1. Short title This Act may be cited as the Strengthening Federal Reserve System Accountability Act of 2023 . 2. Banker representation on Federal Reserve bank boards (a) Class A directors (1) Eligibility The tenth undesignated paragraph of section 4 of the Federal Reserve Act ( 12 U.S.C. 302 ) is amended— (A) by inserting with $50,000,000,000 or less in assets before the period at the end; and (B) by inserting The Reserve bank, in consultation with the Board of Governors of the Federal Reserve System, may remove a Class A director if, after the director is elected, the assets of the bank of the director grow rapidly greater than $50,000,000,000. No individual may serve as a Class A director if the individual represents a bank that has a CAMELS rating of 3 or higher or outstanding Matters Requiring Attention or Matters Requiring Immediate Attention above the average number for banks of similar size and complexity. after the period at the end. (2) Nomination and election The 16th undesignated paragraph of section 4 of the Federal Reserve Act ( 12 U.S.C. 304 ) is amended— (A) in the third sentence, by inserting with $50,000,000,000 or less in assets after member bank