[Congressional Record Volume 166, Number 56 (Sunday, March 22, 2020)]
[Senate]
[Page S1915]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1564. Mr. MENENDEZ (for himself, Mr. Perdue, Mr. Tester, and Mr. 
Tillis) submitted an amendment intended to be proposed by him to the 
bill H.R. 748, to amend the Internal Revenue Code of 1986 to repeal the 
excise tax on high cost employer-sponsored health coverage; which was 
ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. _____. 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)(A) In unusual and exigent circumstances, the Federal 
     Open Market Committee may, by a majority vote, authorize any 
     Federal reserve bank, during such periods as the Committee 
     may determine, to buy and sell, at home or abroad--
       ``(i) investment grade bills, notes, bonds, or warrants, 
     none of which may have a maturity of less than 6 months, by 
     any corporation, company, or similar legal entity; and
       ``(ii) investment grade bills, notes, bonds, and warrants, 
     none of which may have a maturity of less than 6 months, by 
     any State, county, district, political subdivision, 
     instrumentality of a political subdivision, territory, 
     possession, municipality, or Indian tribe, as defined in 
     section 4 of the Indian Self-Determination and Education 
     Assistance Act (25 U.S.C. 5304), in the United States, 
     including irrigation, drainage, and reclamation districts.
       ``(B) All actions under this paragraph shall be subject to 
     such limitations, restrictions, and regulations as the 
     Federal Open Market Committee may prescribe. In prescribing 
     such limitations, restrictions, and regulations, the Federal 
     Open Market Committee shall take into account the need to 
     protect taxpayers from losses.
       ``(C) Assets purchased under this paragraph shall be 
     denominated in United States dollars.
       ``(D) Not later than 7 days after the exercise of the 
     authority in subparagraph (A) that occurs on or after January 
     1, 2021, the Chairman of the Board shall--
       ``(i) appear before the Majority Leader of the Senate, the 
     Minority Leader of the Senate, the Speaker of the House of 
     Representatives, the Minority Leader of the House of 
     Representatives, the chair and ranking members of the 
     Committee on Banking, Housing, and Urban Affairs of the 
     Senate, and the Committee on Financial Services of the House 
     of Representatives describing--
       ``(I) why action under this paragraph is necessary to 
     achieve the monetary policy objectives under section 2A; and
       ``(II) how the Federal Open Market Committee has exhausted 
     all other reasonable options available in achieving the 
     monetary policy objectives under section 2A; and
       ``(ii) submit to the Committee on Banking, Housing, and 
     Urban Affairs of the Senate and the Committee on Financial 
     Services of the House of Representatives a report on the 
     description described in clause (i)(I).
       ``(E)(i) Not later than 3 days after the date of enactment 
     of this paragraph, the Federal Open Market Committee shall 
     meet and vote on whether to exercise the authority under this 
     paragraph with respect to the national emergency declared by 
     the President under the National Emergencies Act (50 U.S.C. 
     1601 et seq.) with respect to the coronavirus disease 2019 
     (COVID-19).
       ``(ii) If the Federal Open Market Committee does not 
     approve to exercise the authority under this clause (i), the 
     Board shall submit to the Majority Leader of the Senate, the 
     Minority Leader of the Senate, the Speaker of the House of 
     Representatives, the Minority Leader of the House of 
     Representatives, the chair and ranking members of the 
     Committee on Banking, Housing, and Urban Affairs of the 
     Senate, and the Committee on Financial Services of the House 
     of Representatives a notice describing why such action is not 
     necessary to achieve the monetary policy objectives under 
     section 2A.
       ``(F) Upon the expiration of the unusual and exigent 
     circumstances, it should be a priority of the Federal Open 
     Market Committee to achieve the monetary policy objectives 
     under section 2A without the use of the authority provided 
     under this paragraph as soon as practicable while minimizing 
     the disruptions to the market and general economy of the 
     United States.''.

                                 ______