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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
3/19/1975--Conference report filed in House. (Conference report filed in House, H. Rept. 94-91) Expresses the sense of Congress that the Board of Governors of the Federal Reserve System and the Federal Open Market Committee: (1) pursue policies in the first half of 1975 so as to encourage lower long term interest rates and expansion in monetary and credit aggregates; and (2) maintain long run growth of monetary and credit aggregates. Requires the Board of Governors to consult with Congress at semiannual hearings before the Committee on Banking, Housing and Urban Affairs of the Senate and the Committee on Banking, Currency and Housing of the House of Representatives about the Board of Governors' and the Federal Open Market Committee's objectives and plans with respect to the ranges of growth or diminution of monetary and credit aggregates in the upcoming twelve months.