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, Vice Presidents, Officers, and Employees The fifth subparagraph of the fourth undesignated paragraph of section 4 of the Federal Reserve Act (12 U.S.C. 341) is amended by adding at the end the following: A president, vice president, officer, or employee of the bank may not simultaneously hold any other office, position, or employment for which the president, vice president, officer, or employee is appointed by the President, including under a leave of absence from such other office, position, or employment.. (c) Federal Reserve Bank Board of Directors The ninth undesignated paragraph of section 4 of the Federal Reserve Act (12 U.S.C. 302) is amended by adding at the end the following: A member of such board of directors 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..