[Congressional Record Volume 170, Number 37 (Thursday, February 29, 2024)]
[Senate]
[Page S1089]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1614. Mr. PAUL (for himself and Mr. Braun) proposed an amendment 
to the bill H.R. 7463, making further continuing appropriations for 
fiscal year 2024, and for other purposes; as follows:

       At the appropriate place, insert the following:

     SEC. _____. PROHIBITIONS RELATING TO THE PURCHASE OR SALE OF 
                   STATE OR MUNICIPAL SECURITIES.

       (a) Emergency Lending Programs and Facilities.--The Board 
     of Governors of the Federal Reserve System may not establish 
     any emergency lending program or facility, including pursuant 
     to section 13(3) of the Federal Reserve Act (12 U.S.C. 
     343(3)), that purchases or sells any security issued by a 
     State or municipality, including a bond, note, draft, or bill 
     of exchange.
       (b) Open Market Operations.--No Federal reserve bank may 
     purchase or sell any security described in subsection (a), 
     including pursuant to section 14 of the Federal Reserve Act 
     (12 U.S.C. 353 et seq.).
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