Federal Reserve System Modernization Act

[AI summary unavailable — showing source text] Federal Reserve System Modernization Act - Revises the Federal Reserve Act with respect to the composition of the Board of Governors of the Federal Reserve System and of the Federal Open Market Committee. Terminates the existing Board of Governors of the Federal Reserve System. Requires the President to appoint, with the advice and consent of the Senate, seven members of the Federal Reserve Board. Provides for the replacement of one of each of the seven original members each year during the first seven calendar years after their appointment. States that the term of office of each member appointed to succeed an original member, and of all members appointed thereafter, shall be for seven years. Requires one member to have expertise and experience in labor, one in agriculture, one in consumer affairs, and one in small business. States that the Federal Open Market Committee shall consist of the seven members of the Federal Reserve Board, the Secretary of the Treasury, and the Chairman of the Council of Economic Advisors. Requires the Board to report to Congress quarterly on its past and prospective actions and policies on monetary affairs. Authorizes to be appropriated to the Board suc…