‘‘(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 Governors 
of the Federal Reserve System and Federal 
reserve banks; or 
‘‘(iii) an interactive variable or a net 
estimate composed of the estimates described 
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 pursu-
ant to powers authorized under section 14 of this Act 
that guide open-market operations. 
‘‘(7) POLICY INSTRUMENT.—The term ‘Policy In-
strument’ means— 
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‘‘(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 Fed-
eral Reserve Statistical Release on selected inter-
est rates (daily or weekly), commonly referred 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 Oper-
ations Directive. 
‘‘(9) REFERENCE POLICY RULE.—The term ‘Ref-
erence Policy Rule’ means a calculation of the nomi-
nal Federal funds rate as equal to the sum of the fol-
lowing: 
‘‘(A) The rate of inflation over the previous 
four quarters. 
‘‘(B) One-half of the percentage deviation of 
the real GDP from an estimate of potential 
GDP. 
‘‘(C) One-half of the difference between the 
rate of inflation over the previous four quarters 
and two percent. 
‘‘(D) Two percent. 
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‘‘(b) SUBMITTING A DIRECTIVE POLICY RULE.—Not 
later than 48 hours after the end of a meeting of the Federal 
Open Market Committee, the Chairman of the Federal Open 
Market Committee shall submit to the appropriate congres-
sional committees and the Comptroller General of the 
United States a Directive Policy Rule and a statement that 
identifies the members of the Federal Open Market Com-
mittee 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 Directive 
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 In-
puts; 
‘‘(3) include a function that comprehensively 
models the interactive relationship between the Inter-
mediate Policy Inputs; 
‘‘(4) include the coefficients of the Directive Pol-
icy Rule that generate the current Policy Instrument 
Target and a range of predicted future values for the 
Policy Instrument Target if changes occur in any In-
termediate Policy Input; 
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‘‘(5) describe the procedure for adjusting the sup-
ply of bank reserves to achieve the Policy Instrument 
Target; 
‘‘(6) include a statement as to whether the Direc-
tive Policy Rule substantially conforms to the Ref-
erence 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; and 
‘‘(8) include a calculation that describes with 
mathematical precision the expected annual inflation 
rate over a 5-year period. 
‘‘(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 
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Rule has materially changed, the Comptroller General shall, 
not later than 7 days after each meeting of the Federal Open 
Market Committee, prepare and submit a compliance report 
to the appropriate congressional committees specifying 
whether the Directive Policy Rule submitted after that meet-
ing and the Federal Open Market Committee are in compli-
ance 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 adjustment of 
the Policy Instrument Target described under sub-
section (c)(2) be implemented if the Federal Open 
Market Committee determines that such plans cannot 
or should not be achieved due to changing market con-
ditions. 
‘‘(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 deter-
mination 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 determina-
tion. The Comptroller General shall, not later than 48 
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hours after receiving such updated version, prepare 
and submit to the appropriate congressional commit-
tees a compliance report determining whether such 
updated version and the Federal Open Market Com-
mittee 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 Committee are not 
in compliance with this section in the report sub-
mitted pursuant to subsection (d), or that the updated 
version of the Directive Policy Rule and the Federal 
Open Market Committee are not in compliance with 
this section in the report submitted pursuant to sub-
section (e)(2), the Chairman of the Board of Gov-
ernors of the Federal Reserve System shall, if re-
quested 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, 
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upon submitting a report of noncompliance pursuant 
to subsection (d) or subsection (e)(2) and after the pe-
riod 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 Market 
Committee upon request of the appropriate congres-
sional committee. Such committee may specify the pa-
rameters 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 appropriate 
congressional committees and not later than 7 legislative 
days after such request, appear before such committee to ex-
plain any change to the Directive Policy Rule.’’. 
SEC. 3. FEDERAL OPEN MARKET COMMITTEE BLACKOUT PE-
RIOD. 
Section 12A of the Federal Reserve Act (12 U.S.C. 263) 
is amended by adding at the end the following new sub-
section: 
‘‘(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 
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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 specific 
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 meeting 
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 pro-
hibit the Chairman of the Board of Governors of the 
Federal Reserve System from participating in or 
issuing public communications.’’. 
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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 Reserve 
Banks of New York and Boston; one by the boards of 
directors of the Federal Reserve Banks of Philadelphia 
and Cleveland; one by the boards of directors 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 Reserve Banks of Minneapolis 
and Kansas City; and one by the boards of directors 
of the Federal Reserve Banks of Dallas and San 
Francisco.’’; and 
(3) by inserting after the second sentence the fol-
lowing: ‘‘In odd numbered calendar years, one rep-
resentative shall be elected from each of the Federal 
Reserve Banks of Boston, Philadelphia, Richmond, 
Chicago, Minneapolis, and Dallas. In even-numbered 
calendar years, one representative shall be elected 
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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 Protection 
Act (12 U.S.C. 5365(i)(1)(B)) is amended— 
(1) by amending clause (i) to read as follows: 
‘‘(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 evalua-
tion required by this subsection shall 
be conducted, including baseline, ad-
verse, and severely adverse, and meth-
odologies, including models used to es-
timate 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-
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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 following 
new subparagraph: 
‘‘(C) APPLICATION TO CCAR.—The require-
ments of subparagraph (B) shall apply to all 
stress tests performed under the Comprehensive 
Capital Analysis and Review exercise established 
by the Board of Governors.’’. 
(c) PUBLICATION OF THE NUMBER OF SUPERVISORY 
LETTERS SENT TO THE LARGEST BANK HOLDING COMPA-
NIES.—Section 165 of such Act is further amended by add-
ing at the end the following new subsection: 
‘‘(l) PUBLICATION OF SUPERVISORY LETTER INFOR-
MATION.—The Board of Governors shall publicly disclose— 
‘‘(1) the aggregate number of supervisory letters 
sent to bank holding companies described in sub-
section (a) since the date of the enactment of this sec-
tion, and keep such number updated; and 
‘‘(2) the aggregate number of such letters that are 
designated as ‘Matters Requiring Attention’ and the 
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aggregate number of such letters that are designated 
as ‘Matters Requiring Immediate Attention’.’’. 
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— 
(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 ‘‘Feb-
ruary 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 inserting ‘‘quar-
terly’’. 
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 
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(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 Supervision is va-
cant, the Vice Chairman for the Board of Governors 
of the Federal Reserve System (who has the responsi-
bility to serve in the absence of the Chairman) shall 
appear instead and provide the required written testi-
mony. If, at the time of any appearance described in 
this paragraph, both Vice Chairman positions are va-
cant, the Chairman of the Board of Governors of the 
Federal Reserve System shall appear instead and pro-
vide the required written 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.— 
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‘‘(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 de-
signed to address and assess the significance of 
that problem; 
‘‘(B) assess whether any new regulation is 
warranted or, with respect to a proposed regula-
tion that the Board of Governors is required to 
issue by statute and with respect to which the 
Board has the authority to exempt certain per-
sons from the application of such regulation, 
compare— 
‘‘(i) the costs and benefits of the pro-
posed regulation; and 
‘‘(ii) the costs and benefits of a regula-
tion under which the Board exempts all 
persons from the application of the proposed 
regulation, to the extent the Board is able; 
‘‘(C) assess the qualitative and quantitative 
costs and benefits of the proposed regulation and 
propose or adopt a regulation only on a reasoned 
determination that the benefits of the proposed 
regulation outweigh the costs of the regulation; 
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‘‘(D) identify and assess available alter-
natives to the proposed regulation that were con-
sidered, including any alternative offered by a 
member of the Board of Governors of the Federal 
Reserve System or the Federal Open Market 
Committee and including any modification of an 
existing regulation, together with an explanation 
of why the regulation meets the regulatory objec-
tives more effectively than the alternatives; and 
‘‘(E) ensure that any proposed regulation is 
accessible, consistent, written in plain language, 
and easy to understand and shall measure, 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 as-
sess the costs and benefits of available regulatory 
alternatives, including the alternative of not reg-
ulating, 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 
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growth and to impose the least burden on 
society, including market participants, in-
dividuals, businesses of different sizes, and 
other entities (including State and local 
governmental entities), taking into account, 
to the extent practicable, the cumulative 
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 regulation, 
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 extent 
the Board is able. 
‘‘(B) 
ADDITIONAL
CONSIDERATIONS.—In 
addition, in making a reasoned determination of 
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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 regulation, 
including secondary costs such as an increase in 
the cost or a reduction in the availability of 
credit or investment services or products, 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 response to those 
comments in its final rule, including an explanation 
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of any changes that were made in response to those 
comments and the reasons that the Board did not in-
corporate 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 reg-
ulation has achieved the stated purposes. 
‘‘(iii) Appropriate postimplementation 
quantitative and qualitative metrics to 
measure the economic impact of the regula-
tion and the extent to which the regulation 
has accomplished the stated purpose of the 
regulation. 
‘‘(iv) Any reasonably foreseeable indi-
rect effects that may result from the regula-
tion. 
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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 collec-
tion and analysis of the data, and a date 
for completion of the assessment. The assess-
ment plan shall include an analysis of any 
jobs added or lost as a result of the regula-
tion, differentiating between public and pri-
vate 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 notice 
of such extension and the specific reasons 
why the extension is necessary in the Fed-
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eral Register. Any material modification of 
the assessment plan, as necessary to assess 
unforeseen aspects or consequences of the 
regulation, shall be promptly published in 
the Federal Register for notice and com-
ment. 
‘‘(iii) DATA COLLECTION NOT SUBJECT 
TO
NOTICE
AND
COMMENT
REQUIRE-
MENTS.—If the Board has published the as-
sessment plan for notice and comment at 
least 30 days before the adoption of a regu-
lation designated as a major rule, the collec-
tion of data under the assessment plan shall 
not be subject to the notice and comment re-
quirements in section 3506(c) of title 44, 
United States Code (commonly referred to 
as the Paperwork Reduction Act). Any ma-
terial 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 Federal Register for 
comment on the additional data to be col-
lected, 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 assessment 
plan in the Federal Register, the Board 
shall issue for notice and comment a pro-
posal to amend or rescind the regulation, 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 imple-
ment, interpret, or prescribe law or policy, or to 
describe the procedure or practice requirements 
of the Board of Governors, including rules, or-
ders of general applicability, interpretive re-
leases, and other statements of general applica-
bility that the Board of Governors intends 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 emergency 
action, if such certification is published in 
the Federal Register.’’. 
(b) RULE OF CONSTRUCTION.—Nothing in this section 
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 mem-
bers 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 Re-
serve System shall be subject to the prohibitions re-
lated to outside employment and activities described 
under section 4401.103(c) of title 5, Code of Federal 
Regulations, to the same extent as such prohibitions 
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 Man-
agement under part 735 of title 5, Code of Fed-
eral 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 conduct 
of members and employees and former members 
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and employees contained in subpart M 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 Com-
mission. 
‘‘(v) DISCLOSURE OF STAFF SALARIES AND FINANCIAL 
INFORMATION.—The Board of Governors of the Federal Re-
serve System shall make publicly available, on the website 
of the Board of Governors, a searchable database that con-
tains the names of all members, officers, and employees of 
the Board of Governors who receive an annual salary in 
excess of the annual rate of basic pay for GS–15 of the Gen-
eral 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 mem-
ber and the salaries of such individuals set by such member. 
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A member may employ additional individuals as deter-
mined necessary by the Board of Governors.’’. 
SEC. 10. REQUIREMENTS FOR INTERNATIONAL PROCESSES. 
(a) BOARD OF GOVERNORS REQUIREMENTS.—Section 
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, including 
the subject matter, scope, and goals of the proc-
ess, to the Committee on Financial Services of 
the House of Representatives and the Committee 
on Banking, Housing, and Urban Affairs of the 
Senate; 
‘‘(B) make such notice available to the pub-
lic, including on the website of the Board of Gov-
ernors; and 
‘‘(C) solicit public comment, and consult 
with the committees described under subpara-
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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; CONSULTATION.— 
At least 90 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 agreement to the Com-
mittee on Financial Services of the House of 
Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate; 
‘‘(B) make such notice available to the pub-
lic, including on the website of the Board of Gov-
ernors; and 
‘‘(C) consult with the committees described 
under subparagraph (A) with respect to the na-
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ture of the agreement and any anticipated effects 
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 In-
surance 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 participates 
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 the process, including the 
subject matter, scope, and goals of the process, to the 
Committee on Financial Services of the House of Rep-
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resentatives and the Committee on Banking, Housing, 
and Urban Affairs of the Senate; 
‘‘(2) make such notice available to the public, in-
cluding on the website of the Corporation; and 
‘‘(3) solicit public comment, and consult with the 
committees described under paragraph (1), with re-
spect 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 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 agreement 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, in-
cluding on the website of the Corporation; and 
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