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HR 1130 102th Congress House Finance and Financial Sector Advice and consent of the Senate Auditing Federal Reserve System Federal budgets Federal officials Foreign banks and banking Monetary policy Money Presidential appointments

Federal Reserve Reform Act of 1991

Introduced: February 27, 1991 See on congress.gov
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 Everywhere this bill has been 5 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 15, 1991
Referred to the Subcommittee on Domestic Monetary Policy.
Mar 1, 1991
Referred to the Subcommittee on Legislation and National Security.
Feb 27, 1991
Referred to the House Committee on Government Operations.
Feb 27, 1991
Referred to the House Committee on Banking, Finance + Urban Affrs.
Feb 27, 1991
Introduced in House
 Plain-English summary Congressional Research Service

Federal Reserve Reform Act of 1991 - Amends the Federal Reserve Act to require the Federal Open Market Committee to consult with the Secretary of the Treasury, the Director of the Office of Management and Budget, and the chairman of the Council of Economic Advisers during a specified period preceding the President's submission of the budget. Directs the President to appoint, with the advice and consent of the Senate, the Chairman and Vice Chairman of the Board of Governors of the Federal Reserve System (the Board).

Mandates that any change in the intermediate targets for monetary policy adopted by the Federal Open Market Committee shall be publicly disclosed on the date of its adoption.

Prohibits the Comptroller General from auditing written communications among members of the Board including Federal Reserve System personnel with respect to transactions with a foreign central bank, foreign government, or nonprivate international financing organization.

Mandates that the estimated receipts and proposed expenditures of the Board and all Federal Reserve Banks be transmitted by the President (without change) with the budget submitted to the Congress.

What's happening now March 15, 1991

Referred to the Subcommittee on Domestic Monetary Policy.

 Committees of jurisdiction 4
 Cosponsors 4
All 4 Democratic 4