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HR 1498 104th Congress House Finance and Financial Sector Advice and consent of the Senate Auditing Bank reserves Congress Congressional investigations Congressional reporting requirements Credit Economics and Public Finance Executive reorganization Federal Reserve System Federal advisory bodies Federal budget process Federal officials Government Operations and Politics Interest rates Monetary policy Money Open market operations Presidential appointments

Federal Reserve Reform Act of 1995

Introduced: April 7, 1995 See on congress.gov
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 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 21, 1995
Referred to the Subcommittee on Domestic and International Monetary Policy.
Apr 7, 1995
Referred to the House Committee on Banking and Financial Services. a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Apr 7, 1995
Sponsor introductory remarks on measure. (CR E874-876)
Apr 7, 1995
Introduced in House
 Plain-English summary Congressional Research Service

Federal Reserve Reform Act of 1995 - Amends the Federal Reserve Act to abolish the current Federal Open Market Committee, on which the Board of Governors of the Federal Reserve System (the Board) sits, and replace it with a Federal Open Market Advisory Committee, on which the Board does not sit, which shall advise the Board on the conduct of open-market operations.

Requires the Board to meet and 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 specified periods.

Revises the term of the Chairman of the Board to expire on January 31 of the first calendar year beginning after the end of the term of the President who appointed the Chairman. Provides for performance of the duties of Chairman and Vice Chairman in the event of absence, unavailability, or vacancy.

Mandates that each Board-adopted change in the intermediate targets for monetary policy be disclosed to the public upon its date of adoption.

Amends Federal law to: (1) instruct the Comptroller General to audit written communications by members of the Board or officers or employees of the Federal Reserve System with respect to financial transactions; and (2) mandate an annual transmittal to the President and the Congress of all estimated receipts and proposed expenditures of the Board and all Federal Reserve banks for the current year and the next two succeeding years.

What's happening now April 21, 1995

Referred to the Subcommittee on Domestic and International Monetary Policy.

 Committees of jurisdiction 2
 Cosponsors 1
All 1 Democratic 1