H.R.2754 - Sunshine in Monetary Policy Act110th Congress (2007-2008)
|Sponsor:||Rep. Paul, Ron [R-TX-14] (Introduced 06/15/2007)|
|Committees:||House - Financial Services|
|Latest Action:||06/15/2007 Referred to the House Committee on Financial Services.|
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Subject — Policy Area:
- Economics and Public Finance
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Summary: H.R.2754 — 110th Congress (2007-2008)All Bill Information (Except Text)
Introduced in House (06/15/2007)
Sunshine in Monetary Policy Act - Requires the Board of Governors of the Federal Reserve System to continue to compile and to publish on a weekly basis the measure of the M3 monetary aggregate and the components of the M3 that are not included in the measure of the M2 monetary aggregate.
Defines "M3 monetary aggregate" as the inclusive measure of money compiled by: (1) currency in circulation (plus traveler's checks), demand deposits, Negotiable Order of Withdrawal (NOW) accounts, and similar interest-earning checking account balances; (2) household holdings of savings deposits, small time deposits, and retail money market mutual fund balances (exclusive of balances held in IRA and Keogh accounts); and (3) institutional money market mutual fund balances and managed liabilities of depositories consisting of large time deposits, repurchase agreements, and Eurodollars.