PlainBillCongress, translated.Legislation. Context. Public interest.Placed on the Union Calendar, Calendar No. 883.
Congressional Research Service
Version 00 · Introduced in House · Sep 7, 2018
Federal Reserve Reform Act of 2018
This bill revises provisions related to the authority of the Federal Reserve Board to set monetary policy. Among other things, the bill
generally limits the board's emergency-lending authority;
subjects the nonmonetary policy-related administrative costs of the board to the congressional appropriations process;
limits the types of securities that the board may acquire in the open market to gold stock, currency, and direct obligations of the United States, foreign banks, or the International Monetary Fund;
requires the board to exchange certain assets with the Department of the Treasury for direct U.S. obligations of equivalent value;
requires the Federal Open Market Committee (FOMC) to set the interest rates on balances maintained at Federal Reserve banks by depository institutions;
revises the membership of the FOMC; and
requires the FOMC to annually publish its monetary policy strategy;
People & committees
Rep. Barr, Andy [R-KY-6] · R–KY
Legislative record
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Placed on the Union Calendar, Calendar No. 883.
Committee on Rules discharged.
Committee on Rules discharged.
Reported (Amended) by the Committee on Financial Services. H. Rept. 115-1116, Part I.
Reported (Amended) by the Committee on Financial Services. H. Rept. 115-1116, Part I.
Ordered to be Reported (Amended) by the Yeas and Nays: 30 - 21.
Committee Consideration and Mark-up Session Held.
Referred to the Committee on Financial Services, and in addition to the Committee on Rules, for 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.
Referred to the Committee on Financial Services, and in addition to the Committee on Rules, for 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.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Apr 7, 2025. Consult Congress.gov for the current record.
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