A bill to amend the Federal Reserve Act to require the Board of Governors of the Federal Reserve System to transmit to the Congress a monetary early warning report whenever the Board or the Federal Open Market Committee takes any action to implement a change in existing monetary policy.

Amends the Federal Reserve Act to require the Board of Governors of the Federal Reserve System to transmit to the Congress a monetary early warning report within seven days after the Federal Open Market Committee takes any action which will change existing trend rates of growth of the monetary aggregates. Specifies the contents of such report. Requires revised reports 30 days and 90 days thereafter.