S.212 - Federal Reserve Reform Act of 1993103rd Congress (1993-1994)
|Sponsor:||Sen. Dorgan, Byron L. [D-ND] (Introduced 01/26/1993)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||02/10/1994 Sponsor introductory remarks on measure.|
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Subject — Policy Area:
- Finance and Financial Sector
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Summary: S.212 — 103rd Congress (1993-1994)All Bill Information (Except Text)
Introduced in Senate (01/26/1993)
Federal Reserve Reform Act of 1993 - Amends the Federal Reserve Act to require the Federal Open Market Committee (the 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 before the Federal Reserve Board submits to the Congress certain mandated reports.
Changes from August to January the calendar year expiration date of the term of the Chairman of the Federal Reserve.
Mandates immediate public disclosure by the Committee of each change in intermediate monetary policy targets (monetary and credit aggregates, prices, interest rates, or bank reserves) which it adopts.
Permits the Comptroller General to audit monetary policy deliberations, decisions, or actions, including transactions made under the Committee's direction.
Requires the Board to submit annually to the President its estimated receipts and proposed expenditures for the current year, and the next two succeeding years (including those of the Federal Reserve Banks).