Title: Federal Reserve Disclosure Act
Policy area: Finance and Financial Sector

Summary:
Federal Reserve Disclosure Act
This bill amends the Federal Reserve Act to apply personal financial interest restrictions and disclosures currently applicable to employees of the Securities and Exchange Commission to members and employees of the Federal Reserve Board (FRB). The bill also provides for office staff for FRB members.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4791 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 4791

    To amend the Federal Reserve Act to establish requirements for 
   salaries, financial disclosures, and office staff of the Board of 
    Governors of the Federal Reserve System, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 12, 2018

 Mr. Mooney of West Virginia introduced the following bill; which was 
            referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
    To amend the Federal Reserve Act to establish requirements for 
   salaries, financial disclosures, and office staff of the Board of 
    Governors of the Federal Reserve System, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Federal Reserve Disclosure Act''.

SEC. 2. 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 subsections:
    ``(u) 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.
    ``(v) Disclosure of Staff Salaries and Financial Information.--The 
Board of Governors of the Federal 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 
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 General 
Schedule, and--
            ``(1) the yearly salary information for such individuals, 
        along with any nonsalary compensation received 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 individuals set by such member. A member may 
employ additional individuals as determined necessary by the Board of 
Governors.''.
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