Representative Barney Frank (D - MA) has introduced legislation (H.R. 1512) that would remove the five rotating members who are representatives of District Federal Reserve Banks from the Federal Open Market Committee (FOMC).
The FOMC is the group that makes monetary policy within the Federal Reserve. The FOMC is currently composed of the seven members of the Board of Governors plus the five voting members from the twelve Federal Reserve Banks, although all twelve district Bank participate in the FOMC's policy discussions.
The bill would not affect the remaining seven seats held by members of the Federal Reserve Board of Governors, who are nominated by the President and confirmed by the Senate.
Read the bill.