[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4758 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 4758

  To amend the Federal Reserve Act to require the Federal Open Market 
   Committee to establish interest rates on balances maintained at a 
            Federal Reserve Bank by depository institutions.


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                    IN THE HOUSE OF REPRESENTATIVES

                            January 10, 2018

  Ms. Tenney introduced the following bill; which was referred to the 
                    Committee on Financial Services

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                                 A BILL


 
  To amend the Federal Reserve Act to require the Federal Open Market 
   Committee to establish interest rates on balances maintained at a 
            Federal Reserve Bank by depository institutions.

    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 ``FOMC Policy Responsibility Act''.

SEC. 2. INTEREST RATES ON BALANCES MAINTAINED AT A FEDERAL RESERVE BANK 
              BY DEPOSITORY INSTITUTIONS ESTABLISHED BY FEDERAL OPEN 
              MARKET COMMITTEE.

    Subparagraph (A) of section 19(b)(12) of the Federal Reserve Act 
(12 U.S.C. 461(b)(12)(A)) is amended by inserting ``established by the 
Federal Open Market Committee'' after ``rate or rates''.
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