Section 714(b) of title 31, United States Code, is amended
by striking the 2d sentence and inserting the following
new sentence: ‘‘In the case of any audit of the Board of
Governors of the Federal Reserve System or any Federal
reserve bank pursuant to the preceding sentence, the audit
may not include transactions for or with a foreign central
bank, government of a foreign country, or nonprivate
international financing organization or any part of any
discussion or communication among or between members
of the Board of Governors of the Federal Reserve System
or officers or employees of such Board which is related
to any such transaction.’’.
(b) ITEMIZED BUDGETS.—The Federal Reserve Act
(12 U.S.C. 221 et seq.) is amended by inserting after sec-
tion 11A the following new section:
‘‘SEC. 11B. ITEMIZED BUDGETS.
‘‘(a) IN GENERAL.—During the first 15 days of each
regular session of Congress, the estimated receipts and
proposed expenditures of the Board of Governors of the
Federal Reserve System and all Federal Reserve Banks
for the following fiscal year and the 2 succeeding fiscal
years shall be transmitted to the Congress.
‘‘(b) FORM OF BUDGET.—The budget submitted pur-
suant to subsection (a) shall be transmitted in the same
form and shall meet the same requirements, other than
the requirement relating to the budget message, as the
budget of the United States Government transmitted in
accordance with section 1105 of title 31, United States
Code.’’.
SEC. 4. PROMPT PUBLIC DISCLOSURE OF OPEN MARKET
COMMITTEE MEETINGS.
Section 12A of the Federal Reserve Act (12 U.S.C.
263) is amended by adding at the end the following new
subsection:
‘‘(d) PROMPT
PUBLIC
DISCLOSURES
OF
MEET-
INGS.—
‘‘(1) TRANSCRIPTION
OF
EACH
MEETING.—
Subject to paragraph (3), a written verbatim tran-
script of the discussion at each meeting of the Fed-
eral Open Market Committee shall be maintained by
the Board and made available to the public before
the end of the 1-year period beginning on the date
of the meeting and shall be treated as a Government
publication for purposes of making such material
available to depository libraries through the facilities
of the Superintendent of Documents in accordance
with chapter 19 of title 41, United States Code.
‘‘(2) PROMPT
DISCLOSURE
OF
POLICY
AC-
TIONS.—An explicit, written description of any de-
termination, decision, directive, or other conclusion
made by the Federal Open Market Committee at
any meeting of the committee, including any direc-
tive or instruction sent to any Federal reserve bank
or Federal reserve agent in connection with any
open market operation, shall be made available to
the public by the end of the 1-hour period beginning
at the time the Board or any such bank or agent be-
gins to implement any such determination, decision,
directive, conclusion, directive, or instruction.
‘‘(3) LIMITED REDACTION AUTHORITY.—
‘‘(A) IN
GENERAL.—No verbatim tran-
script made available to the public pursuant to
paragraph (1) may be redacted in any way
other than to redact a specific reference to a
foreign central bank.
‘‘(B) COMPLIANCE AUDIT.—The Comptrol-
ler General of the United States shall periodi-
cally audit compliance by the Board with the
requirements of subparagraph (A).
‘‘(4) RELEASE
OF
PRIOR
TRANSCRIPTS.—All
transcripts maintained by the Board of any meeting
of the Federal Open Market Committee which was
held more than 1 year before the date of the enact-
ment of the Federal Reserve Audit and Accountabil-
ity Act shall be made available to the public in the
manner provided under paragraph (1) no later than
July 1, 1995.
‘‘(5) MEETING
INCLUDES
EXECUTIVE
SES-
SION.—For purposes of this subsection, the term
‘meeting’ includes any executive session of the Fed-
eral Open Market Committee or any informal meet-
ing, teleconference call, or other occasion at which a
quorum of the members of the committee are par-
ticipating.’’.
SEC. 5. STUDY OF PRIVATIZATION OF THE FEDERAL RE-
SERVE PAYMENT SYSTEM.
(a) IN GENERAL.—The Comptroller General of the
United States shall conduct a study, in consultation with
all interested parties, on—
(1) whether or not the Board of Governors of
the Federal Reserve System has set prices for pay-
ment system services provided by such Board in a
manner which fully and accurately reflects all direct
and indirect costs incurred by the Board in provid-
ing such services; and
(2) the ability of the private sector to fully pro-
vide payment system services, including the services
being provided as of the date of the enactment of
this Act by the Board, and the costs and benefits of
privatizing the services which are being provided by
the Board as of such date.
(b) REPORT.—The Comptroller General shall prepare
and submit a report to the Congress before the end of
the 12-month period beginning on the date of the enact-
ment of this Act on the findings and conclusions of the
Comptroller General in connection with the study con-
ducted pursuant to subsection (a).
Æ