U.S. Senators Kevin Cramer, R-N.D. and Pat Toomey, R-Pa. have introduced a bill that seeks to reform the Federal Reserve System as part of efforts to improve accountability and prevent political bias in the system.
The Federal Reserve Accountability Act would make the general counsel of the Federal Reserve Board of Governors and presidents of regional Federal Reserve banks presidentially appointed positions that would require confirmation from the Senate, Kramer’s office said Thursday.
Other changes requested in the legislation include reducing the number of regional Federal Reserve banks from 12 to five to enable more thorough congressional oversight and applying the Anti-Lobbying Act to the system’s Board of Governors and regional banks.
Also included in the bill are new residency requirements for presidents of these regional banks intended to strengthen geographic diversity within the reserve’s Board of Governors.
Senators Mike Lee, R-Utah, Cynthia Lummis, R-Wyo, Thom Tillis, R-N.C., Bill Hagerty, R-Tenn. and Ted Cruz, R-Texas joined Cramer and Toomey in proposing the legislation.
