Summary: H.R.3512 — 101st Congress (1989-1990)All Information (Except Text)

There is one summary for H.R.3512. Bill summaries are authored by CRS.

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Introduced in House (10/24/1989)

Federal Reserve Reform Act of 1989 - Amends the Federal Reserve Act to direct the Federal Open Market Committee to meet and consult with the Secretary of the Treasury, the Director of the Office of Management and Budget, and the chairman of the Council of Economic Advisors during certain periods related to the submission of: (1) certain reports by the Board of Governors to the Congress; and (2) the President's budget for the coming fiscal year.

Changes the term of office of the Chairman of the Board of Governors of the Federal Reserve System from four years to the period ending on January 31 of the first calendar year beginning after the end of the term of the President who appointed the Chairman expires.

Provides that in the event of the absence or unavailability of the chairman, the vice chairman (or in the vice chairman's absence, another member of the Board) may be designated acting chairman.

Provides that the vice chairman shall perform the duties of the chairman until a successor takes office if a vacancy occurs in the office of the chairman.

Provides that in the case of vacancies in both offices chairman and vice chairman, the member of the Board with the most years of service shall perform the duties of the chairman until a successor takes office.

Requires each change in the intermediate targets for monetary policy adopted by the Federal Open Market Committee to be disclosed to the public on the date of adoption.

Defines "intermediate targets" as any policy objectives regarding monetary aggregates, credit aggregates, prices, interest rates, or bank reserves.

Repeals provisions which exempt from Comptroller General audit any transactions made under the direction of the Federal Open Market Committee and deliberations, decisions, or actions on monetary policy by the Federal Reserve Board and Federal Reserve banks.

Requires the estimated expenditures and receipts and proposed appropriations for the Board to be submitted to the President by October 16 each year and included, unchanged, in the annual Federal budget submitted by the President to the Congress.