Bill > S530

This bill proposes to change how the president of the Federal Reserve Bank of New York is selected, requiring that this important position, which oversees a key part of the nation's central banking system, be appointed by the President of the United States with the approval of the Senate, similar to how many other high-level government officials are chosen. Currently, the Federal Reserve Bank of New York's president is chosen by its own board of directors. The bill also mandates that this appointed president serve five-year terms and be required to testify annually before specific congressional committees, namely the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services, thereby increasing transparency and accountability to Congress.