S.2807 - Balanced Monetary Policy Act of 198297th Congress (1981-1982)
|Sponsor:||Sen. Byrd, Robert C. [D-WV] (Introduced 08/03/1982)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 08/09/1982 Committee on Banking requested executive comment from Federal Reserve System; Treasury Department; Council of Economic Advisers. (All Actions)|
This bill has the status Introduced
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Summary: S.2807 — 97th Congress (1981-1982)All Information (Except Text)
Introduced in Senate (08/03/1982)
Balanced Monetary Policy 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 yearly targets for positive real short-term interest rates and for the growth or diminution of money and credit aggregates, consistent with the interest rate targets.
Requires the Board and the Federal Open Market Committee to take necessary actions to assure that such targets are achieved, on average, on an annual 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.