To refocus the mission of the Federal Reserve System on stabilization of the currency and provide greater public scrutiny of the operations of the Board of Governors of the Federal Reserve System, and for other purposes.
Federal Reserve System Accountability Act of 1997 - Amends Federal law to revise the auditing guidelines for the Federal Reserve System and to mandate an annual financial and managerial audit of the System.
Amends the Government in the Sunshine Act to include the Board of Governors of the Federal Reserve System (the Board) within its guidelines on open meetings.
Amends the Federal Reserve Act to declare that the Board's primary mission is to regulate the money supply so as to maintain a stable currency with minimal fluctuation in interest rates.
Amends the Bank Holding Company Act of 1956 and the Federal Deposit Insurance Act to transfer administration of the Bank Holding Company Act of 1956 from the Board to the Federal Deposit Insurance Corporation.
Introduced in House
Introduced in House
Referred to the House Committee on Banking and Financial Services.
Referred to the Subcommittee on Domestic and International Monetary Policy.
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line