Summary: H.R.587 — 103rd Congress (1993-1994)All Information (Except Text)

There is one summary for H.R.587. Bill summaries are authored by CRS.

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Introduced in House (01/26/1993)

Federal Reserve Reform Act of 1993 - Amends the Federal Reserve Act to require the Federal Open Market Committee to consult with the Secretary of the Treasury, the Director of the Office of Management and Budget, and the chairman of the Council of Economic Advisers prior to the President's submission of the budget. Directs the President to appoint the Chairman and Vice Chairman of the Board of Governors of the Federal Reserve System (the Board).

Mandates that any change in the intermediate targets for monetary policy adopted by the Federal Open Market Committee shall be publicly disclosed on the date of its adoption.

Prohibits the Comptroller General from auditing written communications among members of the Board, including Federal Reserve System personnel, with respect to transactions with a foreign central bank, foreign government, or nonprivate international financing organization.

Mandates that the estimated receipts and proposed expenditures of the Board and all Federal Reserve Banks be transmitted by the President (without change) with the budget submitted to the Congress.