A bill to amend section 14 (b) of the Federal Reserve Act, as amended, to extend for 5 years the authority of Federal Reserve banks to purchase U.S. obligations directly from the Treasury.

Amends the Federal Reserve Act to extend from October 31, 1976, to October 31, 1978, the temporary authority under which the Federal Reserve banks may purchase public debt obligations from the Treasury in an amount not to exceed $5,000,000,000 outstanding at any one time.