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H.Con.Res. 133 (94th): Concurrent resolution to lower interest rates.

The text of the resolution below is as of Mar 24, 1975 (Passed Congress). The resolution was not adopted.

89 STAT. 1194                  CONCURRENT RESOLUTIONS—MAR. 24, 1975

  March 24.1975        BOARD OF GOVERNORS OF T H E F E D E R A L R E S E R V E SYSTEM
[H. con.Res. 133]       j ^ ^ ^ nppjg F E D E R A L O P E N MARKET C O M M I T T E E - H E A R I N G S
  use prec.         Wliereas article I, section 8, of the Constitution provides that Congress
title 1.
                         shall have the money power, namely "to coin money and regrilate
                         the value thereof";
                    Whereas Congress established the Federal Reserve Board as its agent,
                         and delegated to its agent the day-to-day responsibility for man-
                         aging the money supply;
                    Whereas the United States economy is now suffering from excessively
                         high unemployment and a decline in production and the gross
                         national product, together with inflation; and
                    Whereas the economy's performance in part is affected by changes in
                         the rate of growth of the monetary and credit aggregates: Now,
                         therefore, be it
                       Resolved by the House of Representatives {the Senate concurring)^
   ^                That it is 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 the monetary
                         and credit aggregates appropriate to facilitating prompt economic
                         recovery; and
                            (2) maintain long run growth of the monetary and credit
                         aggregates commensurate with the economy's long run potential to
                         increase production, so as to promote effectively the goals of maxi-
                         mum employment, stable prices, and moderate long term interest
                    Pursuant to this resolution, and taking into account the international
                    flows of funds and conditions in the international money and credit
                    markets, the Board of Governors shall consult with Congress at semi-
                    annual 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. Nothing in this
                    resolution shall be interpreted to require that such ranges of growth or
                    diminution be achieved if the Board of Governors and the Federal
                    Open Market Committee determine that they cannot or should not be
 Report to Con-     acliieved because of changing conditions. The Board of Governors shall
gress               report to the Congress the reasons for any such determination during
                    the next hearings held pursuant to this resolution.
                       Passed March 24, 1975.

March 26,1975
                      Resolved hy the Senate {the House of Representatives concurring)^
                    That when the two Houses adjourn on Wednesday, March 26, 1975,
                    they stand adjourned until 12 o'clock noon on Monday, April 7, 1975,
                    or until 12 o'clock noon on the second day after their respective Mem-
                    bers are notified to reassemble in accordance with section 2 of this
                    resolution, whichever event first occurs.