H.R. 1401: Democratizing the Federal Reserve System Act of 2011

112th Congress · introduced 2011-04-06 · Finance and Financial Sector · Latest: Subcommittee Hearings Held.

federal

Follow this bill, step by step

Where it came from: introduced 2011-04-06 · official record
Who proposed it: Rep. Kaptur, Marcy [D-OH-9] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Subcommittee Hearings Held. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Democratizing the Federal Reserve System Act of 2011

Plain summary

Democratizing the Federal Reserve System Act of 2011 - Amends the Federal Reserve Act to reduce from 14 years to 7 years the term of office of the members of the Board of Governors of the Federal Reserve System. Increases from two years to four years the post-service restriction which renders Board members ineligible to hold any office, position, or employment in any member bank. Revises the terms for ongoing service on the Board with respect to its Chairman and Vice Chairman. Requires the Speaker and the minority leader of the House of Representatives, the majority leader and minority leader of the Senate, and specified committee chairpersons and ranking members to create jointly a list of five candidates in rank order to present to the President for consideration for a Board vacancy if the President has not made a nomination to fill it within a specified time period. Requires the President, no later than 30 days after the transmittal of such list, to nominate a person to fill the vacancy, whether from such list or another person. Increases the membership of the Federal Open Market Committee from five to six members. Revises the distribution of Federal Open Market Committee membership.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Democratizing the Federal Reserve System Act of 2011

Source: Congressional Research Service summary (Introduced in House)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Kaptur, Marcy [D-OH-9] · 2 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Sponsor's campaign money: Rep. Kaptur, Marcy [D-OH-9] reported raising $5.9 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-112hr1401.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/112/hr>

Record fed-us-cong112-hr1401 · catalog fed-us-congress-bills-cong112 · updated 2026-11-15 by psicol fed-bills-cong112