Federal Reserve Reform Act of 2018
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Sep 7, 2018)
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 just happenedJan 2, 2019
Placed on the Union Calendar, Calendar No. 883.
Who’s behind it
- Reported in HouseJan 2, 2019
- Introduced in HouseSep 7, 2018
- Jan 2, 2019CalendarsH12410
Placed on the Union Calendar, Calendar No. 883.
- Jan 2, 2019DischargeH12300
Committee on Rules discharged.
Rules Committee - Jan 2, 2019Committee5500
Committee on Rules discharged.
Rules Committee - Jan 2, 2019CommitteeH12200
Reported (Amended) by the Committee on Financial Services. H. Rept. 115-1116, Part I.
Financial Services Committee - Jan 2, 2019Committee5000
Reported (Amended) by the Committee on Financial Services. H. Rept. 115-1116, Part I.
Financial Services Committee - Sep 13, 2018Committee
Ordered to be Reported (Amended) by the Yeas and Nays: 30 - 21.
Financial Services Committee - Sep 13, 2018Committee
Committee Consideration and Mark-up Session Held.
Financial Services Committee - Sep 7, 2018IntroReferralH11100
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.
Rules Committee - Sep 7, 2018IntroReferralH11100
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.
Financial Services Committee - Sep 7, 2018IntroReferralIntro-H
Introduced in House
- Sep 7, 2018IntroReferral1000
Introduced in House