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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (8)

Short Titles

Short Titles - House of Representatives

Short Titles as Passed House

FORM Act of 2015
Fed Oversight Reform and Modernization Act of 2015

Short Titles as Passed House for portions of this bill
  • Centennial Monetary Commission Act of 2015

Short Titles as Reported to House

FORM Act of 2015
Fed Oversight Reform and Modernization Act of 2015

Short Titles as Introduced

FORM Act of 2015
Fed Oversight Reform and Modernization Act of 2015

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To amend the Federal Reserve Act to establish requirements for policy rules and blackout periods of the Federal Open Market Committee, to establish requirements for certain activities of the Board of Governors of the Federal Reserve System, and to amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited, and for other purposes.


Actions Overview (4)

Date
11/19/2015 Passed/agreed to in House: On passage Passed by recorded vote: 241 - 185 (Roll no. 641).
11/16/2015 Committee on Oversight and Government discharged.
11/16/2015 Reported (Amended) by the Committee on Financial Services. H. Rept. 114-332, Part I.
07/23/2015 Introduced in House

All Actions (47)

Date Chamber
12/17/2015 Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
11/30/2015 Senate Received in the Senate.
11/19/2015-11:36am House Motion to reconsider laid on the table Agreed to without objection.
11/19/2015-11:36am House On passage Passed by recorded vote: 241 - 185 (Roll no. 641).
11/19/2015-11:28am House On motion to recommit with instructions Failed by recorded vote: 182 - 242 (Roll no. 640).
11/19/2015-11:21am House The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H8379)
11/19/2015-11:14am House DEBATE - The House proceeded with 10 minutes of debate on the motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment adding new language outlining further considerations the Board shall take when determining which companies would be eligible to participate in the program.
11/19/2015-11:12am House Ms. Matsui moved to recommit with instructions to the Committee on Financial Services. (consideration: CR H8378-8380; text: CR H8379)
11/19/2015-11:12am House Considered as unfinished business. (consideration: CR H8378-8381)
11/18/2015-7:21pm House POSTPONED PROCEEDINGS - Pursuant to clause 1(c) of Rule 19, the Speaker postponed further proceedings on H.R. 3189.
11/18/2015-7:20pm House The House adopted the amendment as agreed to by the Committee of the Whole House on the state of the Union.
11/18/2015-7:20pm House The previous question was ordered pursuant to the rule. (consideration: CR H8342)
11/18/2015-7:19pm House The House rose from the Committee of the Whole House on the state of the Union to report H.R. 3189.
11/18/2015-7:18pm House H.Amdt.838 On agreeing to the King (IA) amendment (A005) as modified Agreed to by voice vote. (text as modified: CR H8341)
11/18/2015-7:14pm House H.Amdt.838 King (IA) amendment (A005) modified by unanimous consent. Modification adds the provisions of the amendment No. 4 printed in House Report 114-341. (consideration: CR H8341)
11/18/2015-7:07pm House DEBATE - Pursuant to the provisions of H.Res. 529, the Committee of the Whole proceeded with 10 minutes of debate on the King (IA) amendment No. 6.
11/18/2015-7:07pm House H.Amdt.838 Amendment (A005) offered by Mr. King (IA). (consideration: CR H8340-8342; text: CR H8340)
11/18/2015-7:06pm House H.Amdt.837 On agreeing to the Grayson amendment (A004) Failed by voice vote.
11/18/2015-7:01pm House DEBATE - Pursuant to the provisions of H.Res. 529, the Committee of the Whole proceeded with 10 minutes of debate on the Grayson amendment No. 5.
11/18/2015-7:00pm House H.Amdt.837 Amendment (A004) offered by Mr. Grayson. (consideration: CR H8339-8340; text: CR H8339-8340)
11/18/2015-6:59pm House H.Amdt.836 On agreeing to the Grayson amendment (A003) Agreed to by voice vote.
11/18/2015-6:58pm House DEBATE - Pursuant to the provisions of H.Res. 529, the Committee of the Whole proceeded with 10 minutes of debate on the Grayson amendment No. 3.
11/18/2015-6:58pm House H.Amdt.836 Amendment (A003) offered by Mr. Grayson. (consideration: CR H8339; text: CR H8339)
11/18/2015-6:57pm House H.Amdt.835 On agreeing to the Heck (WA) amendment (A002) Agreed to by voice vote.
11/18/2015-6:52pm House DEBATE - Pursuant to the provisions of H.Res. 529, the Committee of the Whole proceeded with 10 minutes of debate on the Heck (WA) amendment No. 2.
11/18/2015-6:52pm House H.Amdt.835 Amendment (A002) offered by Mr. Heck (WA). (consideration: CR H8338-8339; text: CR H8339)
11/18/2015-6:52pm House H.Amdt.834 On agreeing to the Heck (WA) amendment (A001) Failed by voice vote.
11/18/2015-6:41pm House DEBATE - Pursuant to the provisions of H.Res. 529, the Committee of the Whole proceeded with 10 minutes of debate on the Heck (WA) amendment No. 1.
11/18/2015-6:41pm House H.Amdt.834 Amendment (A001) offered by Mr. Heck (WA). (consideration: CR H8337-8338; text: CR H8337)
11/18/2015-5:30pm House GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 3189.
11/18/2015-5:30pm House The Speaker designated the Honorable Kevin Yoder to act as Chairman of the Committee.
11/18/2015-5:30pm House House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 529 and Rule XVIII.
11/18/2015-5:30pm House Rule provides for consideration of H.R. 1210 and H.R. 3189. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Rule provides that H.R. 1210 shall be amended by the text of Rules Committee Print 114-34 and that the amendment printed in part A of the report from the Committee on Rules shall be separately debatable for 10 minutes. H.R. 3189 shall be amended by the text of Rules Committee Print 114-35 and modified by the amendment printed in Part B of the report. No further amendments other than those printed in Part C of the report shall be in order for H.R. 3189.
11/18/2015-5:30pm House Considered under the provisions of rule H. Res. 529. (consideration: CR H8323-8342; text of measure as reported in House: CR H8331-8337)
11/18/2015-5:28pm House ORDER OF PROCEDURE - Mr. Hensarling asked unanimous consent that the question of adopting a motion to recommit on H.R. 3189 may be subject to postponement as though under clause 8 of rule 20. Agreed to without objection.
11/18/2015-1:42pm House Rule H. Res. 529 passed House.
11/17/2015-5:41pm House Rules Committee Resolution H. Res. 529 Reported to House. Rule provides for consideration of H.R. 1210 and H.R. 3189. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Rule provides that H.R. 1210 shall be amended by the text of Rules Committee Print 114-34 and that the amendment printed in part A of the report from the Committee on Rules shall be separately debatable for 10 minutes. H.R. 3189 shall be amended by the text of Rules Committee Print 114-35 and modified by the amendment printed in Part B of the report. No further amendments other than those printed in Part C of the report shall be in order for H.R. 3189.
11/16/2015 House Placed on the Union Calendar, Calendar No. 253.
11/16/2015 House Committee on Oversight and Government discharged.
11/16/2015 House Reported (Amended) by the Committee on Financial Services. H. Rept. 114-332, Part I.
Action By: Committee on Financial Services
07/29/2015 House Ordered to be Reported (Amended) by the Yeas and Nays: 33 - 25.
Action By: Committee on Financial Services
07/29/2015 House Committee Consideration and Mark-up Session Held.
Action By: Committee on Financial Services
07/23/2015 House Referred to House Oversight and Government Reform
07/23/2015 House Referred to House Financial Services
07/23/2015 House Referred to the Committee on Financial Services, and in addition to the Committee on Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
07/23/2015 House Introduced in House
07/22/2015 House Hearings Held by the Subcommittee on Monetary Policy and Trade Prior to Referral.
Action By: House Financial Services Subcommittee on Monetary Policy and Trade

Committees (3)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Financial Services07/23/2015 Referred to
07/29/2015 Markup by
11/16/2015 Reported by H. Rept. 114-332
House Financial Services Subcommittee on Monetary Policy and Trade07/22/2015 Hearings by
House Oversight and Government Reform07/23/2015 Referred to
11/16/2015 Discharged from
Senate Banking, Housing, and Urban Affairs12/17/2015 Referred to

Related Bills (5)

A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-congress measures.

Subjects (21)

  • Accounting and auditing
  • Administrative law and regulatory procedures
  • Bank accounts, deposits, capital
  • Banking and financial institutions regulation
  • Congressional oversight
  • Economic performance and conditions
  • Federal Reserve System
  • Federal officials
  • Financial services and investments
  • Foreign and international banking
  • Government employee pay, benefits, personnel management
  • Government ethics and transparency, public corruption
  • Government information and archives
  • Government studies and investigations
  • Inflation and prices
  • Interest, dividends, interest rates
  • International monetary system and foreign exchange
  • International organizations and cooperation
  • Monetary policy
  • Securities

Latest Summary (2)

There are 2 summaries for H.R.3189. View summaries

Shown Here:
Passed House amended (11/19/2015)

Fed Oversight Reform and Modernization Act of 2015 or the FORM Act of 2015

(Sec. 1) This bill amends the Federal Reserve Act to require the Chairman of the Federal Open Market Committee (FOMC), within 48 hours after the end of a FOMC meeting, to submit to the appropriate congressional committees and the Government Accountability Office (GAO) a Directive Policy Rule, meeting specified criteria, accompanied by a statement identifying the FOMC members voting in its favor.

A Directive Policy Rule shall describe the FOMC strategy or rule for the systematic quantitative adjustment of a Policy Instrument Target to:

  • respond to a change in specified Intermediate Policy Inputs, and
  • provide the basis for an Open Market Operations Directive to achieve a specified Policy Instrument Target presented by the FOMC to the Federal Reserve Bank of New York to guide open-market operations.

The GAO shall determine if a Directive Policy Rule has materially changed from the rule most recently submitted, and the Chairman of the Board of Governors of the Federal Reserve System (Board) must testify within seven legislative days before certain congressional committees as to why any noncompliance exists.

The GAO must also, upon congressional request, audit the conduct of monetary policy by the Board and the FOMC.

(Sec. 2) A blackout period shall take place starting one week before an FOMC meeting and ending midnight of the day of its completion. During the black-out period only specified public communications are permissible by members and FOMC staff with respect to either macroeconomic or financial developments or about current or prospective monetary policy issues.

(Sec. 4) FMOC membership shall increase from five to six representatives of the Federal Reserve Banks. The selection process for representatives is revised, in part to divide elections from different Banks into odd-numbered and even-numbered calendar years.

(Sec. 5) The Dodd-Frank Wall Street Reform and Consumer Protection Act is amended to require the Board, before adopting sets of conditions for stress tests of nonbank financial companies it supervises and bank holding companies, to: (1) first issue regulations for them, subject to public notice and comment, which shall include methodologies and models used to estimate losses on certain assets; and (2) before publishing them submit copies of such regulations to the GAO and the Panel of Economic Advisors of the Congressional Budget Office.

Stress test requirements used by the Board shall apply to all stress tests performed under the Comprehensive Capital Analysis and Review exercise.

The Board shall also publish:

  • the aggregate number of supervisory letters sent since the enactment of this Act to bank holding companies with total consolidated assets of $50 billion or more, and keep this number updated; as well as
  • the aggregate numbers designated "Matters Requiring Attention" and "Matters Requiring Immediate Attention."

(Sec. 6) The Federal Reserve Act is further amended to increase from semiannual to quarterly the Board Chairman’s appearances before Congress.

(Sec. 7) The Board's Vice Chairman for Supervision, as part of Board testimony before specified congressional committees, shall report on the status of proposed and anticipated rulemakings. If the Vice Chairman for Supervision position is vacant, the Board's Vice Chairman shall fulfill the statutory requirement for semi-annual testimony.

(Sec. 8) Before issuing any regulation the Board must consider specified economic impacts.

When deciding whether to regulate, the Board must:

  • assess the costs and benefits of available regulatory alternatives, and
  • consider a regulation's impact upon certain areas of economic activity.

In its final rule the Board must: (1) explain the nature of comments that it received together with a response to them; and (2) make a postadoption impact assessment of the costs, benefits, and intended and unintended consequences of any "major rule" adopted or amended.

(Sec. 9) Board members and employees shall be subject to the same ethics standards, prohibitions, and restrictions as apply to employees of the Securities and Exchange Commission (SEC) with respect to financial interests, transactions, outside employment and activities, and Office of Personnel Management employee responsibilities and conduct regulations.

The Board shall make publicly available on its website a searchable database of all Board members, officers, and employees who receive an annual salary above the annual rate of basic pay for GS-15 of the General Schedule, including yearly salary information and any nonsalary compensation such staff receive.

Each Board member may employ at least two individuals.

(Sec. 10) Both the Federal Reserve Act and the Federal Deposit Insurance Act are revised to require the Federal Reserve Board and the Federal Deposit Insurance Corporation Board, respectively, in the process of setting financial standards as a part of any foreign or multinational entity, to solicit public comment and issue public reports, including a notice of agreement.

The Department of the Treasury, the Comptroller of the Currency, and the SEC shall likewise be subject to these same requirements for their participation in similar processes.

(Sec. 11) The authority of the Federal Reserve Board to discount notes, drafts, and bills of exchange secured to a Federal Reserve Bank's satisfaction in unusual and exigent circumstances shall be limited to only those circumstances posing a threat to U.S. financial stability. The affirmative vote of at least nine presidents of the Federal Reserve Banks shall be necessary for a discount decision, in addition to (as under current law) the affirmative vote of five Board members.

Federal Reserve Banks may not accept as collateral for an emergency loan any equity securities issued by the recipient of the loan or of other financial assistance.

No applicant shall be eligible to borrow from any emergency lending program or facility unless the Board and all applicable federal banking regulators certify that the applicant is not insolvent.

The Board, within six months of the enactment of this Act, shall adopt a rule:

  • establishing a method for determining the sufficiency of collateral pledged to secure lending,
  • acceptable classes of collateral,
  • the amount of any discount of the lendable value of collateral for a loan that the Federal Reserve Banks will apply to calculate the sufficiency of the collateral, and
  • a method for obtaining independent appraisals of the collateral the Federal Reserve Banks receive.

The Board, also within six months of the enactment of this Act, shall by rule establish a minimum interest rate on the principal amount of any emergency loan or financial assistance to a recipient. The applicable minimum interest rate shall be the sum of:

  • the most recent 90-day average of the secondary discount rate of all Federal Reserve Banks; plus
  • the most recent 90-day average of the difference between a distressed corporate bond yield index and a bond yield index of debt issued by the United States.

The bill limits discounts under the lending program to participants that are financial institutions, excluding federal, state, and local government agencies.

(Sec. 12) The FOMC shall determine the interest rates on balances maintained at a Federal Reserve Bank by or on behalf of a depository institution.

(Sec. 13) The GAO shall audit annually both the Federal Reserve Board and the Federal Reserve Banks within 12 months after enactment of this Act.

(Sec. 14) The Board, shall, as part of its monthly "Industrial Production or Capacity Utilization" statistical release (or any successor release), analyze:

  • the impact on the index described in the statistical release because of the operation of the Export-Import Bank; and
  • the amount of foreign industrial production supported by foreign export credit agencies, using the same method used to measure industrial production in the statistical release and scaled to be comparable to the industrial production measurement for the United States.

(Sec. 15) The Federal Reserve Act is amended to require that, with respect to the election or designation of Class B and C directors of Federal Reserve District Banks, due consideration be given to the interests of traditionally underserved communities and populations.

(Sec. 16) Centennial Monetary Commission Act of 2015

The bill establishes a Centennial Monetary Commission to examine how U.S. monetary policy since the creation of the Board in 1913 has affected the performance of the U.S. economy in terms of output, employment, prices, and financial stability over time.

(Sec. 17) The Federal Reserve Act is amended to state that the portion of net earnings of each Federal Reserve Bank which remains after dividend claims have been fully met shall no longer be deposited in the Bank's surplus fund but shall be transferred to the Board for transfer to the Treasury general fund. The Federal Reserve Banks shall also transfer all their current surplus funds to the Board for transfer to the Treasury general fund.

(Sec. 18) The FOMC shall record and make available to the public the full transcript of all of its meetings.