HR 6741
115th Congress
House
Economics and Public Finance
Appropriations
Credit and credit markets
Federal Reserve System
Government employee pay, benefits, personnel management
Government lending and loan guarantees
Interest, dividends, interest rates
Monetary policy
Securities
Federal Reserve Reform Act of 2018
Everywhere this bill has been
7 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 2, 2019
Placed on the Union Calendar, Calendar No. 883.
Jan 2, 2019
Committee on Rules discharged.
Jan 2, 2019
Reported (Amended) by the Committee on Financial Services. H. Rept. 115-1116, Part I.
Sep 13, 2018
Ordered to be Reported (Amended) by the Yeas and Nays: 30 - 21.
Sep 13, 2018
Committee Consideration and Mark-up Session Held.
Sep 7, 2018
Referred to the Committee on Financial Services, and in addition to the Committee on Rules, for 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.
Sep 7, 2018
Introduced in House
Plain-English summary
Federal Reserve Reform Act of 2018
This bill revises provisions related to the authority of the Federal Reserve Board to set monetary policy. Among other things, the bill
- generally limits the board's emergency-lending authority;
- subjects the nonmonetary policy-related administrative costs of the board to the congressional appropriations process;
- limits the types of securities that the board may acquire in the open market to gold stock, currency, and direct obligations of the United States, foreign banks, or the International Monetary Fund;
- requires the board to exchange certain assets with the Department of the Treasury for direct U.S. obligations of equivalent value;
- requires the Federal Open Market Committee (FOMC) to set the interest rates on balances maintained at Federal Reserve banks by depository institutions;
- revises the membership of the FOMC; and
- requires the FOMC to annually publish its monetary policy strategy;
What's happening now
Placed on the Union Calendar, Calendar No. 883.
Committees of jurisdiction
2