3.0.0 6741 2023-01-11T13:41:35Z 2023-01-11T13:41:35Z House HR 2018-09-07 115 [Congressional Record Volume 164, Number 149 (Friday, September 7, 2018)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. BARR:H.R. 6741.Congress has the power to enact this legislation pursuantto the following:(Article 1, Section 8, Clause 3 (To regulate commerce withforeign nations, and among the several states, and with theIndian tribes); Article I, Section 8, Clause 5 (To coinmoney, regulate the value thereof; and of foreign coin, andfix the standard of weights and measures); Article I, Section8, Clause 6 (To provide for the punishment of counterfeitingthe securities and current coin of the United States); andArticle I, Section 8, Clause 18 (To make all laws which shallbe necessary and proper for carrying into execution theforegoing powers, and all other powers vested by thisConstitution in the government of the United States, or inany department thereof).[Page H7942]]]> hsru00 Rules Committee House Standing Discharged from 2019-01-02T17:43:00Z Referred to 2018-09-07T13:01:05Z hsba00 Financial Services Committee House Standing Reported by 2019-01-02T17:42:39Z Markup by 2018-09-13T15:18:07Z Referred to 2018-09-07T13:01:00Z H. Rept. 115-1116 FFOCUS Act of 2017. 115 2172 HR 2017-04-26 Referred to the House Committee on Financial Services. Related bill CRS Monetary Policy Transparency and Accountability Act of 2017 115 4270 HR 2018-04-25 Placed on the Union Calendar, Calendar No. 500. Related bill CRS Independence from Credit Policy Act of 2017 115 4278 HR 2019-01-02 Placed on the Union Calendar, Calendar No. 884. Related bill CRS Congressional Accountability for Emergency Lending Act of 2017 115 4302 HR 2018-12-28 Placed on the Union Calendar, Calendar No. 868. Related bill CRS Federal Reserve Supervision Testimony Clarification Act 115 4753 HR 2018-09-27 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS Federal Reserve Regulatory Oversight Act 115 4755 HR 2018-01-10 Referred to the House Committee on Financial Services. Related bill CRS Federal Reserve Blackout Improvement Act 115 4756 HR 2018-01-10 Referred to the House Committee on Financial Services. Related bill CRS Fully Informed District Bank Act 115 4757 HR 2018-01-10 Referred to the House Committee on Financial Services. Related bill CRS FOMC Policy Responsibility Act 115 4758 HR 2018-12-12 Placed on the Union Calendar, Calendar No. 837. Related bill CRS FOMC Representation Improvement Act 115 4759 HR 2018-01-10 Referred to the House Committee on Financial Services. Related bill CRS Federal Reserve Disclosure Act 115 4791 HR 2018-01-12 Referred to the House Committee on Financial Services. Related bill CRS 2019-01-02 Placed on the Union Calendar, Calendar No. 883. Calendars H12410 2 House floor actions U00883 2019-01-02 Committee on Rules discharged. Discharge H12300 2 House floor actions hsru00 Rules Committee 2019-01-02 Committee on Rules discharged. Committee 5500 9 Library of Congress hsru00 Rules Committee 2019-01-02 Reported (Amended) by the Committee on Financial Services. H. Rept. 115-1116, Part I. Committee H12200 2 House floor actions hsba00 Financial Services Committee 2019-01-02 Reported (Amended) by the Committee on Financial Services. H. Rept. 115-1116, Part I. Committee 5000 9 Library of Congress hsba00 Financial Services Committee 2018-09-13 hsba00 Financial Services Committee 1 House committee actions Ordered to be Reported (Amended) by the Yeas and Nays: 30 - 21. Committee 2018-09-13 hsba00 Financial Services Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2018-09-07 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. IntroReferral H11100 2 House floor actions hsru00 Rules Committee 2018-09-07 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. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2018-09-07 Introduced in House IntroReferral Intro-H 9 Library of Congress 2018-09-07 Introduced in House IntroReferral 1000 9 Library of Congress B001282 Rep. Barr, Andy [R-KY-6] Andy Barr R KY 6 N L000491 Rep. Lucas, Frank D. [R-OK-3] FRANK LUCAS R OK D. 3 2018-09-07 True M001195 Rep. Mooney, Alexander X. [R-WV-2] Alexander Mooney R WV X. 2 2018-09-07 True T000478 Rep. Tenney, Claudia [R-NY-22] Claudia Tenney R NY 22 2018-09-07 True D000626 Rep. Davidson, Warren [R-OH-8] Warren Davidson R OH 8 2018-09-07 True Economics and Public Finance Appropriations Credit and credit markets Federal Reserve System Government employee pay, benefits, personnel management Government lending and loan guarantees Interest, dividends, interest rates Monetary policy Securities Economics and Public Finance 00 2018-09-07 Introduced in House 2019-08-15T13:50:05Z 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;
]]> Federal Reserve Reform Act of 2018 Display Title Federal Reserve Reform Act of 2018 Official Title as Introduced To amend the Federal Reserve Act to increase monetary policy transparency and accountability and to make reforms to the Federal Reserve System, and for other purposes. Introduced in House IH Short Titles as Introduced Federal Reserve Reform Act of 2018 Short Titles as Reported to House Federal Reserve Reform Act of 2018 H House Reported in House 2019-01-02T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr6741rh/xml/BILLS-115hr6741rh.xml Introduced in House 2018-09-07T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr6741ih/xml/BILLS-115hr6741ih.xml 2019-01-02 Placed on the Union Calendar, Calendar No. 883. 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.