[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 3550 Introduced in Senate (IS)]

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116th CONGRESS
  2d Session
                                S. 3550

To amend the Federal Reserve Act to permit to the Board of Governors of 
the Federal Reserve System to engage in certain open market operations 
               during unusual and exigent circumstances.


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                   IN THE SENATE OF THE UNITED STATES

                             March 20, 2020

 Mr. Menendez introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

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                                 A BILL


 
To amend the Federal Reserve Act to permit to the Board of Governors of 
the Federal Reserve System to engage in certain open market operations 
               during unusual and exigent circumstances.

    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 ``Municipal Bonds Emergency Relief 
Act''.

SEC. 2. OPEN MARKET OPERATIONS.

    Section 14(b) of the Federal Reserve Act (12 U.S.C. 355) is amended 
by adding at the end the following:
            ``(3) In unusual and exigent circumstances, the Board of 
        Governors of the Federal Reserve System, by the affirmative 
        vote of not fewer than 5 members, may authorize any Federal 
        reserve bank, during such periods as the Board may determine, 
        to buy and sell, at home or abroad, bills, notes, revenue 
        bonds, and warrants of any maturity, by any State, county, 
        district, political subdivision, instrumentality of a political 
        subdivision, territory, possession, or municipality in the 
        United States, including irrigation, drainage and reclamation 
        districts. All such actions shall be subject to such 
        limitations, restrictions, and regulations as the Board may 
        prescribe.''.
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