To ensure that the operations of the Board of Governors of the Federal Reserve System remain independent from the credit policy of the United States, and for other purposes.
Independence from Credit Policy Act of 2017
This bill limits the types of securities that the Federal Reserve Board (FRB) may acquire in the open market to: (1) gold stock; (2) currency; and (3) direct obligations of the United States, foreign banks, or the International Monetary Fund. The FRB must exchange all other assets with the Department of the Treasury for direct U.S. obligations of equivalent value.
Placed on the Union Calendar, Calendar No. 883.
Introduced in House
Introduced in House
Hearings Held by the Subcommittee on Monetary Policy and Trade Prior to Referral.
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported by the Yeas and Nays: 33 - 26.
Reported (Amended) by the Committee on Financial Services. H. Rept. 115-1117.
Reported (Amended) by the Committee on Financial Services. H. Rept. 115-1117.
Placed on the Union Calendar, Calendar No. 884.
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