Monetary Policy Act of 1983

Monetary Policy Act of 1983 - Title I: - Congressional Office of Monetary Policy - Establishes in the Congress the Congressional Office of Monetary Policy to provide the House and Senate Banking Committees with information which will assist such committees in the discharge of all matters within their jurisdiction. Provides for public access to the data the Office of Monetary Policy gathers.

Title II: Monetary Policy - Requires the Federal Reserve to report to Congress on a quarterly basis concerning its plan for growth or diminution of monetary aggregates and the Federal Reserve Board's objectives for the effect of its policy upon gross national product, real growth, interest rates, and unemployment. Changes the term of the Chairman of the Board of Governors of the Federal Reserve to begin in July following the inauguration of the President. Requires that any expenditure of funds by the Federal Reserve be subject to prior congressional approval.

Empowers the Federal Reserve with the authority to prescribe limits on the use of credit for nonproductive purposes, including corporate takeovers. Grants the Federal Reserve Board the power to disapprove corporate takeovers involving financing in excess of $100,000,000.

Creates an advisory committee to advise the Federal Reserve and make recommendations to the Congress on productive use of credit in relation to the need for balanced credit and development.