Amends the Federal Reserve Act to abolish the Federal Open Market Committee.
Declares that no Federal Reserve bank shall engage or decline to engage in open-market operations under such Act except in accordance with the direction of regulations adopted by the Board of Governors of the Federal Reserve System. Requires the Board of Governors to consider, adopt, and transmit regulations to the several Federal Reserve banks relating to the open-market transactions of such Federal Reserve banks.
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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