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U.S. GOVERNMENT
INFORMATION 4
115TH CONGRESS REPT.115-1116
2d Session j HOUSE OF REPRESENTATIVES Part 1
FEDERAL RESERVE REFORM ACT OF 2018
JANUARY 2, 2019.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. HENSARLING, from the Committee on Financial Services,
submitted the following
REPORT
together with
MINORITY VIEWS
[To accompany H.R. 6741]
The Committee on Financial Services, to whom was referred the
bill (H.R. 6741) to amend the Federal Reserve Act to increase mon-
etary policy transparency and accountability and to make reforms
to the Federal Reserve System, and for other purposes, having con-
sidered the same, report favorably thereon with an amendment and
recommend that the bill as amended do pass.
The amendment is as follows:
Strike all after the enacting clause and insert the following:
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) SHORT TITLE.-This Act may be cited as the Federal Reserve Reform Act of
2018.
(b) TABLE OF CONTENTS.-The table of contents for this Act is as follows:
Sec. 1. Short title; table of contents.
Sec. 2. Monetary policy transparency and accountability.
Sec. 3. Independence from credit policy.
Sec. 4. Congressional accountability for emergency lending programs.
Sec. 5. Interest rates on balances maintained at a Federal Reserve Bank by depository institutions established
by Federal Open Market Committee.
Sec. 6. Membership of Federal Open Market Committee.
Sec. 7. Bringing the non-monetary policy related functions of the Board of Governors of the Federal Reserve
System into the appropriations process.
Sec. 8. Amendment to appointment of presidents of Federal Reserve Banks.
Sec. 9. Federal Open Market Committee blackout period.
Sec. 10. Salaries, financial disclosures, and office staff of the Board of Governors of the Federal Reserve System.
Sec. 11. Vice Chairman for Supervision report requirement.
SEC. 2. MONETARY POLICY TRANSPARENCY AND ACCOUNTABILITY.
Section 12A of the Federal Reserve Act (12 U.S.C. 263) is amended-
(1) by redesignating subsections (b) and (c) as subsections (d) and (e), respec-
tively; and
(2) by inserting after subsection (a) the following new subsections:
89-006](ViewImageLocal?handle=hein.congrecreports/crptxainc0001&div=1&collection=&method=preview&ext=.png&size=3)