PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the House Committee on Financial Services.
Congressional Research Service
Version 00 · Introduced in House · Jan 3, 2013
Democratizing the Federal Reserve System Act of 2013 - 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.
Showing the opening paragraphs of the official summary.
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.
People & committees
Rep. Kaptur, Marcy [D-OH-9] · D–OH
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Primary sources
Text links open the official source. We currently store references to these documents.
No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Aug 12, 2025. Consult Congress.gov for the current record.
AI Conversation Starters
Choose a perspective, copy a prompt, and paste it into your preferred AI. Each prompt includes the bill version and available official source links, and asks for counterarguments as well as supporting evidence.
Analyze H.R.130 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
Examine H.R.130 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.
Examine H.R.130 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.
Examine H.R.130 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.