A bill to amend the Federal Reserve Act to require the Board of Governors of the Federal Reserve System and the Federal Open Market Committee to take such actions as are necessary to reduce interest rates to reasonable levels.
Federal Reserve Board Reform Act - Amends the Federal Reserve Act to require the Board of Governors of the Federal Reserve System and the Federal Open Market Committee to take action to keep interest rates no higher than three percentage points above the rate of inflation.
Reduces the terms of office of newly appointed members of the Board of Governors from 14 years to three years. Reduces the term of office of Chairman and Vice-chairman of the Board of Governors from four years to three years.
Requires the Board to keep detailed minutes of all meetings of the Federal Open Market Committee. Requires the publication of such minutes within five business days after each such meeting.
Introduced in House
Introduced in House
Referred to House Committee on Banking, Finance and Urban Affairs.
Referred to Subcommittee on Domestic Monetary Policy.
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