3.0.0 1848 2023-01-11T13:30:03Z 2023-01-11T13:30:03Z Senate S 2015-07-23 114 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2015-07-23T15:35:41Z Sound Dollar Act of 2015 114 2913 HR 2015-06-25 Referred to the House Committee on Financial Services. Related bill CRS Bureau of Consumer Financial Protection Accountability Act of 2015 114 1261 HR 2015-03-04 Referred to the House Committee on Financial Services. Related bill CRS TABS Act of 2016 114 1486 HR 2016-05-06 Placed on the Union Calendar, Calendar No. 414. Related bill CRS 2015-07-23 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2015-07-23 Introduced in Senate IntroReferral 10000 9 Library of Congress L000577 Sen. Lee, Mike [R-UT] Mike Lee R UT N C001056 Sen. Cornyn, John [R-TX] John Cornyn R TX 2015-07-23 True Economics and Public Finance Administrative law and regulatory procedures Bank accounts, deposits, capital Banking and financial institutions regulation Budget deficits and national debt Congressional oversight Consumer Financial Protection Bureau Consumer credit Credit and credit markets Economic performance and conditions Executive agency funding and structure Federal Reserve System Financial crises and stabilization Government information and archives Government trust funds Inflation and prices International monetary system and foreign exchange Monetary policy Securities Unemployment Economics and Public Finance 00 2015-07-23 Introduced in Senate 2016-04-11T15:22:46Z Sound Dollar Act of 2016

This bill amends the Federal Reserve Act (FRA) to direct the Board of Governors of the Federal Reserve System and the Federal Open Market Committee (FOMC) to: (1) pursue the goal of long-term price stability, and (2) establish metrics to evaluate whether long-term price stability is being achieved.

The bill also prescribes procedures for the establishment and evaluation of such metrics.

The Board and the FOMC shall: (1) make such information available to the public on a website, and (2) report to Congress each time such metrics are set or revised.

The Board must include in its semiannual report to Congress: (1) the results of the evaluation process; (2) whether the goal of long-term price stability is being met, and if not, why not, as well as remedial steps to be taken; (3) the main monetary policy instruments and strategy used by the Board and the FOMC to achieve long-term price stability; and (4) an analysis of how the policies of the Board and the FOMC are affecting the foreign exchange rate value of the U.S. dollar.

The Board must clearly articulate its lender-of-last-resort policy and make it public on the appropriate website.

FOMC membership shall consist of one representative from each of the Federal Reserve banks (in addition to members of the Board).

The FOMC shall release meeting transcripts to the public within three years after each meeting.

The Department of the Treasury stabilization fund is renamed the Special Drawing Rights Fund. Treasury shall liquidate all property in the Fund (other than Special Drawing Rights) and use all such amounts to reduce the public debt.

The Fund shall be available solely to stabilize exchange rates and arrangements. Repeals Treasury authority to deal in U.S. instruments of credit and securities. Permits only Special Drawing Rights to be deposited into the Fund. Requires funds that would otherwise have been deposited into the Fund to be paid, instead, to the Treasury to reduce the public debt.

The FRA is amended to authorize the FOMC, in unusual and exigent circumstances, by the affirmative vote of two-thirds of its members, to grant any Federal Reserve bank emergency authority to buy and sell U.S. debt obligations and revenue bonds in anticipation of the collection of taxes or the receipt of assured revenues by any state or local governmental entity, as well as obligations of, or guaranteed by, a foreign government or agency.

The Consumer Financial Protection Act of 2010 is amended to repeal: (1) Board funding of the Consumer Financial Protection Bureau (CFPB) from Federal Reserve System earnings (outside the annual appropriations process), and (2) the CFPB Fund. By this means the bill brings the CFPB into the regular appropriations process.

]]> Sound Dollar Act of 2015 Display Title Sound Dollar Act of 2015 Official Title as Introduced A bill to amend the Federal Reserve Act to improve the functioning and transparency of the Board of Governors of the Federal Reserve System and the Federal Open Market Committee, and for other purposes. Introduced in Senate IS Short Titles as Introduced Sound Dollar Act of 2015 Introduced in Senate 2015-07-23T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114s1848is/xml/BILLS-114s1848is.xml 2015-07-23 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.