Federal Reserve System Modernization Act

[AI summary unavailable — showing source text] Federal Reserve System Modernization Act - Amends the Federal Reserve Act to require the Board of Governors of the Federal Reserve System (Board) to keep detailed minutes of all meetings of the Federal Open Market Committee. Sets forth the contents of and the guidelines for the keeping and publication of such minutes. States that the President is not geographically restricted in the appointment of the Chairman of the Board. Provides for a four-year term for the Chairman, which shall expire the year after the expiration of the term of the President who appointed him or her. Provides for the appointment of the Vice Chairman to such Board. Repeals the requirement that the Board print an annual report of its operations for the information of the Congress. Provides for the effective dates of the amendments made by this Act. Repeals the prohibition against Federal reserve banks from entering into contracts in excess of $250,000 for the erection of branch bank buildings.…