H.J.Res.319 - A joint resolution directing the President to consult with the Governors of the Federal Reserve System for the purpose of substantially reducing interest rates within the next ninety (90) days; and to report to the Congress the results of those consultations within thirty (30) days.97th Congress (1981-1982)
|Sponsor:||Rep. Alexander, Bill [D-AR-1] (Introduced 09/09/1981)|
|Committees:||House - Banking, Finance, and Urban Affairs|
|Latest Action:||House - 10/09/1981 Referred to Subcommittee on Domestic Monetary Policy. (All Actions)|
This bill has the status Introduced
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Summary: H.J.Res.319 — 97th Congress (1981-1982)All Information (Except Text)
Introduced in House (09/09/1981)
Directs the President to immediately begin consultation with the Board of Governors of the Federal Reserve System for the purpose of modifying the Board of Governors' monetary policy to significantly reduce interest rates within the next 90 days.
Requires such consultations to include modifications in the areas of: (1) reserve requirements; (2) Federal Open Market Committee activities; and (3) the federal Reserve discount rate; and (4) preventing diversion of substantial sums of available credit and capital for nonproductive purposes.