Congressional Oversight
A dedicated committee within Congress would be responsible for overseeing The Board's actions. This committee could hold hearings, request documents, and summon board members for questioning regarding their decisions and market activities as part of regular oversight processes or special inquiries.
Transparency and Reporting Requirement
- The Board would be required to submit comprehensive reports to Congress on a regular basis detailing its activities, financial performance, decisions made, and the rationale behind them.
- Full financial disclosures by board members would be a part of these reports to maintain a high level of transparency.
Investigative Powers
- Congress would have the authority to investigate potential misconduct, ethical breaches, or abuses of power by members of The Board. If warranted, these investigations could lead to formal recommendations for disciplinary actions or impeachment.
Impeachment Procedures
- Specific procedures would be established for how Congress can impeach members of The Board. This would involve defining grounds for impeachment, such as malfeasance, nonfeasance, corruption, conflict of interest, or violation of established rules of The Board.
- A clear process for initiating impeachment proceedings, including but not limited to a majority vote in the committee of jurisdiction, followed by a full vote in the House of Representatives, should be outlined.
Recommendation Process
- The procedural framework would also define how Congress can make recommendations to The Board. Such recommendations could pertain to policy, strategic direction, or reforms needed to enhance efficiency and integrity.
- While The Board is not obligated to act on these recommendations, ignoring them could lead to increased Congressional scrutiny or legislative actions.
Confirmation of Appointments
- For appointed positions within The Board, Congress, specifically the Senate, would retain the power to confirm or deny these appointments, ensuring an additional layer of accountability.
Legislative Checks
- Should Congressional investigations reveal systemic issues within The Board, Congress would have the power to propose and enact legislation to address these issues, adjust The Board's mandate, or reform procedural practices.
Annual Reviews
- The Board would be subject to an annual review by Congress, during which its overall performance, impact on national economic policy, and individual member conduct are evaluated against established benchmarks.
Public Access to Information
- Congress would ensure that The Board's records and actions are accessible to the public, except in cases where confidentiality is essential for security or sensitive negotiations.
By establishing these oversight mechanisms, Congress will have the means to hold The Board and its members accountable for their actions while respecting the independence that allows The Board to operate effectively within its mandate.