Sense of Congress

(a) Sense of Congress It is the sense of Congress that— (1) the Federal Reserve System plays a critical role in maintaining the stability of the economy of the United States by conducting monetary policy, supervising and regulating financial institutions, and supporting the payments system; (2) historically, the insulation of the Federal Reserve System from political interference has been essential in preventing an electoral consideration or partisan agenda from driving any monetary policy decision; (3) the credibility and effectiveness of the Federal Reserve System depend on the ability of the Federal Reserve System to operate independently of any short-term political pressure, particularly from an elected official or individual in a position of public trust; (4) the presence of a current government official, Member of Congress, or other politically affiliated individual in a role within the Federal Reserve System raises legitimate concerns about conflict of interest and undue influence; and (5) the purpose of this Act, and the amendments made by this Act, is to strengthen the institutional integrity and independence of the Federal Reserve System by more categorically prohibiting dual appointments, preventing conflicts of interest, and ensuring a clear separation between a political actor and a monetary policy decision.