Section 1 Short title
This Act may be cited as the “Federal Reserve Disclosure Act”.
Federal Reserve Disclosure Act
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.
Sec. 2 Salaries, financial disclosures, and office staff of the Board of Governors of the Federal Reserve System
by redesignating the second subsection (s) (relating to “Assessments, Fees, and Other Charges for Certain Companies”) as subsection (t); and
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.”
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.”.