; (2) in the ninth undesignated paragraph, by striking , and divided into three classes, designated as classes A, B, and C ; (3) by striking the tenth, eleventh, fourteenth, sixteenth, seventeenth, and eighteenth undesignated paragraphs; (4) in the twelfth undesignated paragraph— (A) by striking Class C shall consist of three members who shall be designated by the Board of Governors of the Federal Reserve System. and inserting Members of the board of directors shall be designated by the Board of Governors of the Federal Reserve System. ; and (B) by striking class C ; (5) in the fifteenth undesignated paragraph, by striking of class C ; (6) in the twentieth undesignated paragraph— (A) by striking Class C directors and inserting Directors ; (B) by striking of class C ; and (C) by striking the third class C director and inserting another director of the Board, designated by the Board of Governors of the Federal Reserve System, ; and (7) in the twenty-fourth undesignated paragraph— (A) by striking of classes A, B and C, respectively, ; (B) by striking one the first place it appears and inserting three ; (C) by striking of each class whose term the second place it appears and inserting whose terms ; (D) by striking one whose term the first place it appears and inserting three whose terms ; (E) by striking one whose term the second place it appears and inserting three whose terms ; and (F) by striking in the several classes of and inserting on the board of . 4. Studies Section 2B(b) of the Federal Reserve Act ( 12 U.S.C. 225b(b) ) is amended— (1) by striking The Board shall and inserting (1) In general. —The Board shall ; and (2) by inserting at the end the following: (2) Inflation and employment figures In each report required under paragraph (1), the Board shall include— (A) the results of a study of the past estimates of the Board on longer-run unemployment rates, including— (i) an assessment of the accuracy of such estimates; (ii) an assessment of the effect of such estimates on decisions of the Board