H.R. 2917 (103rd): To reform the Federal Reserve System.

103rd Congress, 1993–1994. Text as of Aug 06, 1993 (Introduced).

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HR 2917 IH

103d CONGRESS

1st Session

H. R. 2917

To reform the Federal Reserve System.

IN THE HOUSE OF REPRESENTATIVES

August 6, 1993

Mr. BLACKWELL introduced the following bill; which was referred to the Committee on Banking, Finance and Urban Affairs


A BILL

To reform the Federal Reserve System.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. AUTHORITY OF THE PRESIDENT TO APPOINT THE MEMBERS OF THE FEDERAL OPEN MARKET COMMITTEE.

    (a) IN GENERAL- Section 12A(a) of the Federal Reserve Act (12 U.S.C. 263(a)) is amended by striking ‘five’ and all that follows through the end of the second sentence and inserting the following: ‘5 individuals appointed by the President, by and with the advice and consent of the Senate, and after consultation with, and consideration of candidates selected by, the Federal Advisory Council.’.

    (b) EFFECTIVE DATE- The amendment made by subsection (a) shall apply to a position on the Federal Open Market Committee on the first day occurring on or after the date of the enactment of this Act that there is a vacancy in the position.

SEC. 2. CONSULTATION BETWEEN THE FEDERAL OPEN MARKET COMMITTEE AND THE SECRETARY OF THE TREASURY, THE DIRECTOR OF THE OFFICE OF MANAGEMENT AND BUDGET, AND THE CHAIRMAN OF THE COUNCIL OF ECONOMIC ADVISERS.

    Section 2A of the Federal Reserve Act (12 U.S.C. 225a) is amended--

      (1) by inserting ‘(a) IN GENERAL- ’ before ‘The Board’ the 1st place such term appears; and

      (2) by adding at the end the following:

    ‘(b) CONSULTATION REQUIRED- The Federal Open Market Committee shall meet and consult, on a quarterly basis, with the Secretary of the Treasury, the Director of the Office of Management and Budget, and the Chairman of the Council of Economic Advisers.’.

SEC. 3. COINCIDENCE OF THE TERM OF OFFICE OF CHAIRMAN OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WITH THE TERM OF OFFICE OF THE PRESIDENT.

    (a) IN GENERAL- The 2nd undesignated paragraph of section 10 of the Federal Reserve Act (12 U.S.C. 242) is amended in the 3rd sentence by striking ‘of four years’ each place such term appears and inserting ‘ending with the end of the term of office of the President’.

    (b) EFFECTIVE DATE- The amendments made by subsection (a) shall take effect on the first day occurring on or after the date of the enactment of this Act that there is a vacancy in the office of the Chairman of the Board of Governors of the Federal Reserve System.

SEC. 4. AVAILABILITY OF THE BUDGET OF THE FEDERAL RESERVE SYSTEM.

    Section 1105 of title 31, United States Code, is amended by adding at the end the following:

    ‘(g) PUBLICATION OF THE BUDGET OF THE FEDERAL RESERVE SYSTEM-

      ‘(1) TRANSMISSION TO THE PRESIDENT- Not later than October 16 of each year, the Board of Governors of the Federal Reserve System shall transmit to the President the estimated receipts and proposed expenditures of the Board and of the Federal Reserve banks for the year and for each of the 2 immediately succeeding years.

      ‘(2) TRANSMISSION TO THE CONGRESS WITH THE BUDGET OF THE UNITED STATES- The President shall transmit to the Congress, without change, the matter transmitted pursuant to paragraph (1), with the budget transmitted to the Congress under subsection (a).’.