Federal Reserve Disclosure Act

Bill: 115-hr-4791
Sponsor: full_name: Rep. Mooney, Alexander X. [R-WV-2]
Introduced: 2018-01-12
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Federal Reserve System

Government employee pay, benefits, personnel management

Government ethics and transparency, public corruption

Government information and archives
Latest action: action_date: 2018-01-12
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2018-01-12
action_desc: Introduced in House
text: <p><b>Federal Reserve Disclosure Act </b></p> <p>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. </p>

tv_txt: I 115th CONGRESS 2d Session H. R. 4791 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.

1. Short title This Act may be cited as the Federal Reserve Disclosure Act . 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. .