FOMC Policy Responsibility Act

I 116TH CONGRESS 2D SESSION H. R. 8982 To amend the Federal Reserve Act to require the Federal Open Market Committee to establish interest rates on balances maintained at a Federal Reserve Bank by depository institutions. IN THE HOUSE OF REPRESENTATIVES DECEMBER 16, 2020 Mr. HILL of Arkansas introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Federal Reserve Act to require the Federal Open Market Committee to establish interest rates on balances maintained at a Federal Reserve Bank by de- pository institutions. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘FOMC Policy Respon- 4 sibility Act’’. 5 VerDate Sep 11 2014 00:46 Dec 31, 2020 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H8982.IH H8982 pamtmann on DSKBC07HB2PROD with BILLS 2 •HR 8982 IH SEC. 2. INTEREST RATES ON BALANCES MAINTAINED AT A 1 FEDERAL RESERVE BANK BY DEPOSITORY 2 INSTITUTIONS ESTABLISHED BY FEDERAL 3 OPEN MARKET COMMITTEE. 4 Subparagraph (A) of section 19(b)(12) of the Federal 5 Reserve Act (12 U.S.C. 461(b)(12)(A)) is amended by in- 6 serting ‘‘established by the Federal Open Market Com- 7 mittee’’ after ‘‘rate or rates’’. 8 Æ VerDate Sep 11 2014 00:46 Dec 31, 2020 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H8982.IH H8982 pamtmann on DSKBC07HB2PROD with BILLS