This legislation amends the Federal Reserve Act to introduce specific grounds and procedures for the removal of the Chairman of the Board of Governors of the Federal Reserve System. It empowers the President to remove the Chairman if the Federal funds target rate deviates by more than 200 basis points from the average of any two specified economic benchmarks for two consecutive quarters. The benchmarks include the Implicit Price Deflator for Personal Consumption Expenditures , the difference between 5-year Treasury bond and TIPS yields, and the difference between Board and Congressional Budget Office unemployment estimates. Should such a deviation occur, the President must issue a public statement justifying the removal, referencing benchmark data and discussing monetary policy conduct. Furthermore, the House Financial Services Committee and the Senate Banking Committee are mandated to hold hearings within 30 days to analyze the President's justification.