H.R. 6741 · 115th Congress
Federal Reserve Reform Act of 2018
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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
BarrSponsor4 cosponsors · 4 R
4 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill revises provisions related to the authority of the Federal Reserve Board to set monetary policy. Among other things, the bill
What it does: CRS summary · Introduced in House · Sep 7, 2018
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;
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Federal Reserve Reform Act of 2018
Latest action (Jan 2, 2019): Placed on the Union Calendar, Calendar No. 883.
Policy area: Economics and Public Finance · Origin: House · Introduced: Sep 7, 2018
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.