Section 1 Short title
This Act may be cited as the “FOMC Representation Improvement Act”.
FOMC Representation Improvement Act
A BILL
To amend the Federal Reserve Act to revise the membership of Federal Open Market Committee, and for other purposes.
Sec. 2 Membership of Federal Open Market Committee
Section 12A(a) of the Federal Reserve Act (12 U.S.C. 263(a)) is amended—
in the first sentence, by striking “five representatives of the Federal Reserve banks to be selected as hereinafter provided” and inserting “one representative from each of the Federal Reserve banks”;
in the second sentence, by striking “and, beginning” and all that follows through “San Francisco”; and
by striking the third and fourth sentences.