[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. 219 Introduced in Senate (IS)]

103d CONGRESS
  1st Session
                                 S. 219

To provide for a Federal Open Market Advisory Committee, and for other 
                               purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

             January 26 (legislative day, January 5), 1993

  Mr. Sarbanes (for himself, Mr. Sasser, Mr. Riegle, and Mr. Dorgan) 
introduced the following bill; which was read twice and referred to the 
            Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
To provide for a Federal Open Market Advisory Committee, and for other 
                               purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Monetary Policy Reform Act of 
1993''.

SEC. 2. MEMBERSHIP OF THE FEDERAL OPEN MARKET ADVISORY COMMITTEE.

    Section 12A(a) of the Federal Reserve Act (12 U.S.C. 263(a)) is 
amended to read as follows:
    ``(a) Establishment of Advisory Committee.--
            ``(1) In general.--There is established a Federal Open 
        Market Advisory Committee (hereafter in this section referred 
        to as the `Advisory Committee'), which shall consist of the 
        presidents of the Federal Reserve banks.
            ``(2) Chairperson.--The president of the Federal Reserve 
        Bank of New York shall serve as the chairperson of the Advisory 
        Committee.
            ``(3) Meetings.--The meetings of the Advisory Committee 
        shall be held in Washington, District of Columbia, not less 
        than 4 times a year upon the call of the Board of Governors of 
        the Federal Reserve System.
            ``(4) Duties.--The Advisory Committee shall advise the 
        Board on the conduct of open-market operations.''.

SEC. 3. CONFORMING AMENDMENTS

    (a) In General.--Section 12A of the Federal Reserve Act (12 U.S.C. 
263) is amended--
            (1) in subsection (b)--
                    (A) by striking ``Committee'' each place it appears 
                and inserting ``Board''; and
                    (B) by inserting ``Regulations.--'' before ``No 
                Federal Reserve''; and
            (2) in subsection (c), by inserting ``Accommodation of 
        Commerce and Business.--'' before ``The time''.
    (b) United States Obligations.--Section 14(b)(2) of the Federal 
Reserve Act (12 U.S.C. 355(2)) is amended by striking ``Federal Open 
Market Committee'' and inserting ``Board of Governors of the Federal 
Reserve System''.
    (c) Other References in Federal Law.--Except as otherwise provided 
in this section, any reference in Federal law to the Federal Open 
Market Committee shall be construed to be a reference to the Federal 
Open Market Advisory Committee.

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