Federal Reserve Reform Act of 1995

Summary

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 7 April 1995

   Introduced

   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.

   Source: IntroReferral

2. 7 April 1995

   Introduced

   Sponsor introductory remarks on measure. (CR E874-876)

   Source: IntroReferral

3. 7 April 1995

   Introduced

   Introduced in House

   Source: IntroReferral

4. 7 April 1995

   Introduced

   Introduced in House

   Source: IntroReferral

5. 21 April 1995

   Referred

   Referred to the Subcommittee on Domestic and International Monetary Policy.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 7 April 1995 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 7 April 1995

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 7 April 1995

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 7 April 1995

  Open at official source

Sponsors

• Rep. Hamilton, Lee H. [D-IN-9] · D · Sponsor
• Rep. Frank, Barney [D-MA-4] · D · Cosponsor
• PETER VISCLOSKY · D · Cosponsor
• Rep. Miller, George [D-CA-7] · D · Cosponsor
• Marcy Kaptur · D · Cosponsor
• · hsba00 · Standing

Related records

• related to ← Federal Reserve Reform Act of 1995