A bill to amend the Federal Reserve Act respecting the positions of chairman and vice chairman of the Federal Reserve Board.
Latest action. Referred to Senate Committee on Banking, Housing and Urban Affairs.
(Measure passed House, amended) Amends the Federal Reserve Act to change the expiration date of the term of office of the Chairman of the Board of Governors of the Federal Reserve System to January 31 of the first calendar year commencing after the calendar year during which the term of the President who appointed such Chairman expires. Directs the President to appoint a Vice Chairman for a term of four years. Enumerates the duties of the Vice Chairman of the Board. Stipulates that the person serving as Chairman on the date of enactment of this Act may serve the original four year appointment without regard to the provisions of this Act. Permits two members of the Board to represent the same district if one is serving or has served as Chairman. Repeals the requirement that the Board's annual report to Congress be printed as a congressional document. Terminates the authority of the Secretary of the Treasury to require the delivery of all gold coins, gold bullion, and gold certificates held in the private sector to the Treasurer of the United States.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Passed House amended" stage on November 13, 1979. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on November 14, 1979: Referred to Senate Committee on Banking, Housing and Urban Affairs.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 96th Congress (1979-80), 613 of the 12,581 bills and joint resolutions introduced became law, about 4.9 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
PARREN MITCHELL (D-MD) introduced it on July 31, 1979, and 4 members have since signed on as cosponsors.
They are 4 Democrats.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on July 31, 1979, 17208 days ago. The most recent recorded action was 17102 days ago, on November 14, 1979.
Measures do not carry over. Anything the 96th Congress has not finished by January 3, 1981 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers