H.R. 4757House115th Congress (2017-2019)In Committee

Fully Informed District Bank Act

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Updated April 15, 2026 at 7:47 PM UTC

The Fully Informed District Bank Act changes how presidents of Federal Reserve Banks are chosen. It updates the Federal Reserve Act so that the appointment is made by the whole board of directors, rather than being limited to the Class B and Class C directors. This affects the leadership selection process for each of the twelve Federal Reserve Banks.

Key Provisions

Amends the Federal Reserve Act by replacing the phrase “Class B and Class C directors” with “board of directors” in the section that governs the appointment of Federal Reserve Bank presidents.

Legislative Activity

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2 earlier actions

HouseIntro Referral Latest Action

Referred to the House Committee on Financial Services.

Financial Services Committee

January 10, 2018

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HouseIntro Referral

Introduced in House

January 10, 2018

HouseCommittee

Hearings Held by the Subcommittee on Monetary Policy and Trade Prior to Referral.

Financial Institutions and Monetary Policy Subcommittee

January 10, 2018

HouseIntro Referral

Referred to the House Committee on Financial Services.

Financial Services Committee

January 10, 2018

Bill Text

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Introduced in HouseIssued January 10, 2018

115th CONGRESS

2d Session

H. R. 4757

IN THE HOUSE OF REPRESENTATIVES

January 10, 2018

Mr. Pittenger introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the Federal Reserve Act to modify the appointment process for presidents of Federal Reserve Banks.

Short title

This Act may be cited as the Fully Informed District Bank Act.

Amendment to appointment of presidents of Federal Reserve Banks

The fifth subparagraph of the fourth undesignated paragraph of section 4 of the Federal Reserve Act (12 U.S.C. 341) is amended by striking Class B and Class C directors and inserting board of directors.