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HR 5459 98th Congress House

Federal Reserve Reform Act of 1984

Official title: A bill to modernize the Federal Reserve System and to provide for prompt disclosure of certain decisions of the Federal Open Market Committee.

Introduced: April 12, 1984 See on congress.gov
Finance and Financial Sector Department of the TreasuryFederal Reserve SystemFederal officialsGovernment Operations and Politics
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Monetary policyMoney
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This bill died when the 98th Congress ended
It never became law before the 98th Congress (1983–1984) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 1, 1984
Referred to Subcommittee on Domestic Monetary Policy.
Apr 12, 1984
Referred to House Committee on Banking, Finance and Urban Affairs.
Apr 12, 1984
Introduced in House
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 Latest action May 1, 1984

Referred to Subcommittee on Domestic Monetary Policy.

 Plain-English summary Congressional Research Service

Federal Reserve Reform Act of 1984 - Amends the Federal Reserve Act to place the Secretary of the Treasury on the Federal Open Market Committee.

Changes the term of office of the Chairman of the Board of Governors of the Federal Reserve System from four years to the period ending on January 31 of the first calendar year beginning after the calendar year during which the term of the President who appointed the Chairman is scheduled to expire.

Provides that in the event of the absence or unavailability of the chairman, the vice chairman (or in the vice chairman's absence another member of the Board) may be designated acting chairman.

Provides that the vice chairman shall perform the duties of the chairman until a successor is appointed in the event of the chairman's death or resignation.

Provides that in the case of the death or resignation of the chairman and the vice chairman or a vacancy in both offices, the member of the Board with the most years of service shall perform the duties of the chairman until a successor is appointed.

Changes from 14 years to seven years the term of office of members of the Federal Reserve Board.

Requires each change, of any nature whatsoever, in the intermediate targets for monetary policy that is adopted by the Federal Open Market Committee to be disclosed to the public on the date of adoption.

Defines "intermediate targets" as any policy objectives regarding monetary aggregates, credit aggregates, prices, interest rates, or bank reserves.

 Committees of jurisdiction 2
 Cosponsors 1
All 1 Republican 1
R
Smith, Christopher H.
New Jersey · Apr 12, 1984
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 5459: Federal Reserve Reform Act of 1984. 98th Congress. Open America. https://openamerica.io/bill/98-HR-5459/
MLA
"H.R. 5459: Federal Reserve Reform Act of 1984." 98th Congress, 2026, Open America, https://openamerica.io/bill/98-HR-5459/.
Bluebook (legal)
H.R. 5459, 98th Cong. (2026), https://openamerica.io/bill/98-HR-5459/.
Markdown link
[H.R. 5459: Federal Reserve Reform Act of 1984](https://openamerica.io/bill/98-HR-5459/)
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