[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 246 Introduced in House (IH)]

113th CONGRESS
  1st Session
                                H. R. 246

  To require the Board of Governors of the Federal Reserve System to 
    collect, publish, and keep current an objective index of dollar-
 denominated loan interest rates of various maturities, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 14, 2013

Mr. Schweikert introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To require the Board of Governors of the Federal Reserve System to 
    collect, publish, and keep current an objective index of dollar-
 denominated loan interest rates of various maturities, 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 ``Rate of Average Time Execution Act 
of 2013'' or the ``RATE Act of 2013''.

SEC. 2. PUBLICATION OF CERTAIN LOAN RATES.

    (a) In General.--The Federal Reserve Act is amended by inserting 
after section 11B the following:

``SEC. 11C. PUBLICATION OF CERTAIN LOAN RATES.

    ``(a) In General.--The Board of Governors of the Federal Reserve 
System shall collect, publish, and keep current a set of indices 
reporting the rate for dollar-denominated loans of various maturities.
    ``(b) Specific Requirements.--The indices described under 
subsection (a) shall--
            ``(1) be derived from a collation of objective, anonymized 
        data collected from a variety of financial institutions for a 
        variety of loan products, where such institutions are 
        representative of a broad range of participants in the 
        financial market;
            ``(2) contain information representing executed 
        transactions from a basket of credit products, determined by 
        the Board and derived from real market data based on actual 
        borrowing costs;
            ``(3) list the average of loan rates with maturities of 
        overnight, one month, three months, six months, nine months, 
        and one year;
            ``(4) not contain the Federal funds rate;
            ``(5) be published on the Board's website and updated 
        weekly; and
            ``(6) be clearly labeled in such a way that they cannot be 
        misinterpreted to be rate targets set by the Federal Open 
        Market Committee.''.
    (b) Rulemaking.--The Board of Governors of the Federal Reserve 
System shall issue regulations to carry out section 11C of the Federal 
Reserve Act, as added by subsection (a), before the end of the 90-day 
period beginning on the date of the enactment of this Act.
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