Original Status

AAB- “Committee Number”- “Bill Number”:

In the Amending Congress

Date:

Authors:

Sponsors:

Title:

Preamble:

In the WHEREAS clauses, describe individual reasons why this bill should pass. End the WHEREAS clauses with “, and” so that it runs as one long sentence until the last WHEREAS clause.

Therefore:

Section #:

Section #:

Section #

AAB-11-002 is a bill that officially incorporates the Federal Reserve as the fourth branch of the Federal Government. This branch will be called the Monetary Branch.

AAB-11-002:

*The Federal Reserve will maintain its current structure:

-12 regional FED Banks in its current positions that will be revised and appropriately change every 50 years or whenever new states are added to the union.

-A Board of Governors (BOG) has seven members and each member is nominated by the President and confirmed by the Senate. Each member has one term of fourteen years. Each member can be impeached for felonies or the cause of economic disasters as determined by Congress.

-Within the Federal Reserve, there is a Federal Open Market Committee (FOMC) that consists of the BOG and five of the twelve presidents from the twelve regional banks. One of the five presidents will rotate with the others every year so that each member will have been in the FOMC for four years at a time. The only president seat that does not rotate is the New York FED bank. Each president will be appointed by the BOG and will have terms of five years.

-The BOG will meet at least eight times a year.

*All monetary policy decisions will be done by the FED.

*The Legislative and Executive branches can suggest monetary policy but must be approved by the Chair of the Fed unless the six other members of the BOG vote against the Chair.

*Monetary policy includes open-market operations to achieve the nation's macroeconomic policy objectives.

-The Legislative, Executive, and Monetary (FED) branches must approve of a macroeconomic goal (such as the current goal of stable aggregate prices and maximum level of employment) which the goal can only change with an amendment approved by 3/5 of Congress, the President and the majority of the BOG.