Directs the Board of Governors of the Federal Reserve, and the Federal Open Market Committee to: (1) take action in the first half of 1975 to increase the money supply in order to promote economic recovery; and (2) maintain growth of the money supply commensurate with production, in order to maximize employment and stabilize prices.
Requires the Federal Reserve to consult with Congress at semiannual hearings before the Committees on Banking concerning its money supply growth targets and other monetary policy actions required in the upcoming six months.
Referred to House Committee on Banking, Currency and Housing.
Introduced in Senate
Referred to Senate Committee on Banking, Housing and Urban Affairs.
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