H.R.7218 - Balanced Monetary Policy and Price Stability Act of 198297th Congress (1981-1982)
|Sponsor:||Rep. Kemp, Jack [R-NY-38] (Introduced 09/29/1982)|
|Committees:||House - Banking, Finance, and Urban Affrs|
|Latest Action:||House - 10/15/1982 Referred to Subcommittee on Domestic Monetary Policy. (All Actions)|
This bill has the status Introduced
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Summary: H.R.7218 — 97th Congress (1981-1982)All Information (Except Text)
Introduced in House (09/29/1982)
Balanced Monetary Policy and Price Stability Act of 1982 - Amends the Federal Reserve Act to require the Board of Governors and the Federal Open Market Committee of the Federal Reserve System to establish monthly ranges of targets for short-term interest rates, consistent with historical levels of real interest rates, sustained economic growth, stable prices, and stable foreign exchange rates. Declares that if such objectives cannot be achieved simultaneously, the object of stable prices, as measured by an index of current prices, shall take precedence.
Requires yearly targets for the growth or diminution of money and credit aggregates to also be established.
Requires the Board and the Federal Open Market Committee to take necessary actions to assure that the targets for monetary and credit aggregates are achieved on an annual basis and short-term interest rates are achieved on a monthly basis.
Requires a written report to specified congressional committees if such targets cannot or should not be achieved because of unfavorable economic conditions.
Requires the Board of Governors to transmit specified information to Congress biannually.
Requires the Board to announce publicly changes in objectives and plans at the time those changes are determined.
Directs the Secretary of the Treasury to instruct the United States excutive director of the International Monetary Fund to request a conference of the Board of Governors of the International Monetary Fund for the purpose of considering reforms of the international monetary system which would promote price stability, financial confidence, and expanded world trade.