(A) The Federal Reserve Act of 1913, as amended, is hereby further amended, as per its provisions for the dissolution of and recovery of assets of the Federal Reserve System.
(B) Administration of the Federal Reserve System is hereby vested in the United States Treasury in a new department of the Treasury, hereby established and called the United States Treasury Reserve System or by the short title of Treasury Reserve System.
(C) A Board of Governors of the Treasury Reserve System is hereby established and charged with the administration of the Treasury Reserve System, to exercise all powers and duties granted within the provisions of this Act and those powers and duties, some of which are subject to modifications by this Act, previously specifically granted to the Board of Governors and to the Federal Open Market Committee of the Federal Reserve System. This Board will consist of thirteen officers including a Director of the Board plus one Governor of the Board from each of the existing twelve Federal Reserve Bank Districts, hereafter called United States Treasury Reserve Districts.
(1) All officers of the Board of Governors of the Treasury Reserve System will be appointed by the President of the United States with the advice and consent of the Senate, the initial selection of all thirteen officers commencing with the passage of this Act and following the guidelines set forth herein. Selection shall be made without discrimination because of race, creed, color, sex, or national origin. No individual who is or has been a Senator or Representative in Congress shall be an officer of the Board of Governors of the Treasury Reserve System.
(2) The officer who serves as Director of the Board of Governors of the Treasury Reserve System:
(a) shall be a United States citizen; and,
(b) shall be selected from the nation at large; and,
(c) shall be a person of tested banking or economic experience; and,
(d) shall receive a salary equivalent in amount to the salary of a member of the United States Senate; and,
(e) shall maintain an office within the District of Columbia; and,
(f) shall have no specific term of office, being replaced at the pleasure of the President of the United States with the advice and consent of the Senate.
(3) Each officer who serves as a Governor on the Board of Governors of the Treasury Reserve System:
(a) shall be a United States citizen; and,
(b) shall have been a resident for at least two years of the Treasury Reserve District which they represent; and,
(c) shall be actively engaged in their Treasury Reserve District in commerce, agriculture, the medical arts, education, industry, services, or consumer or labor affairs; and,
(d) shall not at the time of their selection, nor at any time during that period of service, be or have been an officer, director, employee, or a direct stockholder of any bank; and,
(e) shall not have held State elected or appointed office; and,
(f) shall not be an Officer of the Court, a Member of the American Bar Association, nor a practicing Attorney; and,
(g) shall maintain an office within the Treasury Reserve District which they represent; and,
(h) shall receive a salary equivalent to the salary of a member of the United States House of Representatives; and,
(i) shall, on good behavior, serve a minimum term of four years, being replaceable at the pleasure of the President of the United States with the advice and consent of the Senate except that, after initial selection of all thirteen officers, no more than four of the twelve Governors may be replaced in any one four-year period or in any one presidential term of office.
(4) A Lieutenant Governor will be selected for each of the twelve Treasury Reserve District Offices in the same manner and under the same guidelines as are Governors except that, after the initial selection, more than four new selections for that office are permitted in any one presidential term when the purpose of each additional selection is to fill an office which becomes vacant. Each Lieutenant Governor—
(a) shall receive a salary equivalent in amount to 85 percent of the salary of a member of the United States House of Representatives; and,
(b) shall assume the powers, responsibilities, duties and salary of the Office of the Treasury Reserve District Governor upon the resignation or during any period of incapacity of the Governor of the District or in the event that the holder of that office is convicted of a felony.
(5) All officers of the Board of Governors of the Treasury Reserve System will receive their written Delegations of Authority from and be sworn into office by the Secretary of the Treasury.
(6) All officers of the Board of Governors of the Treasury Reserve System are hereby charged to administer the affairs of the nation’s monetary system with the sole purpose of maintaining a long-term, stable exchange value for United States Treasury credit-notes.
(a) All actions undertaken by the Board will require an affirmative vote, recorded as part of the public record in the District of Columbia Office of the Director of the Board of Governors, by nine of the thirteen officers.
(b) The officers need not be physically present in order to cast their vote.
(D) A Treasury Reserve Account which will be administered at the sole discretion of the Board of Governors of the Treasury Reserve System is hereby established.
(E) The Federal Open Market Committee of the existing Federal Reserve System is hereby abolished, its powers and responsibilities being transferred to the Board of Governors of the Treasury Reserve System.
(F) All rights, titles, properties, interests, and every claim of the Board of Governors of the Federal Reserve, of all Federal Reserve Banks, of all member banks, of all Federal Reserve agents, and of all individuals, in and upon the Federal Reserve System is hereby transferred to and vested in the United States Government to be held in and administered by the United States Treasury under the Treasury Reserve System. |
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