Federal Reserve Modernization Act

Summary

Federal Reserve Modernization Act - Amends the Federal Reserve Act to eliminate the Federal Open Market Committee and place authority for the conduct of open-market operations in the Board of Governors of the Federal Reserve System, in consultation with the Federal Reserve District Bank Presidents. Requires such operations to be governed with a view to reducing inflation and preventing recession by establishing the growth of the money supply as specified in this Act.

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

Timeline

1. 29 September 1980

   Introduced

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

   Source: IntroReferral

2. 29 September 1980

   Introduced

   Introduced in House

   Source: IntroReferral

3. 29 September 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 · 29 September 1980

  Open at official source

Sponsors

• Rep. Mitchell, Parren J. [D-MD-7] · D · Sponsor
• Rep. Neal, Stephen L. [D-NC-5] · D · Cosponsor
• Rep. Cavanaugh, John J. [D-NE-2] · D · Cosponsor
• · hsba00 · Standing

Related records

No cross-record relationships stored yet.