114 STAT. 3028 PUBLIC LAW 106-569—DEC. 27, 2000 SEC. 1002. POSITIONS OF BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ON THE EXECUTIVE SCHEDULE. (a) IN GENERAL. — (1) POSITIONS AT LEVEL I OF THE EXECUTIVE SCHEDULE. — Section 5312 of title 5, United States Code, is amended by adding at the end the following: "Chairman, Board of Governors of the Federal Reserve System.". (2) POSITIONS AT LEVEL II OF THE EXECUTIVE SCHEDULE. — Section 5313 of title 5, United States Code, is amended— (A) by striking "Chairman, Board of Governors of the Federal Reserve System."; and (B) by adding at the end the following: "Members, Board of Governors of the Federal Reserve System.". (3) POSITIONS AT LEVEL HI OF THE EXECUTIVE SCHEDULE.— Section 5314 of title 5, United States Code, is amended by striking "Members, Board of Governors of the Federal Reserve System.". 5 USC 5312 note. (b) EFFECTIVE DATE. —This section and the amendments made by this section shall take effect on the first day of the first pay period for the Chairman and Members of the Board of Governors of the Federal Reserve System beginning on or after the date of the enactment of this Act. SEC. 1003. AMENDMENTS TO THE FEDERAL RESERVE ACT. (a) REPEAL.— Section 2A of the Federal Reserve Act (12 U.S.C. 225a) is amended by striking all after the first sentence. (b) APPEARANCES BEFORE AND REPORTS TO THE CONGRESS. — (1) IN GENERAL.— The Federal Reserve Act (12 U.S.C. 221 et seq.) is amended by inserting after section 2A the following new section: 12 USC 225b. «SEC. 2B. APPEARANCES BEFORE AND REPORTS TO THE CONGRESS. "(a) APPEARANCES BEFORE THE CONGRESS. — (1) IN GENERAL. —The Chairman of the Board shall appear before the Congress at semi-annual hearings, as specified in paragraph (2), regarding— "(A) the efforts, activities, objectives and plans of the Board and the Federal Open Market Committee with respect to the conduct of monetary policy; and "(B) economic developments and prospects for the future described in the report required in subsection (b). "(2) SCHEDULE. —The Chairman of the Board shall appear— "(A) before the Committee on Banking and Financial Services of the House of Representatives on or about February 20 of even numbered calendar years and on or about July 20 of odd numbered calendar years; "(B) before the Committee on Banking, Housing, and Urban Affairs of the Senate on or about July 20 of even numbered calendar years and on or about February 20 of odd numbered calendar years; and "(C) before either Committee referred to in subparagraph (A) or (B), upon request, following the scheduled appearance of the Chairman before the other Committee under subparagraph (A) or (B).
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