S.Amdt. 3998

SA 3998. Mr. BUNNING submitted an amendment intended to be proposed
to amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd (for himself
and Mrs. Lincoln)) to the bill S. 3217, to promote the financial
stability of the United States by improving accountability and
transparency in the financial system, to end ``too big to fail'', to
protect the American taxpayer by ending bailouts, to protect consumers
from abusive financial services practices, and for other purposes;
which was ordered to lie on the table; as follows:

On page 1552, strike line 8 and all that follows through
page 1553, line 6, and insert the following:

SEC. 1157. ACCOUNTABILITY, TRANSPARENCY, AND REFORMS.

(a) Term Limits for the Chairman and Vice Chairmen.--The
third sentence of the second undesignated paragraph of
section 10 of the Federal Reserve Act (12 U.S.C. 242), as
amended by section 1158(a)(1) of this Act, is amended by
inserting before the period at the end the following: ``,
provided that no person shall be designated to serve as
Chairman of the Board more than twice and no person shall be
designated to serve as a Vice Chairman of the Board more than
twice''.
(b) Federal Reserve Act Emergency Lending Authority.--The
third undesignated paragraph of section 13 of the Federal
Reserve Act (12 U.S.C. 343) (relating to emergency lending
authority), as amended by section 1151 of this Act, is
amended by inserting ``and the majority of the presidents or
first vice presidents of the Federal reserve banks'' after
``not less than five members''.
(c) Staff for Members of the Board of Governors.--Section
11(l) of the Federal Reserve Act (12 U.S.C. 248(l)) is
amended in the first sentence by inserting ``, including
independent staff for each member of the Board'' before the
period at the end.
(d) Federal Open Market Committee.--Section 12A(a) of the
Federal Reserve Act (12 U.S.C. 263(a)) is amended by striking
``five representatives'' and all that follows and inserting
``the presidents or first vice presidents of the Federal
reserve banks. Any action of the Committee shall require
approval by a majority of the presidents or first vice
presidents of the Federal reserve banks and a majority of the
members of the Board of Governors of the Federal Reserve
System. The Chairman of the Board of Governors of the Federal
Reserve System shall not cast a vote except in the case of a
tie. Each member of the Committee shall have the right to
debate and be accompanied by staff. At the first meeting of
each calendar year, the Committee shall elect a Chairman and
Vice Chairman. The Chairman and Vice Chairman may not both be
members of the Board of Governors of the Federal Reserve
System and a member of the Committee may not be elected to
consecutive terms as Vice Chairman. The meetings of the
Committee shall be held at Washington, District of Columbia,
at least 4 times each year, upon the call of the chairman of
the Board of Governors of the Federal Reserve System or at
the request of any 3 members of the Committee.''.
(e) Monetary Policy To Be Conducted by the Federal Open
Market Committee.--Section 19(b)(12)(A) of the Federal
Reserve Act (12 U.S.C. 461(b)(12)(A)) is amended by striking
``not to exceed the general level of short-term interest
rates'' and inserting ``determined by the Federal Open Market
Committee''.
(f) Transparency; Sunshine Act Applies to the Federal
Reserve.--Section 552b of title 5, United States Code, is
amended--
(1) in subsection (a)(1), by inserting ``the Board of
Governors of the Federal Reserve System, the Federal Open
Market Committee, and'' after ``means'';
(2) in subsection (f)--
(A) in paragraph (1), by striking ``each meeting,'' and all
that follows and inserting ``each meeting.''; and
(B) in paragraph (2)--
(i) by striking ``transcript, electronic recording, or
minutes (as required by paragraph (1))'' and inserting
``transcript or electronic recording'';
(ii) by striking ``of such transcript, or minutes,'' and
inserting ``of such transcript'';
(iii) by striking ``, a complete copy of the minutes,'';
and
(iv) by adding before the period at the end ``, except that
the Board of Governors of the Federal Reserve System and the
Federal Open Market Committee shall maintain such transcript
or electronic recording permanently'';
(3) in subsection (k)--
(A) by striking ``transcripts, recordings, or minutes'' and
inserting ``transcripts or recordings''; and
(B) by striking ``transcripts, recordings, and minutes''
and inserting ``transcripts and recordings''; and
(4) in subsection (m), by striking ``transcripts,
recordings, or minutes'' and inserting ``transcripts or
recordings''.
(g) Public Access to Information.--Section 2B of the
Federal Reserve Act (12 U.S.C. 225b) is amended--
(1) in subsection (c), as added by section 1153 of this
Act--
(A) in the matter preceding paragraph (1), by striking
``shall serve as a repository of information made available
to the public for a reasonable period of time, not less than
6

[[Page S3657]]

months following the date of release of the relevant
information, including--'' and inserting ``shall serve as a
permanent repository of information made available to the
public, which shall be made available on the webpage not
later than 7 days after the date of release of the relevant
information, including--'';
(B) in paragraph (3), by striking ``and'' at the end;
(C) by redesignating paragraph (4) as paragraph (6); and
(D) by adding at the end the following:
``(4) any audit of or report on the Board or the Federal
Open Market Committee prepared by the Comptroller General of
the United States;
``(5) the reports, minutes, transcripts, and other
disclosures required under subsection (c); and'';
(2) by redesignating subsection (c) as subsection (d); and
(3) by inserting after subsection (b) the following:
``(c) Additional Reports and Disclosures.--
``(1) Board.--
``(A) In general.--The Board shall make publicly
available--
``(i) an announcement of any actions taken by the Board at
any meeting, at the conclusion of such meeting, including the
votes of members of the Board;
``(ii) minutes of any meeting, not later than 30 days after
the date of such meeting;
``(iii) transcripts of any meeting, not later than 1 year
after the date of such meeting; and
``(iv) except as provided in subparagraph (B)--

``(I) not later than 1 year after providing any loan or
other financial assistance to any entity, a report that
includes--

``(aa) the justification for the exercise of authority to
provide such assistance;
``(bb) the identity of the recipients of such assistance;
``(cc) the date and amount of the assistance, and the form
in which the assistance was provided; and
``(dd) the material terms of the assistance, including--
``(AA) the duration;
``(BB) the collateral pledged and the value thereof;
``(CC) all interest, fees, and other revenue or items of
value to be received in exchange for the assistance;
``(DD) any requirements imposed on the recipient with
respect to employee compensation, distribution of dividends,
or any other corporate decision in exchange for the
assistance; and
``(EE) the expected costs to the United States of the
assistance; and

``(II) 30 days after the date on which a report is made
available under subclause (I), and every 30 days thereafter,
written updates on--

``(aa) the value of collateral;
``(bb) the amount of interest, fees, and other revenue or
items of value received in exchange for the assistance; and
``(cc) the expected or final cost to the United States of
the assistance.
``(B) Exception.--If the Board, by the affirmative vote of
not less than 5 members and the majority of the presidents or
first vice presidents of the Federal reserve banks,
determines that making the report required under subparagraph
(A)(iv) publicly available at that time would not be in the
public interest, public release of such report may be delayed
by the Board for not more than 180 days, and, following a
second such affirmative vote, for not more than 180
additional days, if the Board--
``(i) provides the report and any applicable updates
required in subparagraph (A)(iv) to the Committee on Banking,
Housing, and Urban Affairs of the Senate and the Committee on
Financial Services of the House of Representatives within the
time periods specified in subparagraph (A)(iv); and
``(ii) makes publicly available a statement--

``(I) describing the report withheld;
``(II) explaining the reasons for the determination that
release of such report is not in the public interest; and
``(III) including the votes of the members of the Board on
such determination.

``(2) FOMC.--The Federal Open Market Committee shall make
publicly available--
``(A) at the conclusion of any meeting an announcement of
any actions taken by the Committee at such meeting, including
the votes of members of the Committee;
``(B) minutes of any meeting, not later than 30 days after
the date of such meeting;
``(C) transcripts of any meeting, not later than 1 year
after the date of such meeting.''.
(h) Age Discrimination.--Section 15(a) of the Age
Discrimination in Employment Act of 1967 (29 U.S.C. 633a(a))
is amended by striking ``and the Library of Congress'' and
inserting ``the Library of Congress, the Board of Governors
of the Federal Reserve System, and the Federal reserve
banks''.
(i) Reports.--
(1) GAO report on monetary statistics.--
(A) In general.--Not later than 180 days after the date of
enactment of this Act, the Comptroller General of the United
States shall submit to the Committee on Banking, Housing, and
Urban Affairs of the Senate and the Committee on Financial
Services of the House of Representatives a report on the use
of monetary statistics of the Board of Governors.
(B) Contents.--The report under subparagraph (A) shall
examine the scientific validity of the measures used by the
Board of Governors, the usefulness of the measures, potential
changes to the measures, and potential alternatives and
additions to the measures.
(C) Consultation.--In preparing the report under
subparagraph (A), the Comptroller General shall consult, at a
minimum, with--
(i) current and former policy and economic experts of the
Board of Governors, the Federal Open Market Committee, and
the Federal reserve banks;
(ii) economic and statistical staff of other Federal
agencies;
(iii) academic economists and statisticians;
(iv) economic and statistical practitioners; and
(v) experts from other governments and international
organizations.
(2) Federal open market committee report on adopting a
monetary policy rule.--
(A) In general.--Not later than 2 years after the date of
enactment of this Act, the Federal Open Market Committee
shall submit to the Committee on Banking, Housing, and Urban
Affairs of the Senate and the Committee on Financial Services
of the House of Representatives a report on the feasibility
and desirability of setting a monetary policy rule or
guidelines.
(B) Contents.--The report under subparagraph (A) shall
examine multiple methods of setting the rules or guidelines
described in subparagraph (A) and include an analysis of how
the rules or guidelines would provide for accountability in
fulfilling the mandate of the Committee and the Board of
Governors.
(C) Participation.--All members of the Board of Governors
and each president of a Federal reserve bank, regardless of
voting status in the year in which the report is prepared,
shall be entitled to participate in and comment on the report
under subparagraph (A).
(j) Effect on Other Laws.--Other than as expressly provided
in this Act, or an amendment made by this Act, nothing in
this Act or an amendment made by this Act shall be construed
to alter the public disclosure obligations of the Board of
Governors, the Federal Open Market Committee, or the Federal
reserve banks, including obligations under section 552 of
title 5, United States Code (commonly known as ``the Freedom
of Information Act''), or any other provision of law.
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