House Bill 6741
115th Congress(2017-2018)
Federal Reserve Reform Act of 2018
Introduced
Introduced in House on Sep 7, 2018
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
6741
Congress
115
Policy Area
Economics and Public Finance
Economics and Public Finance
Primary focus of measure is budgetary matters such as appropriations, public debt, the budget process, government lending, government accounts and trust funds; monetary policy and inflation; economic development, performance, and economic theory.
No House votes have been held for this bill.
Summary
Federal Reserve Reform Act of 2018
This bill revises provisions related to the authority of the Federal Reserve Board to set monetary policy. Among other things, the bill
- generally limits the board's emergency-lending authority;
- subjects the nonmonetary policy-related administrative costs of the board to the congressional appropriations process;
- limits the types of securities that the board may acquire in the open market to gold stock, currency, and direct obligations of the United States, foreign banks, or the International Monetary Fund;
- requires the board to exchange certain assets with the Department of the Treasury for direct U.S. obligations of equivalent value;
- requires the Federal Open Market Committee (FOMC) to set the interest rates on balances maintained at Federal Reserve banks by depository institutions;
- revises the membership of the FOMC; and
- requires the FOMC to annually publish its monetary policy strategy;
01/02/2019
Placed on the Union Calendar, Calendar No. 883.
01/02/2019
Committee on Rules discharged.
01/02/2019
Reported (Amended) by the Committee on Financial Services. H. Rept. 115-1116, Part I.
09/13/2018
Ordered to be Reported (Amended) by the Yeas and Nays: 30 - 21.
09/13/2018
Committee Consideration and Mark-up Session Held.
09/07/2018
Referred to the Committee on Financial Services, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
09/07/2018
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:41:35 PM