Prohibition of Dual Appointment

(a) Board of Governors The fourth sentence of the first undesignated paragraph of section 10 of the Federal Reserve Act (12 U.S.C. 241) is amended by striking business of the Board and shall each receive and inserting business of the Board, may not simultaneously hold any other office, position, or employment for which the member is appointed by the President, including under a leave of absence from such other office, position, or employment, and shall each receive. (b) Federal Reserve Bank Presidents; First Vice President of the Federal Reserve Bank of New York The fifth subparagraph of the fourth undesignated paragraph of section 4 of the Federal Reserve Act (12 U.S.C. 341) is amended— (1) by inserting after the second sentence (relating to presidents of Federal reserve banks) the following: A president of the bank may not simultaneously hold any other office, position, or employment for which the president is appointed by the President, including under a leave of absence from such other office, position, or employment.; and (2) by inserting after the third sentence (relating to first vice presidents of Federal reserve banks) the following: The first vice president of the Federal Reserve Bank of New York may not simultaneously hold any other office, position, or employment for which the first vice president is appointed by the President, including under a leave of absence from such other office, position, or employment.. (c) Rule of application An individual serving as a governor of the Board of Governors of the Federal Reserve System, the president of a Federal reserve bank, or the first vice president of the Federal Reserve Bank of New York on the date of enactment of this Act and who is ineligible to serve in such position due to the amendments made by this section are hereby terminated from such position on the date of enactment of this Act.