II 
114TH CONGRESS 
1ST SESSION H. R. 3189 
IN THE SENATE OF THE UNITED STATES 
NOVEMBER 30, 2015 
Received 
AN ACT 
To amend the Federal Reserve Act to establish requirements 
for policy rules and blackout periods of the Federal Open 
Market Committee, to establish requirements for certain 
activities of the Board of Governors of the Federal Re-
serve System, and to amend title 31, United States Code, 
to reform the manner in which the Board of Governors 
of the Federal Reserve System is audited, and for other 
purposes. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Fed Oversight Reform and Modernization Act of 2015’’ 
or the ‘‘FORM Act of 2015’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
Sec. 2. Requirements for policy rules of the Federal Open Market Committee. 
Sec. 3. Federal Open Market Committee blackout period. 
Sec. 4. Membership of Federal Open Market Committee. 
Sec. 5. Requirements for stress tests and supervisory letters for the Board of 
Governors of the Federal Reserve System. 
Sec. 6. Frequency of testimony of the Chairman of the Board of Governors of 
the Federal Reserve System to Congress. 
Sec. 7. Vice Chairman for Supervision report requirement. 
Sec. 8. Economic analysis of regulations of the Board of Governors of the Fed-
eral Reserve System. 
Sec. 9. Salaries, financial disclosures, and office staff of the Board of Gov-
ernors of the Federal Reserve System. 
Sec. 10. Requirements for international processes. 
Sec. 11. Amendments to powers of the Board of Governors of the Federal Re-
serve System. 
Sec. 12. Interest rates on balances maintained at a Federal Reserve bank by 
depository institutions established by Federal Open Market 
Committee. 
Sec. 13. Audit reform and transparency for the Board of Governors of the Fed-
eral Reserve System. 
Sec. 14. Reporting requirement for Export-Import Bank. 
Sec. 15. Membership of Board of Directors of the Federal reserve banks. 
Sec. 16. Establishment of a Centennial Monetary Commission. 
Sec. 17. Elimination of surplus funds of Federal reserve banks. 
Sec. 18. Public transcripts of FOMC meetings. 
SEC. 2. REQUIREMENTS FOR POLICY RULES OF THE FED-
ERAL OPEN MARKET COMMITTEE. 
The Federal Reserve Act (12 U.S.C. 221 et seq.) is 
amended by inserting after section 2B the following new 
section: 
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‘‘SEC. 2C. DIRECTIVE POLICY RULES OF THE FEDERAL 
OPEN MARKET COMMITTEE. 
‘‘(a) DEFINITIONS.—In this section the following 
definitions shall apply: 
‘‘(1) APPROPRIATE
CONGRESSIONAL
COMMIT-
TEES.—The term ‘appropriate congressional com-
mittees’ means the Committee on Financial Services 
of the House of Representatives and the Committee 
on Banking, Housing, and Urban Affairs of the Sen-
ate. 
‘‘(2) DIRECTIVE POLICY RULE.—The term ‘Di-
rective Policy Rule’ means a policy rule developed by 
the Federal Open Market Committee that meets the 
requirements of subsection (c) and that provides the 
basis for the Open Market Operations Directive. 
‘‘(3) GDP.—The term ‘GDP’ means the gross 
domestic product of the United States as computed 
and published by the Department of Commerce. 
‘‘(4) INTERMEDIATE POLICY INPUT.—The term 
‘Intermediate Policy Input’— 
‘‘(A) may include any variable determined 
by the Federal Open Market Committee as a 
necessary input to guide open-market oper-
ations; 
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‘‘(B) shall include an estimate of, and the 
method of calculation for, the current rate of 
inflation or current inflation expectations; and 
‘‘(C) shall include, specifying whether the 
variable or estimate is historical, current, or a 
forecast and the method of calculation, at least 
one of— 
‘‘(i) an estimate of real GDP, nominal 
GDP, or potential GDP; 
‘‘(ii) an estimate of the monetary ag-
gregate compiled by the Board of Gov-
ernors of the Federal Reserve System and 
Federal reserve banks; or 
‘‘(iii) an interactive variable or a net 
estimate composed of the estimates de-
scribed in clauses (i) and (ii). 
‘‘(5) LEGISLATIVE DAY.—The term ‘legislative 
day’ means a day on which either House of Congress 
is in session. 
‘‘(6) OPEN MARKET OPERATIONS DIRECTIVE.— 
The term ‘Open Market Operations Directive’ means 
an order to achieve a specified Policy Instrument 
Target provided to the Federal Reserve Bank of 
New York by the Federal Open Market Committee 
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pursuant to powers authorized under section 14 of 
this Act that guide open-market operations. 
‘‘(7) POLICY INSTRUMENT.—The term ‘Policy 
Instrument’ means— 
‘‘(A) the nominal Federal funds rate; 
‘‘(B) the nominal rate of interest paid on 
nonborrowed reserves; or 
‘‘(C) the discount window primary credit 
interest rate most recently published on the 
Federal Reserve Statistical Release on selected 
interest rates (daily or weekly), commonly re-
ferred to as the H.15 release. 
‘‘(8) POLICY INSTRUMENT TARGET.—The term 
‘Policy Instrument Target’ means the target for the 
Policy Instrument specified in the Open Market Op-
erations Directive. 
‘‘(9) REFERENCE
POLICY
RULE.—The term 
‘Reference Policy Rule’ means a calculation of the 
nominal Federal funds rate as equal to the sum of 
the following: 
‘‘(A) The rate of inflation over the pre-
vious four quarters. 
‘‘(B) One-half of the percentage deviation 
of the real GDP from an estimate of potential 
GDP. 
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‘‘(C) One-half of the difference between the 
rate of inflation over the previous four quarters 
and two percent. 
‘‘(D) Two percent. 
‘‘(b) SUBMITTING A DIRECTIVE POLICY RULE.—Not 
later than 48 hours after the end of a meeting of the Fed-
eral Open Market Committee, the Chairman of the Fed-
eral Open Market Committee shall submit to the appro-
priate congressional committees and the Comptroller Gen-
eral of the United States a Directive Policy Rule and a 
statement that identifies the members of the Federal Open 
Market Committee who voted in favor of the Rule. 
‘‘(c) REQUIREMENTS
FOR
A DIRECTIVE POLICY 
RULE.—A Directive Policy Rule shall— 
‘‘(1) identify the Policy Instrument the Direc-
tive Policy Rule is designed to target; 
‘‘(2) describe the strategy or rule of the Federal 
Open Market Committee for the systematic quan-
titative adjustment of the Policy Instrument Target 
to respond to a change in the Intermediate Policy 
Inputs; 
‘‘(3) include a function that comprehensively 
models the interactive relationship between the In-
termediate Policy Inputs; 
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‘‘(4) include the coefficients of the Directive 
Policy Rule that generate the current Policy Instru-
ment Target and a range of predicted future values 
for the Policy Instrument Target if changes occur in 
any Intermediate Policy Input; 
‘‘(5) describe the procedure for adjusting the 
supply of bank reserves to achieve the Policy Instru-
ment Target; 
‘‘(6) include a statement as to whether the Di-
rective Policy Rule substantially conforms to the 
Reference Policy Rule and, if applicable— 
‘‘(A) an explanation of the extent to which 
it departs from the Reference Policy Rule; 
‘‘(B) a detailed justification for that depar-
ture; and 
‘‘(C) a description of the circumstances 
under which the Directive Policy Rule may be 
amended in the future; 
‘‘(7) include a certification that such Rule is ex-
pected to support the economy in achieving stable 
prices and maximum natural employment over the 
long term; 
‘‘(8) include a calculation that describes with 
mathematical precision the expected annual inflation 
rate over a 5-year period; and 
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‘‘(9) include a plan to use the most accurate 
data, subject to all historical revisions, for inputs 
into the Directive Policy Rule and the Reference 
Policy Rule. 
‘‘(d) GAO REPORT.—The Comptroller General of the 
United States shall compare the Directive Policy Rule sub-
mitted under subsection (b) with the rule that was most 
recently submitted to determine whether the Directive Pol-
icy Rule has materially changed. If the Directive Policy 
Rule has materially changed, the Comptroller General 
shall, not later than 7 days after each meeting of the Fed-
eral Open Market Committee, prepare and submit a com-
pliance report to the appropriate congressional committees 
specifying whether the Directive Policy Rule submitted 
after that meeting and the Federal Open Market Com-
mittee are in compliance with this section. 
‘‘(e) CHANGING MARKET CONDITIONS.— 
‘‘(1) RULE
OF
CONSTRUCTION.—Nothing in 
this Act shall be construed to require that the plans 
with respect to the systematic quantitative adjust-
ment of the Policy Instrument Target described 
under subsection (c)(2) be implemented if the Fed-
eral Open Market Committee determines that such 
plans cannot or should not be achieved due to 
changing market conditions. 
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‘‘(2) GAO APPROVAL OF UPDATE.—Upon deter-
mining that plans described in paragraph (1) cannot 
or should not be achieved, the Federal Open Market 
Committee shall submit an explanation for that de-
termination and an updated version of the Directive 
Policy Rule to the Comptroller General of the 
United States and the appropriate congressional 
committees not later than 48 hours after making the 
determination. The Comptroller General shall, not 
later than 48 hours after receiving such updated 
version, prepare and submit to the appropriate con-
gressional committees a compliance report deter-
mining whether such updated version and the Fed-
eral Open Market Committee are in compliance with 
this section. 
‘‘(f) DIRECTIVE POLICY RULE AND FEDERAL OPEN 
MARKET COMMITTEE NOT IN COMPLIANCE.— 
‘‘(1) IN GENERAL.—If the Comptroller General 
of the United States determines that the Directive 
Policy Rule and the Federal Open Market Com-
mittee are not in compliance with this section in the 
report submitted pursuant to subsection (d), or that 
the updated version of the Directive Policy Rule and 
the Federal Open Market Committee are not in com-
pliance with this section in the report submitted pur-
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suant to subsection (e)(2), the Chairman of the 
Board of Governors of the Federal Reserve System 
shall, if requested by the chairman of either of the 
appropriate congressional committees, not later than 
7 legislative days after such request, testify before 
such committee as to why the Directive Policy Rule, 
the updated version, or the Federal Open Market 
Committee is not in compliance. 
‘‘(2) GAO AUDIT.—Notwithstanding subsection 
(b) of section 714 of title 31, United States Code, 
upon submitting a report of noncompliance pursuant 
to subsection (d) or subsection (e)(2) and after the 
period of 7 legislative days described in paragraph 
(1), the Comptroller General shall audit the conduct 
of monetary policy by the Board of Governors of the 
Federal Reserve System and the Federal Open Mar-
ket Committee upon request of the appropriate con-
gressional committee. Such committee may specify 
the parameters of such audit. 
‘‘(g) CONGRESSIONAL HEARINGS.—The Chairman of 
the Board of Governors of the Federal Reserve System 
shall, if requested by the chairman of either of the appro-
priate congressional committees and not later than 7 legis-
lative days after such request, appear before such com-
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mittee to explain any change to the Directive Policy 
Rule.’’. 
SEC. 3. FEDERAL OPEN MARKET COMMITTEE BLACKOUT 
PERIOD. 
Section 12A of the Federal Reserve Act (12 U.S.C. 
263) is amended by adding at the end the following new 
subsection: 
‘‘(d) 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. 
‘‘(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-
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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. 4. 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’’ and 
inserting ‘‘six’’; 
(2) in the second sentence, by striking ‘‘One by 
the board of directors’’ and all that follows through 
the period at the end and inserting the following: 
‘‘One by the boards of directors of the Federal Re-
serve Banks of New York and Boston; one by the 
boards of directors of the Federal Reserve Banks of 
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Philadelphia and Cleveland; one by the boards of di-
rectors of the Federal Reserve Banks of Richmond 
and Atlanta; one by the boards of directors of the 
Federal Reserve Banks of Chicago and St. Louis; 
one by the boards of directors of the Federal Re-
serve Banks of Minneapolis and Kansas City; and 
one by the boards of directors of the Federal Re-
serve Banks of Dallas and San Francisco.’’; and 
(3) by inserting after the second sentence the 
following: ‘‘In odd numbered calendar years, one 
representative shall be elected from each of the Fed-
eral Reserve Banks of Boston, Philadelphia, Rich-
mond, Chicago, Minneapolis, and Dallas. In even- 
numbered calendar years, one representative shall be 
elected from each of the Federal Reserve Banks of 
New York, Cleveland, Atlanta, St. Louis, Kansas 
City, and San Francisco.’’. 
SEC. 5. REQUIREMENTS FOR STRESS TESTS AND SUPER-
VISORY LETTERS FOR THE BOARD OF GOV-
ERNORS OF THE FEDERAL RESERVE SYSTEM. 
(a) STRESS TEST RULEMAKING, GAO REVIEW, AND 
PUBLICATION OF RESULTS.—Section 165(i)(1)(B) of the 
Dodd-Frank Wall Street Reform and Consumer Protec-
tion Act (12 U.S.C. 5365(i)(1)(B)) is amended— 
(1) by amending clause (i) to read as follows: 
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‘‘(i) shall— 
‘‘(I) issue regulations, after pro-
viding for public notice and comment, 
that provide for at least 3 different 
sets of conditions under which the 
evaluation required by this subsection 
shall be conducted, including baseline, 
adverse, and severely adverse, and 
methodologies, including models used 
to estimate losses on certain assets; 
and 
‘‘(II) provide copies of such regu-
lations to the Comptroller General of 
the United States and the Panel of 
Economic Advisors of the Congres-
sional Budget Office before publishing 
such regulations;’’; and 
(2) in clause (v), by inserting before the period 
the following: ‘‘, including any results of a resub-
mitted test’’. 
(b) APPLICATION OF CCAR.—Section 165(i)(1) of 
such Act is further amended by adding at the end the fol-
lowing new subparagraph: 
‘‘(C) APPLICATION TO CCAR.—The require-
ments of subparagraph (B) shall apply to all 
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stress tests performed under the Comprehensive 
Capital Analysis and Review exercise estab-
lished by the Board of Governors.’’. 
(c) PUBLICATION OF THE NUMBER OF SUPERVISORY 
LETTERS SENT TO THE LARGEST BANK HOLDING COM-
PANIES.—Section 165 of such Act is further amended by 
adding at the end the following new subsection: 
‘‘(l) PUBLICATION OF SUPERVISORY LETTER INFOR-
MATION.—The Board of Governors shall publicly dis-
close— 
‘‘(1) the aggregate number of supervisory let-
ters sent to bank holding companies described in 
subsection (a) since the date of the enactment of 
this section, and keep such number updated; and 
‘‘(2) the aggregate number of such letters that 
are designated as ‘Matters Requiring Attention’ and 
the aggregate number of such letters that are des-
ignated as ‘Matters Requiring Immediate Atten-
tion’.’’. 
SEC. 6. FREQUENCY OF TESTIMONY OF THE CHAIRMAN OF 
THE BOARD OF GOVERNORS OF THE FED-
ERAL RESERVE SYSTEM TO CONGRESS. 
(a) IN GENERAL.—Section 2B of the Federal Reserve 
Act (12 U.S.C. 225b) is amended— 
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(1) by striking ‘‘semi-annual’’ each place it ap-
pears and inserting ‘‘quarterly’’; and 
(2) in subsection (a)(2)— 
(A) by inserting ‘‘and October 20’’ after 
‘‘July 20’’ each place it appears; and 
(B) by inserting ‘‘and May 20’’ after 
‘‘February 20’’ each place it appears. 
(b) CONFORMING AMENDMENT.—Paragraph (12) of 
section 10 of the Federal Reserve Act (12 U.S.C. 
247b(12)) is amended by striking ‘‘semi-annual’’ and in-
serting ‘‘quarterly’’. 
SEC. 7. 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-
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vision 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 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. 8. ECONOMIC ANALYSIS OF REGULATIONS OF THE 
BOARD OF GOVERNORS OF THE FEDERAL RE-
SERVE SYSTEM. 
(a) AMENDMENT TO FEDERAL RESERVE ACT.—Sec-
tion 11 of the Federal Reserve Act (12 U.S.C. 248) is 
amended by inserting after subsection (l) the following 
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 and assess the significance 
of that problem; 
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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 
‘‘(E) 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; 
‘‘(ii) evaluate whether the regulation 
is inconsistent, incompatible, or duplicative 
of other Federal regulations; and 
‘‘(iii) with respect to a proposed regu-
lation that the Board is required to issue 
by statute and with respect to which the 
Board has the authority to exempt certain 
persons from the application of such regu-
lation, compare— 
‘‘(I) the costs and benefits of the 
proposed regulation; and 
‘‘(II) the costs and benefits of a 
regulation under which the Board ex-
empts all persons from the application 
of the proposed regulation, to the ex-
tent the Board is able. 
‘‘(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, 
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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; 
‘‘(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 
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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 
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. 
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‘‘(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. 
‘‘(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 
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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-
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. 
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‘‘(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-
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 
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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.’’. 
(b) RULE OF CONSTRUCTION.—Nothing in this sec-
tion shall apply to the requirements regarding the conduct 
of monetary policy described in section 2. 
SEC. 9. 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— 
(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: 
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‘‘(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 
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 
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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 
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 
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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 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.’’. 
(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-
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uals set by such member. A member may employ addi-
tional individuals as determined necessary by the Board 
of Governors.’’. 
SEC. 10. REQUIREMENTS FOR INTERNATIONAL PROC-
ESSES. 
(a) BOARD OF GOVERNORS REQUIREMENTS.—Sec-
tion 11 of the Federal Reserve Act (12 U.S.C. 248), as 
amended by section 9 of this Act, is further amended by 
adding at the end the following new subsection: 
‘‘(w) INTERNATIONAL PROCESSES.— 
‘‘(1) NOTICE OF PROCESS; CONSULTATION.—At 
least 30 calendar days before any member or em-
ployee of the Board of Governors of the Federal Re-
serve System participates in a process of setting fi-
nancial standards as a part of any foreign or multi-
national entity, the Board of Governors shall— 
‘‘(A) issue a notice of the process, includ-
ing the subject matter, scope, and goals of the 
process, to the Committee on Financial Services 
of the House of Representatives and the Com-
mittee on Banking, Housing, and Urban Affairs 
of the Senate; 
‘‘(B) make such notice available to the 
public, including on the website of the Board of 
Governors; and 
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‘‘(C) solicit public comment, and consult 
with the committees described under subpara-
graph (A), with respect to the subject matter, 
scope, and goals of the process. 
‘‘(2) PUBLIC REPORTS ON PROCESS.—After the 
end of any process described under paragraph (1), 
the Board of Governors shall issue a public report 
on the topics that were discussed during the process 
and any new or revised rulemakings or policy 
changes that the Board of Governors believes should 
be implemented as a result of the process. 
‘‘(3) NOTICE
OF
AGREEMENTS; CONSULTA-
TION.—At least 90 calendar days before any mem-
ber or employee of the Board of Governors of the 
Federal Reserve System participates in a process of 
setting financial standards as a part of any foreign 
or multinational entity, the Board of Governors 
shall— 
‘‘(A) issue a notice of agreement to the 
Committee on Financial Services of the House 
of Representatives and the Committee on Bank-
ing, Housing, and Urban Affairs of the Senate; 
‘‘(B) make such notice available to the 
public, including on the website of the Board of 
Governors; and 
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‘‘(C) consult with the committees described 
under subparagraph (A) with respect to the na-
ture of the agreement and any anticipated ef-
fects such agreement will have on the economy. 
‘‘(4) DEFINITION.—For purposes of this sub-
section, the term ‘process’ shall include any official 
proceeding or meeting on financial regulation of a 
recognized international organization with authority 
to set financial standards on a global or regional 
level, including the Financial Stability Board, the 
Basel Committee on Banking Supervision (or a simi-
lar organization), and the International Association 
of Insurance Supervisors (or a similar organiza-
tion).’’. 
(b) FDIC REQUIREMENTS.—The Federal Deposit 
Insurance Act (12 U.S.C. 1811 et seq.) is amended by 
adding at the end the following new section: 
‘‘SEC. 51. INTERNATIONAL PROCESSES. 
‘‘(a) NOTICE OF PROCESS; CONSULTATION.—At least 
30 calendar days before the Board of Directors partici-
pates in a process of setting financial standards as a part 
of any foreign or multinational entity, the Board of Direc-
tors shall— 
‘‘(1) issue a notice of the process, including the 
subject matter, scope, and goals of the process, to 
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the Committee on Financial Services of the House of 
Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate; 
‘‘(2) make such notice available to the public, 
including on the website of the Corporation; and 
‘‘(3) solicit public comment, and consult with 
the committees described under paragraph (1), with 
respect to the subject matter, scope, and goals of the 
process. 
‘‘(b) PUBLIC REPORTS ON PROCESS.—After the end 
of any process described under subsection (a), the Board 
of Directors shall issue a public report on the topics that 
were discussed at the process and any new or revised 
rulemakings or policy changes that the Board of Directors 
believes should be implemented as a result of the process. 
‘‘(c) NOTICE OF AGREEMENTS; CONSULTATION.—At 
least 90 calendar days before the Board of Directors par-
ticipates in a process of setting financial standards as a 
part of any foreign or multinational entity, the Board of 
Directors shall— 
‘‘(1) issue a notice of agreement to the Com-
mittee on Financial Services of the House of Rep-
resentatives and the Committee on Banking, Hous-
ing, and Urban Affairs of the Senate; 
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‘‘(2) make such notice available to the public, 
including on the website of the Corporation; and 
‘‘(3) consult with the committees described 
under paragraph (1) with respect to the nature of 
the agreement and any anticipated effects such 
agreement will have on the economy. 
‘‘(d) DEFINITION.—For purposes of this section, the 
term ‘process’ shall include any official proceeding or 
meeting on financial regulation of a recognized inter-
national organization with authority to set financial stand-
ards on a global or regional level, including the Financial 
Stability Board, the Basel Committee on Banking Super-
vision (or a similar organization), and the International 
Association of Insurance Supervisors (or a similar organi-
zation).’’. 
(c) TREASURY REQUIREMENTS.—Section 325 of title 
31, United States Code, is amended by adding at the end 
the following new subsection: 
‘‘(d) INTERNATIONAL PROCESSES.— 
‘‘(1) NOTICE OF PROCESS; CONSULTATION.—At 
least 30 calendar days before the Secretary partici-
pates in a process of setting financial standards as 
a part of any foreign or multinational entity, the 
Secretary shall— 
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‘‘(A) issue a notice of the process, includ-
ing the subject matter, scope, and goals of the 
process, to the Committee on Financial Services 
of the House of Representatives and the Com-
mittee on Banking, Housing, and Urban Affairs 
of the Senate; 
‘‘(B) make such notice available to the 
public, including on the website of the Depart-
ment of the Treasury; and 
‘‘(C) solicit public comment, and consult 
with the committees described under subpara-
graph (A), with respect to the subject matter, 
scope, and goals of the process. 
‘‘(2) PUBLIC REPORTS ON PROCESS.—After the 
end of any process described under paragraph (1), 
the Secretary shall issue a public report on the top-
ics that were discussed at the process and any new 
or revised rulemakings or policy changes that the 
Secretary believes should be implemented as a result 
of the process. 
‘‘(3) NOTICE
OF
AGREEMENTS; CONSULTA-
TION.—At least 90 calendar days before the Sec-
retary participates in a process of setting financial 
standards as a part of any foreign or multinational 
entity, the Secretary shall— 
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‘‘(A) issue a notice of agreement to the 
Committee on Financial Services of the House 
of Representatives and the Committee on Bank-
ing, Housing, and Urban Affairs of the Senate; 
‘‘(B) make such notice available to the 
public, including on the website of the Depart-
ment of the Treasury; and 
‘‘(C) consult with the committees described 
under subparagraph (A) with respect to the na-
ture of the agreement and any anticipated ef-
fects such agreement will have on the economy. 
‘‘(4) DEFINITION.—For purposes of this sub-
section, the term ‘process’ shall include any official 
proceeding or meeting on financial regulation of a 
recognized international organization with authority 
to set financial standards on a global or regional 
level, including the Financial Stability Board, the 
Basel Committee on Banking Supervision (or a simi-
lar organization), and the International Association 
of Insurance Supervisors (or a similar organiza-
tion).’’. 
(d) OCC REQUIREMENTS.—Chapter one of title LXII 
of the Revised Statutes of the United States (12 U.S.C. 
21 et seq.) is amended— 
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(1) by adding at the end the following new sec-
tion: 
‘‘SEC. 5156B. INTERNATIONAL PROCESSES. 
‘‘(a) NOTICE OF PROCESS; CONSULTATION.—At least 
30 calendar days before the Comptroller of the Currency 
participates in a process of setting financial standards as 
a part of any foreign or multinational entity, the Comp-
troller of the Currency shall— 
‘‘(1) issue a notice of the process, including the 
subject matter, scope, and goals of the process, to 
the Committee on Financial Services of the House of 
Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate; 
‘‘(2) make such notice available to the public, 
including on the website of the Office of the Comp-
troller of the Currency; and 
‘‘(3) solicit public comment, and consult with 
the committees described under paragraph (1), with 
respect to the subject matter, scope, and goals of the 
process. 
‘‘(b) PUBLIC REPORTS ON PROCESS.—After the end 
of any process described under subsection (a), the Comp-
troller of the Currency shall issue a public report on the 
topics that were discussed at the process and any new or 
revised rulemakings or policy changes that the Comp-
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troller of the Currency believes should be implemented as 
a result of the process. 
‘‘(c) NOTICE OF AGREEMENTS; CONSULTATION.—At 
least 90 calendar days before the Comptroller of the Cur-
rency participates in a process of setting financial stand-
ards as a part of any foreign or multinational entity, the 
Board of Directors shall— 
‘‘(1) issue a notice of agreement to the Com-
mittee on Financial Services of the House of Rep-
resentatives and the Committee on Banking, Hous-
ing, and Urban Affairs of the Senate; 
‘‘(2) make such notice available to the public, 
including on the website of the Office of the Comp-
troller of the Currency; and 
‘‘(3) consult with the committees described 
under paragraph (1) with respect to the nature of 
the agreement and any anticipated effects such 
agreement will have on the economy. 
‘‘(d) DEFINITION.—For purposes of this section, the 
term ‘process’ shall include any official proceeding or 
meeting on financial regulation of a recognized inter-
national organization with authority to set financial stand-
ards on a global or regional level, including the Financial 
Stability Board, the Basel Committee on Banking Super-
vision (or a similar organization), and the International 
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Association of Insurance Supervisors (or a similar organi-
zation).’’; and 
(2) in the table of contents for such chapter, by 
adding at the end the following new item: 
‘‘5156B. International processes.’’. 
(e) SECURITIES AND EXCHANGE COMMISSION RE-
QUIREMENTS.—Section 4 of the Securities Exchange Act 
of 1934 (15 U.S.C. 78d) is amended by adding at the end 
the following new subsection: 
‘‘(j) INTERNATIONAL PROCESSES.— 
‘‘(1) NOTICE OF PROCESS; CONSULTATION.—At 
least 30 calendar days before the Commission par-
ticipates in a process of setting financial standards 
as a part of any foreign or multinational entity, the 
Commission shall— 
‘‘(A) issue a notice of the process, includ-
ing the subject matter, scope, and goals of the 
process, to the Committee on Financial Services 
of the House of Representatives and the Com-
mittee on Banking, Housing, and Urban Affairs 
of the Senate; 
‘‘(B) make such notice available to the 
public, including on the website of the Commis-
sion; and 
‘‘(C) solicit public comment, and consult 
with the committees described under subpara-
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ally complete an audit of the Board of Governors of the 
Federal Reserve System and the Federal reserve banks 
under subsection (b) of such section 714 within 12 months 
after the date of the enactment of this Act. 
(b) REPORT.— 
(1) IN GENERAL.—Not later than 90 days after 
each audit required pursuant to subsection (a) is 
completed, the Comptroller General— 
(A) shall submit to Congress a report on 
such audit; and 
(B) shall make such report available to the 
Speaker of the House, the majority and minor-
ity leaders of the House of Representatives, the 
majority and minority leaders of the Senate, the 
Chairman and Ranking Member of the com-
mittee and each subcommittee of jurisdiction in 
the House of Representatives and the Senate, 
and any other Member of Congress who re-
quests the report. 
(2) CONTENTS.—The report under paragraph 
(1) shall include a detailed description of the find-
ings and conclusion of the Comptroller General with 
respect to the audit that is the subject of the report, 
together with such recommendations for legislative 
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States economy in terms of output, employ-
ment, prices, and financial stability over time; 
(B) evaluate various operational regimes 
under which the Board of Governors of the 
Federal Reserve System and the Federal Open 
Market Committee may conduct monetary pol-
icy in terms achieving the maximum sustainable 
level of output and employment and price sta-
bility over the long term, including— 
(i) discretion in determining monetary 
policy without an operational regime; 
(ii) price level targeting; 
(iii) inflation rate targeting; 
(iv) nominal gross domestic product 
targeting (both level and growth rate); 
(v) the use of monetary policy rules; 
and 
(vi) the gold standard; 
(C) evaluate the use of macro-prudential 
supervision and regulation as a tool of mone-
tary policy in terms of achieving the maximum 
sustainable level of output and employment and 
price stability over the long term; 
(D) evaluate the use of the lender-of-last- 
resort function of the Board of Governors of 
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