[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2917 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 2917

                 To reform the Federal Reserve System.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             August 6, 1993

Mr. Blackwell introduced the following bill; which was referred to the 
            Committee on Banking, Finance and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
                 To reform the Federal Reserve System.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. AUTHORITY OF THE PRESIDENT TO APPOINT THE MEMBERS OF THE 
              FEDERAL OPEN MARKET COMMITTEE.

    (a) In General.--Section 12A(a) of the Federal Reserve Act (12 
U.S.C. 263(a)) is amended by striking ``five'' and all that follows 
through the end of the second sentence and inserting the following: ``5 
individuals appointed by the President, by and with the advice and 
consent of the Senate, and after consultation with, and consideration 
of candidates selected by, the Federal Advisory Council.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to a position on the Federal Open Market Committee on the first 
day occurring on or after the date of the enactment of this Act that 
there is a vacancy in the position.

SEC. 2. CONSULTATION BETWEEN THE FEDERAL OPEN MARKET COMMITTEE AND THE 
              SECRETARY OF THE TREASURY, THE DIRECTOR OF THE OFFICE OF 
              MANAGEMENT AND BUDGET, AND THE CHAIRMAN OF THE COUNCIL OF 
              ECONOMIC ADVISERS.

    Section 2A of the Federal Reserve Act (12 U.S.C. 225a) is amended--
            (1) by inserting ``(a) In General.--'' before ``The Board'' 
        the 1st place such term appears; and
            (2) by adding at the end the following:
    ``(b) Consultation Required.--The Federal Open Market Committee 
shall meet and consult, on a quarterly basis, with the Secretary of the 
Treasury, the Director of the Office of Management and Budget, and the 
Chairman of the Council of Economic Advisers.''.

SEC. 3. COINCIDENCE OF THE TERM OF OFFICE OF CHAIRMAN OF THE BOARD OF 
              GOVERNORS OF THE FEDERAL RESERVE SYSTEM WITH THE TERM OF 
              OFFICE OF THE PRESIDENT.

    (a) In General.--The 2nd undesignated paragraph of section 10 of 
the Federal Reserve Act (12 U.S.C. 242) is amended in the 3rd sentence 
by striking ``of four years'' each place such term appears and 
inserting ``ending with the end of the term of office of the 
President''.
    (b) Effective Date.--The amendments made by subsection (a) shall 
take effect on the first day occurring on or after the date of the 
enactment of this Act that there is a vacancy in the office of the 
Chairman of the Board of Governors of the Federal Reserve System.

SEC. 4. AVAILABILITY OF THE BUDGET OF THE FEDERAL RESERVE SYSTEM.

    Section 1105 of title 31, United States Code, is amended by adding 
at the end the following:
    ``(g) Publication of the Budget of the Federal Reserve System.--
            ``(1) Transmission to the president.--Not later than 
        October 16 of each year, the Board of Governors of the Federal 
        Reserve System shall transmit to the President the estimated 
        receipts and proposed expenditures of the Board and of the 
        Federal Reserve banks for the year and for each of the 2 
        immediately succeeding years.
            ``(2) Transmission to the congress with the budget of the 
        united states.--The President shall transmit to the Congress, 
        without change, the matter transmitted pursuant to paragraph 
        (1), with the budget transmitted to the Congress under 
        subsection (a).''.

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