[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6741 Reported in House (RH)]
<DOC>
Union Calendar No. 883
115th CONGRESS
2d Session
H. R. 6741
[Report No. 115-1116, Part I]
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.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 7, 2018
Mr. Barr (for himself, Mr. Lucas, Mr. Mooney of West Virginia, Ms.
Tenney, and Mr. Davidson) introduced the following bill; which was
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
January 2, 2019
Reported from the Committee on Financial Services with an amendment
[Strike out all after the enacting clause and insert the part printed
in italic]
January 2, 2019
Committee on Rules discharged; committed to the Committee of the Whole
House on the State of the Union and ordered to be printed
[For text of introduced bill, see copy of bill as introduced on
September 7, 2018]
_______________________________________________________________________
A BILL
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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``Federal Reserve
Reform Act of 2018''.
(b) Table of Contents.--The table of contents for this Act is as
follows:
Sec. 1. Short title; table of contents.
Sec. 2. Monetary policy transparency and accountability.
Sec. 3. Independence from credit policy.
Sec. 4. Congressional accountability for emergency lending programs.
Sec. 5. Interest rates on balances maintained at a Federal Reserve Bank
by depository institutions established by
Federal Open Market Committee.
Sec. 6. Membership of Federal Open Market Committee.
Sec. 7. Bringing the non-monetary policy related functions of the Board
of Governors of the Federal Reserve System
into the appropriations process.
Sec. 8. Amendment to appointment of presidents of Federal Reserve
Banks.
Sec. 9. Federal Open Market Committee blackout period.
Sec. 10. Salaries, financial disclosures, and office staff of the Board
of Governors of the Federal Reserve System.
Sec. 11. Vice Chairman for Supervision report requirement.
SEC. 2. MONETARY POLICY TRANSPARENCY AND ACCOUNTABILITY.
Section 12A of the Federal Reserve Act (12 U.S.C. 263) is amended--
(1) by redesignating subsections (b) and (c) as subsections
(d) and (e), respectively; and
(2) by inserting after subsection (a) the following new
subsections:
``(b) Policy Transparency.--
``(1) Monetary policy strategy.--
``(A) In general.--The Committee shall annually
establish exactly 1 monetary policy strategy, which
shall serve as a non-technical public communication of
the Committee's consensus expectation for the conduct
of monetary policy during that calendar year.
``(B) Requirements.--Each monetary policy strategy
of the Committee shall include the following:
``(i) A plain English description of how
the Committee would adjust each of the
following monetary policy instruments in
reaction to changes in a small and well-defined
set of publicly available economic indicators:
``(I) Short-term interest rate
targets established by the Committee.
``(II) Open-market operations
authorized under section 14.
``(III) Earnings on balances
maintained at a Federal reserve bank by
or on behalf of a depository
institution under section 19(b)(12).
``(ii) An identification of 1 monetary
policy instrument from the list in clause (i)
that the Committee expects to use as the
primary instrument for implementing the
monetary policy strategy described under
subparagraph (A).
``(2) Reference monetary policy rules.--In addition to the
monetary policy strategy required under paragraph (1), the
Committee shall annually adopt at least 1 and not more than 3
reference monetary policy rules, each of which shall
mathematically express how the primary monetary policy
instrument identified under paragraph (1)(B)(ii) reacts to
changes in a small and well-defined set of publicly available
economic indicators.
``(3) Deviations.--Nothing in this subsection shall be
construed to prevent the Committee from setting short-term
interest rate targets, conducting open-market operations, or
paying earnings on balances pursuant to section 19(b)(12) in a
manner that deviates from a monetary policy strategy or any
reference monetary policy rules established under this
subsection.
``(c) Testimony and Reports of the Chairman.--The Chairman shall,
concurrent with each semi-annual hearing required under section 2B,
submit a report to the Committee on Banking, Housing, and Urban Affairs
of the Senate and the Committee on Banking and Financial Services of
the House of Representatives, containing--
``(1) a statement as to whether the monetary policy
strategy established under subsection (b)(1) qualitatively
differs from any of the reference monetary policy rules
required under subsection (b)(2) and, if applicable, a full and
non-technical explanation of any such difference;
``(2) a statement as to whether the Committee's conduct of
monetary policy since the previous report quantitatively
differs from any reference monetary policy rule and, if
applicable, a full and non-technical explanation of any such
differences; and
``(3) a description of--
``(A) the circumstances under which the Committee's
monetary policy strategy may be amended from year to
year; and
``(B) a full and non-technical explanation of any
such actual amendment.''.
SEC. 3. INDEPENDENCE FROM CREDIT POLICY.
(a) Returning to a Monetary Policy Balance Sheet.--
(1) In general.--Not later than 1 year after the date of
the enactment of this Act--
(A) the Board of Governors of the Federal Reserve
System shall transfer to the Department of the Treasury
all covered assets that are neither gold stock,
Treasury currency, nor direct obligations of the United
States, foreign central banks, or the International
Monetary Fund; and
(B) the Secretary of the Treasury shall transfer to
the Federal reserve banks direct obligations of the
United States of equivalent market value to such
covered assets.
(2) Covered assets defined.--In this subsection, the term
``covered assets'' means all assets--
(A) purchased through open-market operations by the
Federal reserve banks; or
(B) acquired through transactions under the
following sections of the Federal Reserve Act (12
U.S.C. 221 et seq.):
(i) Section 10A before the date of the
enactment of this Act.
(ii) Section 10B.
(iii) Section 13.
(iv) Section 13A.
(v) Section 24.
(b) Open Market Asset Purchases.--Section 14(b) (12 U.S.C. 355) of
the Federal Reserve Act (relating to ``Purchase and sale of obligations
of United States, States, counties, etc.'') is amended to read as
follows:
``(b) To buy and sell in the open market, at home or abroad, under
the direction and regulations of the Federal Open Market Committee,
gold stock, Treasury currency, or direct obligations of the United
States, foreign central banks, or the International Monetary Fund.
Nothing in this subsection shall be construed to limit advances under
section 10B, or discount loans under sections 13, 13A, or 24.''.
(c) Maintaining a Monetary Policy Balance Sheet.--
(1) Assets acquired under emergency lending.--Section 13(3)
of the Federal Reserve Act (12 U.S.C. 343(3)) is amended by
adding at the end the following new subparagraph:
``(F) Not later than 1 year after a Federal reserve
bank acquires any assets under this paragraph that are
neither gold nor direct obligations of the United
States, foreign central banks, or the International
Monetary Fund--
``(i) the Board shall transfer such assets
of the Federal reserve bank to the Department
of the Treasury; and
``(ii) the Secretary of the Treasury shall
transfer to the Federal reserve banks direct
obligations of the United States of equivalent
market value to the assets described in clause
(i).''.
(2) Repeal of authority to provide emergency advances to
groups of member banks.--Section 10A of the Federal Reserve Act
is repealed.
(3) Assets acquired through advances to member banks.--The
second undesignated paragraph of subsection (a) of section 10B
of the Federal Reserve Act is amended--
(A) by inserting ``not'' before ``secured by
mortgage loans''; and
(B) by striking ``lowest discount rate'' and
inserting ``highest discount rate''.
SEC. 4. CONGRESSIONAL ACCOUNTABILITY FOR EMERGENCY LENDING PROGRAMS.
Section 13(3) of the Federal Reserve Act (12 U.S.C. 343(3)), as
amended by section 3, is further amended--
(1) in subparagraph (A)--
(A) by inserting ``that pose a threat to the
financial stability of the United States'' after
``unusual and exigent circumstances''; and
(B) by striking ``the affirmative vote of not less
than five members'' and inserting ``the prior approval
of the Secretary of the Treasury and not less than \2/
3\ of the members of the Federal Open Market
Committee'';
(2) in subparagraph (B)--
(A) by moving such subparagraph 4 ems to the left;
(B) in clause (i), by inserting at the end the
following: ``Federal reserve banks may not accept
equity securities issued by the recipient of any loan
or other financial assistance under this paragraph as
collateral. Not later than 6 months after the date of
the enactment of this sentence, the Board shall, by
rule, establish--
``(I) a method for determining the sufficiency of the
collateral required under this paragraph;
``(II) acceptable classes of collateral;
``(III) the amount of any discount on the value of the
collateral that the Federal reserve banks will apply for
purposes of calculating the sufficiency of collateral under
this paragraph; and
``(IV) a method for obtaining independent appraisals of the
value of collateral the Federal reserve banks receive.'';
(C) in clause (ii)--
(i) by striking the second sentence; and
(ii) by inserting after the first sentence
the following: ``A borrower shall not be
eligible to borrow from any emergency lending
program or facility unless the Board and all
Federal banking regulators with jurisdiction
over the borrower certify that, at the time the
borrower initially borrows under the program or
facility, the borrower is not insolvent.''; and
(D) by striking clause (iv);
(3) by inserting ``financial institution'' before
``participant'' each place such term appears;
(4) in subparagraph (D)(i), by inserting ``financial
institution'' before ``participants''; and
(5) by adding at the end the following new subparagraphs:
``(G) Joint resolution of approval.--
``(i) In general.--A program or facility
created under subparagraph (A) shall terminate
on the date that is 30 calendar days after the
date on which Congress receives a report
described in subparagraph (C) unless there is
enacted into law a joint resolution approving
the program or facility not later than 30
calendar days after the date on which the
report is received. Any loan offered through
the program or facility that is outstanding as
of the date on which the program or facility is
terminated shall be repaid in full not later
than 30 calendar days after the date on which
the program or facility is terminated.
``(ii) Contents of joint resolution.--For
the purpose of this subparagraph, the term
`joint resolution' means only a joint
resolution--
``(I) that is introduced not later
than 3 calendar days after the date on
which the report described in
subparagraph (C) is received by
Congress;
``(II) that does not have a
preamble;
``(III) the title of which is as
follows: `Joint resolution relating to
the approval of a program or facility
created by the Board of Governors of
the Federal Reserve System'; and
``(IV) the matter after the
resolving clause of which is as
follows: `That Congress approves the
program or facility created by the
Board of Governors of the Federal
Reserve System on __________.' (The
blank space being appropriately filled
in).
``(iii) Fast track consideration in house
of representatives.--
``(I) Reconvening.--Upon receipt of
a report under subparagraph (C), the
Speaker, if the House would otherwise
be adjourned, shall notify the Members
of the House that, pursuant to this
subparagraph, the House shall convene
not later than the second calendar day
after receipt of such report.
``(II) Reporting and discharge.--
Any committee of the House of
Representatives to which a joint
resolution is referred shall report it
to the House not later than 5 calendar
days after the date of receipt of the
report described in subparagraph (C).
If a committee fails to report the
joint resolution within that period,
the committee shall be discharged from
further consideration of the joint
resolution and the joint resolution
shall be referred to the appropriate
calendar.
``(III) Proceeding to
consideration.--After each committee
authorized to consider a joint
resolution reports it to the House or
has been discharged from its
consideration, it shall be in order,
not later than the sixth day after
Congress receives the report described
in subparagraph (C), to move to proceed
to consider the joint resolution in the
House. All points of order against the
motion are waived. Such a motion shall
not be in order after the House has
disposed of a motion to proceed on the
joint resolution. The previous question
shall be considered as ordered on the
motion to its adoption without
intervening motion. The motion shall
not be debatable. A motion to
reconsider the vote by which the motion
is disposed of shall not be in order.
``(IV) Consideration.--The joint
resolution shall be considered as read.
All points of order against the joint
resolution and against its
consideration are waived. The previous
question shall be considered as ordered
on the joint resolution to its passage
without intervening motion except 2
hours of debate equally divided and
controlled by the proponent and an
opponent. A motion to reconsider the
vote on passage of the joint resolution
shall not be in order.
``(iv) Fast track consideration in
senate.--
``(I) Reconvening.--Upon receipt of
a report under subparagraph (C), if the
Senate has adjourned or recessed for
more than 2 days, the majority leader
of the Senate, after consultation with
the minority leader of the Senate,
shall notify the Members of the Senate
that, pursuant to this subparagraph,
the Senate shall convene not later than
the second calendar day after receipt
of such report.
``(II) Placement on calendar.--Upon
introduction in the Senate, the joint
resolution shall be placed immediately
on the calendar.
``(III) Floor consideration.--
``(aa) In general.--
Notwithstanding Rule XXII of
the Standing Rules of the
Senate, it is in order at any
time during the period
beginning on the fourth day
after the date on which
Congress receives a report
described in subparagraph (C)
and ending on the sixth day
after the date on which
Congress receives the report
(even though a previous motion
to the same effect has been
disagreed to) to move to
proceed to the consideration of
the joint resolution, and all
points of order against the
joint resolution (and against
consideration of the joint
resolution) are waived. The
motion to proceed is not
debatable. The motion is not
subject to a motion to
postpone. A motion to
reconsider the vote by which
the motion is agreed to or
disagreed to shall not be in
order. If a motion to proceed
to the consideration of the
resolution is agreed to, the
joint resolution shall remain
the unfinished business until
disposed of.
``(bb) Debate.--Debate on
the joint resolution, and on
all debatable motions and
appeals in connection
therewith, shall be limited to
not more than 10 hours, which
shall be divided equally
between the majority and
minority leaders or their
designees. A motion further to
limit debate is in order and
not debatable. An amendment to,
or a motion to postpone, or a
motion to proceed to the
consideration of other
business, or a motion to
recommit the joint resolution
is not in order.
``(cc) Vote on passage.--
The vote on passage shall occur
immediately following the
conclusion of the debate on a
joint resolution, and a single
quorum call at the conclusion
of the debate if requested in
accordance with the rules of
the Senate.
``(dd) Rulings of the chair
on procedure.--Appeals from the
decisions of the Chair relating
to the application of the rules
of the Senate, as the case may
be, to the procedure relating
to a joint resolution shall be
decided without debate.
``(v) Coordination with action by other
house.--
``(I) In general.--If, before the
passage by one House of a joint
resolution of that House, that House
receives from the other House a joint
resolution, then the following
procedures shall apply:
``(aa) The joint resolution
of the other House shall not be
referred to a committee.
``(bb) With respect to a
joint resolution of the House
receiving the resolution--
``(AA) the
procedure in that House
shall be the same as if
no joint resolution had
been received from the
other House; but
``(BB) the vote on
passage shall be on the
joint resolution of the
other House.
``(II) Treatment of joint
resolution of other house.--If one
House fails to introduce or consider a
joint resolution under this section,
the joint resolution of the other House
shall be entitled to expedited floor
procedures under this section.
``(III) Consideration after
passage.--If, following passage of the
joint resolution in the Senate, the
Senate then receives the companion
measure from the House of
Representatives, the companion measure
shall not be debatable.
``(IV) Vetoes.--If the President
vetoes the joint resolution, the period
beginning on the date the President
vetoes the joint resolution and ending
on the date the Congress receives the
veto message with respect to the joint
resolution shall be disregarded in
computing the 30-calendar day period
described in clause (i) and debate on a
veto message in the Senate under this
section shall be 1 hour equally divided
between the majority and minority
leaders or their designees.
``(V) Rules of house of
representatives and senate.--This
subparagraph is enacted by Congress--
``(aa) as an exercise of
the rulemaking power of the
Senate and House of
Representatives, respectively,
and as such it is deemed a part
of the rules of each House,
respectively, but applicable
only with respect to the
procedure to be followed in
that House in the case of a
joint resolution, and it
supersedes other rules only to
the extent that it is
inconsistent with such rules;
and
``(bb) with full
recognition of the
constitutional right of either
House to change the rules (so
far as relating to the
procedure of that House) at any
time, in the same manner, and
to the same extent as in the
case of any other rule of that
House.
``(H) Penalty rate.--
``(i) In general.--Not later than 6 months
after the date of enactment of this
subparagraph, the Board shall, with respect to
a recipient of any loan or other financial
assistance under this paragraph, establish by
rule a minimum interest rate on the principal
amount of any loan or other financial
assistance.
``(ii) Minimum interest rate defined.--In
this subparagraph, the term `minimum interest
rate' shall mean the sum of--
``(I) the average of the secondary
discount rate of all Federal reserve
banks over the most recent 90-day
period; and
``(II) the average of the
difference between a distressed
corporate bond yield index (as defined
by rule of the Board) and a bond yield
index of debt issued by the United
States (as defined by rule of the
Board) over the most recent 90-day
period.
``(I) Financial institution participant defined.--
For purposes of this paragraph, the term `financial
institution participant'--
``(i) means a company that is predominantly
engaged in financial activities (as defined in
section 102(a) of the Financial Stability Act
of 2010 (12 U.S.C. 5311(a))); and
``(ii) does not include an agency described
in subparagraph (W) of section 5312(a)(2) of
title 31, United States Code, or an entity
controlled or sponsored by such an agency.''.
SEC. 5. 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''.
SEC. 6. MEMBERSHIP OF FEDERAL OPEN MARKET COMMITTEE.
Section 12A(a) of the Federal Reserve Act (12 U.S.C. 263(a)) is
amended--
(1) in the first sentence, by striking ``five
representatives of the Federal Reserve banks to be selected as
hereinafter provided'' and inserting ``one representative from
each of the Federal Reserve banks'';
(2) in the second sentence, by striking ``and, beginning''
and all that follows through ``San Francisco''; and
(3) by striking the third and fourth sentences.
SEC. 7. BRINGING THE NON-MONETARY POLICY RELATED FUNCTIONS OF THE BOARD
OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM INTO THE
APPROPRIATIONS PROCESS.
(a) In General.--The Federal Reserve Act is amended by inserting
after section 11B the following:
``SEC. 11C. APPROPRIATIONS REQUIREMENT FOR NON-MONETARY POLICY RELATED
ADMINISTRATIVE COSTS.
``(a) Appropriations Requirement.--
``(1) Recovery of costs of annual appropriation.--The Board
of Governors of the Federal Reserve System and the Federal
reserve banks shall collect assessments and other fees, as
provided under this Act, that are designed to recover the costs
to the Government of the annual appropriation to the Board of
Governors of the Federal Reserve System by Congress. The Board
of Governors of the Federal Reserve System and the Federal
reserve banks may only incur obligations or allow and pay
expenses with respect to non-monetary policy related
administrative costs pursuant to an appropriations Act.
``(2) Offsetting collections.--Assessments and other fees
described under paragraph (1) for any fiscal year--
``(A) shall be deposited and credited as offsetting
collections to the account providing appropriations to
the Board of Governors of the Federal Reserve System;
and
``(B) shall not be collected for any fiscal year
except to the extent provided in advance in
appropriation Acts.
``(3) Limitation.--This subsection shall only apply to the
non-monetary policy related administrative costs of the Board
of Governors of the Federal Reserve System.
``(b) Definitions.--For purposes of this section:
``(1) Monetary policy.--The term `monetary policy' means a
strategy for producing a generally acceptable exchange medium
that supports the productive employment of economic resources
by reliably serving as both a unit of account and store of
value.
``(2) Non-monetary policy related administrative costs.--
The term `non-monetary policy related administrative costs'
means administrative costs not related to the conduct of
monetary policy, and includes--
``(A) direct operating expenses for supervising and
regulating entities supervised and regulated by the
Board of Governors of the Federal Reserve System,
including conducting examinations, conducting stress
tests, communicating with the entities regarding
supervisory matters and laws, and regulations;
``(B) operating expenses for activities integral to
carrying out supervisory and regulatory
responsibilities, such as training staff in the
supervisory function, research and analysis functions
including library subscription services, and collecting
and processing regulatory reports filed by supervised
institutions; and
``(C) support, overhead, and pension expenses
related to the items described under subparagraphs (A)
and (B).''.
(b) Effective Date.--The amendments made by this section shall
apply with respect to expenses paid and fees collected on or after
October 1, 2018.
SEC. 8. AMENDMENT TO APPOINTMENT OF PRESIDENTS OF FEDERAL RESERVE
BANKS.
The fifth subparagraph of the fourth undesignated paragraph of
section 4 of the Federal Reserve Act (12 U.S.C. 341) is amended by
striking ``Class B and Class C directors'' and inserting ``board of
directors''.
SEC. 9. FEDERAL OPEN MARKET COMMITTEE BLACKOUT PERIOD.
Section 12A of the Federal Reserve Act (12 U.S.C. 263), as amended
by section 2, is further amended by adding at the end the following new
subsection:
``(f) Blackout Period.--
``(1) In general.--During a blackout period, the only
public communications that may be made by members and staff of
the Committee with respect to macroeconomic or financial
developments or about current or prospective monetary policy
issues are the following:
``(A) The dissemination of published data, surveys,
and reports that have been cleared for publication by
the Board of Governors of the Federal Reserve System.
``(B) Answers to technical questions specific to a
data release.
``(C) Communications with respect to the prudential
or supervisory functions of the Board of Governors.
``(2) Blackout period defined.--For purposes of this
subsection, and with respect to a meeting of the Committee
described under subsection (a), the term `blackout period'
means the time period that--
``(A) begins immediately after midnight on the day
that is one week prior to the date on which such
meeting takes place; and
``(B) ends at midnight on the day after the date on
which such meeting takes place.
``(3) Exemption for chairman of the board of governors.--
Nothing in this section shall prohibit the Chairman of the
Board of Governors of the Federal Reserve System from
participating in or issuing public communications.''.
SEC. 10. SALARIES, FINANCIAL DISCLOSURES, AND OFFICE STAFF OF THE BOARD
OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
(a) In General.--Section 11 of the Federal Reserve Act (12 U.S.C.
248) is amended--
(1) by redesignating the second subsection (s) (relating to
``Assessments, Fees, and Other Charges for Certain Companies'')
as subsection (t); and
(2) by adding at the end the following new subsections:
``(u) Prohibited and Restricted Financial Interests and
Transactions.--The members and employees of the Board of Governors of
the Federal Reserve System shall be subject to the provisions under
section 4401.102 of title 5, Code of Federal Regulations, to the same
extent as such provisions apply to an employee of the Securities and
Exchange Commission.
``(v) Disclosure of Staff Salaries and Financial Information.--The
Board of Governors of the Federal Reserve System shall make publicly
available, on the website of the Board of Governors, a searchable
database that contains the names of all members, officers, and
employees of the Board of Governors who receive an annual salary in
excess of the annual rate of basic pay for GS-15 of the General
Schedule, and--
``(1) the yearly salary information for such individuals,
along with any nonsalary compensation received by such
individuals; and
``(2) any financial disclosures required to be made by such
individuals.''.
(b) Office Staff for Each Member of the Board of Governors.--
Subsection (l) of section 11 of the Federal Reserve Act (12 U.S.C. 248)
is amended by adding at the end the following: ``Each member of the
Board of Governors of the Federal Reserve System may employ, at a
minimum, 2 individuals, with such individuals selected by such member
and the salaries of such individuals set by such member. A member may
employ additional individuals as determined necessary by the Board of
Governors.''.
SEC. 11. VICE CHAIRMAN FOR SUPERVISION REPORT REQUIREMENT.
Paragraph (12) of section 10 of the Federal Reserve Act (12 U.S.C.
247b) is amended--
(1) by redesignating such paragraph as paragraph (11); and
(2) in such paragraph--
(A) by striking ``shall appear'' and inserting
``shall provide written testimony and appear''; and
(B) by adding at the end the following: ``If, at
the time of any appearance described in this paragraph,
the position of Vice Chairman for Supervision is
vacant, the Chairman or their designee shall appear
instead and provide the required written testimony.''.
Union Calendar No. 883
115th CONGRESS
2d Session
H. R. 6741
[Report No. 115-1116, Part I]
_______________________________________________________________________
A BILL
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.
_______________________________________________________________________
January 2, 2019
Reported from the Committee on Financial Services with an amendment
January 2, 2019
Committee on Rules discharged; committed to the Committee of the Whole
House on the State of the Union and ordered to be printed