PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Banking.
Congressional Research Service
Version 00 · Introduced in Senate · Apr 4, 1995
Federal Reserve Reform Act of 1995 - Amends the Federal Reserve Act to abolish the current Federal Open Market Committee, on which the Board of Governors of the Federal Reserve System (the Board) sits, and replace it with a Federal Open Market Advisory Committee, on which the Board does not sit, which shall advise the Board on the conduct of open-market operations. Requires the Board to meet and 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 during specified periods. Revises the term of the Chairman of the Board to expire on January 31 of the first calendar year beginning after the end of the term of the President who appointed the Chairman. Provides for performance of the duties of Chairman and Vice Chairman in the event of absence, unavailability, or vacancy. Mandates that each Board-adopted change in the intermediate targets for monetary policy be disclosed to the public upon its date of adoption. Amends Federal law to: (1) instruct the Comptroller General to audit written communications by members of the Board or officers or employees of the Federal Reserve System with respect to financial transactions; and (2) mandate an annual transmittal to the President and the Congress of all estimated receipts and proposed expenditures of the Board and all Federal Reserve banks for the current year and the next two succeeding years.
People & committees
Sen. Dorgan, Byron L. [D-ND] · D–ND
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Read twice and referred to the Committee on Banking.
Sponsor introductory remarks on measure. (CR S5142-5143)
Introduced in Senate
Sponsor introductory remarks on measure. (CR S1969-1971)
Primary sources
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Source last updated: Aug 21, 2025. Consult Congress.gov for the current record.
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