[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8982 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 8982

  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

                           December 16, 2020

Mr. Hill of Arkansas 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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