A bill to amend the Federal Reserve Act to authorize Federal reserve banks to lend certain obligations to the Secretary of the Treasury to meet the short-term cash requirements of the Treasury, and for other purposes.

Summary

Amends the Federal Reserve Act to empower every Federal Reserve bank to buy and sell in the open market, under the direction and regulation of the Federal Open Market Committee, any obligation which is a direct obligation of, or fully guaranteed as to principal and interest by, the United States as well as any agency of the United States. Authorizes the banks to lend such obligations to the Secretary of the Treasury under the direction and regulations of the Federal Open Market Committee. Stipulates that such purchases or sales of obligations directly from the United States must be in unusual and exigent circumstances and authorized by the Board of Governors of the Federal Reserve System. Requires that the Board of Governors include in their annual report to the Congress detailed information with respect to such direct purchases. Limits the aggregate amount of obligations directly acquired from or loaned to the United States at any one time by the twelve Federal Reserve banks to $15,000,000,000. Authorize the Secretary of the Treasury to borrow from, or sell to, any Federal Reserve bank any such obligation in the open market for the purpose of meeting the short-term cash needs of the Treasury. Requires the Secretary to repurchase or return such obligations to the Federal Reserve bank not later than six months after the date of sale.

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

Timeline

1. 3 April 1979

   Introduced

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

   Source: IntroReferral

2. 3 April 1979

   Introduced

   Introduced in House

   Source: IntroReferral

3. 3 April 1979

   Introduced

   Introduced in House

   Source: IntroReferral

4. 1 May 1979

   Reported

   Reported to House from the Committee on Banking, Finance and Urban Affairs, H. Rept. 96-111.

   Source: Committee

5. 1 May 1979

   Reported

   Reported to House from the Committee on Banking, Finance and Urban Affairs, H. Rept. 96-111.

   Source: Committee

6. 7 May 1979

   Vote

   Measure failed of passage in House under suspension of rules, roll call #121 (175-195).

   Source: Floor

7. 7 May 1979

   Vote

   Failed of passage/not agreed to in House: Measure failed of passage in House under suspension of rules, roll call #121 (175-195).

   Source: Floor

8. 7 May 1979

   Floor

   Measure called up under motion to suspend rules and pass in House.

   Source: Floor

9. 23 May 1979

   Vote

   Passed/agreed to in House: Measure passed House, amended, roll call #168 (316-75).

   Source: Floor

10. 23 May 1979

    Vote

    Measure passed House, amended, roll call #168 (316-75).

    Source: Floor

11. 23 May 1979

    Floor

    Measure called up by special rule in House.

    Source: Floor

12. 24 May 1979

    Floor

    Measure called up by unanimous consent in Senate.

    Source: Floor

13. 24 May 1979

    Passed

    Passed/agreed to in Senate: Measure passed Senate.

    Source: Floor

14. 31 May 1979

    President

    Measure enrolled in House.

    Source: President

15. 4 June 1979

    Floor

    Measure presented to President.

    Source: Floor

16. 4 June 1979

    President

    Measure presented to President.

    Source: President

17. 4 June 1979

    President

    Measure enrolled in Senate.

    Source: President

18. 8 June 1979

    President

    Public Law 96-18.

    Source: President

19. 8 June 1979

    President

    Signed by President.

    Source: President

20. 8 June 1979

    Became law

    Signed by President.

    Source: BecameLaw

Votes

No vote records are attached yet.

Versions

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

Documents

3 official files

• Public Law (PDF)

  Public Law · EN · 9 June 1979

  ViewDownloadOpen at official source

• Passed House amended

  summary · EN · 23 May 1979

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

• Introduced in House

  summary · EN · 3 April 1979

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Mitchell, Parren J. [D-MD-7] · D · Sponsor
• Rep. Hansen, George V. [R-ID-2] · R · Cosponsor
• Rep. Barnard, Doug, Jr. [D-GA-10] · D · Cosponsor
• Rep. Cavanaugh, John J. [D-NE-2] · D · Cosponsor
• Rep. D'Amours, Norman E. [D-NH-1] · D · Cosponsor
• Rep. Mattox, James A. [D-TX-5] · D · Cosponsor
• Rep. Neal, Stephen L. [D-NC-5] · D · Cosponsor
• Rep. Ritter, Don [R-PA-15] · R · Cosponsor
• · hsba00 · Standing

Related records

• related to → A resolution providing for the consideration of the bill (H.R. 3404) to amend the Federal Reserve Act to authorize Federal Reserve banks to lend certain obligations to the Secretary of the Treasury to meet the short-term cash requirements of the Treasury, and for other purposes.

Related across the Repo ecosystem

Direct relationships are identifier-backed. Topic context means shared TopicMembership — not a citation and not causation.