Summary: H.R.2546 — 98th Congress (1983-1984)All Information (Except Text)

There is one summary for H.R.2546. Bill summaries are authored by CRS.

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Introduced in House (04/13/1983)

Balanced Monetary Policy Act of 1983 - 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 money and total credit aggregates and for real interest rates consistent with historic levels.

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.

Requires the President to state for the System's record the administration's position on each vote on monetary policy taken by the Board and by the Federal Open Market Committee.