PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the Subcommittee on Legislation and National Security.
Congressional Research Service
Version 00 · Introduced in House · Jan 26, 1993
Federal Reserve Reform Act of 1993 - Amends the Federal Reserve Act to require the Federal Open Market Committee to 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 prior to the President's submission of the budget. Directs the President to appoint the Chairman and Vice Chairman of the Board of Governors of the Federal Reserve System (the Board). Mandates that any change in the intermediate targets for monetary policy adopted by the Federal Open Market Committee shall be publicly disclosed on the date of its adoption. Prohibits the Comptroller General from auditing written communications among members of the Board, including Federal Reserve System personnel, with respect to transactions with a foreign central bank, foreign government, or nonprivate international financing organization. Mandates that the estimated receipts and proposed expenditures of the Board and all Federal Reserve Banks be transmitted by the President (without change) with the budget submitted to the Congress.
People & committees
Rep. Hamilton, Lee H. [D-IN-9] · D–IN
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Referred to the Subcommittee on Legislation and National Security.
Referred to the Subcommittee on Economic Growth and Credit Formation.
Referred to the House Committee on Government Operations.
Referred to the House Committee on Banking, Finance + Urban Affrs.
Sponsor introductory remarks on measure. (CR E168-171)
Introduced in House
Introduced in House
Primary sources
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Source last updated: Aug 26, 2025. Consult Congress.gov for the current record.
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Analyze H.R.587 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
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