; and (2) by striking the 15th undesignated paragraph ( 12 U.S.C. 303 ). 3. Reserve Bank director responsibilities (a) In general The eighth undesignated paragraph of section 4 of the Federal Reserve Act ( 12 U.S.C. 301 ) is amended by inserting after the period at the end of the second sentence the following: The board of directors may not be involved in bank examinations or supervisory processes, including the selection, appointment, and compensation of all Federal reserve bank officers whose primary duties involve supervisory matters, budgetary matters, and any other decisions or deliberations that pertain to supervisory activities. . (b) Term limits The 24th undesignated paragraph of section 4 of the Federal Reserve Act ( 12 U.S.C. 308 ) is amended by inserting No director of a Federal reserve bank may serve more than 2 full terms. after the period at the end of the second sentence. 4. Federal Reserve transparency and independence (a) Director elections (1) Class A The 19th undesignated paragraph of section 4 of the Federal Reserve Act ( 12 U.S.C. 304 ) is amended by inserting , which shall be published on the website of each Federal reserve bank not later than 3 years after such declaration before the period at the end of the fifth sentence. (2) Class B The 11th undesignated paragraph of section 4 of the Federal Reserve Act ( 12 U.S.C. 302 ) is amended by inserting The list of the final 3 candidates considered for such designation shall be published on the website of the Board of Governors of the Federal Reserve System not earlier than 3 years after the date of its completion. after the period at the end of the second sentence. (b) Director and president selection input Section 4 of the Federal Reserve Act is amended by inserting after the 20th undesignated paragraph ( 12 U.S.C. 305 ) the following: The Federal reserve banks and the Board of Governors of the Federal Reserve System shall develop processes for allowing public comment and input for nominating Class A directors and designating Class B directors,