Federal Reserve Reform Act of 2018

To amend the Federal Reserve Act to increase monetary policy transparency and accountability and to make reforms to the Federal Reserve System, and for other purposes.

Subjects

Economics and Public Finance

Summary

Federal Reserve Reform Act of 2018

This bill revises provisions related to the authority of the Federal Reserve Board to set monetary policy. Among other things, the bill

generally limits the board's emergency-lending authority;
subjects the nonmonetary policy-related administrative costs of the board to the congressional appropriations process;
limits the types of securities that the board may acquire in the open market to gold stock, currency, and direct obligations of the United States, foreign banks, or the International Monetary Fund;
requires the board to exchange certain assets with the Department of the Treasury for direct U.S. obligations of equivalent value;
requires the Federal Open Market Committee (FOMC) to set the interest rates on balances maintained at Federal Reserve banks by depository institutions;
revises the membership of the FOMC; and
requires the FOMC to annually publish its monetary policy strategy;

Full Text

Related Legislation

H.R. 2172FFOCUS Act of 2017.
2017-04-26Referred to the House Committee on Financial Services.
Related
H.R. 4270Monetary Policy Transparency and Accountability Act of 2017
2018-04-25Placed on the Union Calendar, Calendar No. 500.
Related
H.R. 4278Independence from Credit Policy Act of 2017
2019-01-02Placed on the Union Calendar, Calendar No. 884.
Related
H.R. 4302Congressional Accountability for Emergency Lending Act of 2017
2018-12-28Placed on the Union Calendar, Calendar No. 868.
Related
H.R. 4753Federal Reserve Supervision Testimony Clarification Act
2018-09-27Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Related
H.R. 4755Federal Reserve Regulatory Oversight Act
2018-01-10Referred to the House Committee on Financial Services.
Related
H.R. 4756Federal Reserve Blackout Improvement Act
2018-01-10Referred to the House Committee on Financial Services.
Related
H.R. 4757Fully Informed District Bank Act
2018-01-10Referred to the House Committee on Financial Services.
Related
H.R. 4758FOMC Policy Responsibility Act
2018-12-12Placed on the Union Calendar, Calendar No. 837.
Related
H.R. 4759FOMC Representation Improvement Act
2018-01-10Referred to the House Committee on Financial Services.
Related
H.R. 4791Federal Reserve Disclosure Act
2018-01-12Referred to the House Committee on Financial Services.
Related

Legislative Actions

2018-09-07
Introduced in House
2018-09-07
Introduced in House
2018-09-07
Referred to the Committee on Financial Services, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2018-09-07
Referred to the Committee on Financial Services, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2018-09-13
Committee Consideration and Mark-up Session Held.
2018-09-13
Ordered to be Reported (Amended) by the Yeas and Nays: 30 - 21.
2019-01-02
Reported (Amended) by the Committee on Financial Services. H. Rept. 115-1116, Part I.
2019-01-02
Reported (Amended) by the Committee on Financial Services. H. Rept. 115-1116, Part I.
2019-01-02
Committee on Rules discharged.
2019-01-02
Committee on Rules discharged.
2019-01-02
Placed on the Union Calendar, Calendar No. 883.

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