Federal Reserve Modernization Act

Summary

Federal Reserve Modernization Act - -Title I: Retirement of Federal Reserve Bank Stock - Amends the Federal Reserve Act to eliminate the requirement that a bank subscribe for the stock of the Federal Reserve bank in its district in order to become a member in the Federal Reserve System. Requires that such banks receive certificates of membership which shall be retired upon termination of a bank's status as a member. Prohibits for the retirement of existing stock subscriptions over a five-year period consistent with the operation of the Federal budget and monetary control policies of the Board of Governors of the Federal Reserve System. Title II: Structural Changes in the Federal Reserve System - Eliminates the Federal Open Market Committee and places authority for the conduct of open-market operations in the Board of Governors. Requires the president of each Federal Reserve district to be the district's member on the Federal Advisory Council. Requires that each president be a bona fide resident of the district involved. Repeals the requirement that appointments to the Federal Advisory Council be approved by the Board of Governors. Directs the Federal Reserve System to conduct its affairs to foster the policies of the Employment Act of 1946 and the Full Employment and Balanced Growth Act of 1978, particularly those relating to a stable price level and on improved national economic structure. Title III: Effective Date - Sets forth the effective dates of the provisions of this Act.

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

Timeline

1. 1 April 1980

   Introduced

   Referred to House Committee on Banking, Finance and Urban Affairs.

   Source: IntroReferral

2. 1 April 1980

   Introduced

   Introduced in House

   Source: IntroReferral

3. 1 April 1980

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 1 April 1980

  Open at official source

Sponsors

• Rep. Reuss, Henry S. [D-WI-5] · D · Sponsor
• Rep. Mitchell, Parren J. [D-MD-7] · D · Cosponsor
• Rep. Cavanaugh, John J. [D-NE-2] · D · Cosponsor
• · hsba00 · Standing

Related records

No cross-record relationships stored yet.