Summary: H.R.5459 — 98th Congress (1983-1984)All Information (Except Text)

There is one summary for H.R.5459. Bill summaries are authored by CRS.

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Introduced in House (04/12/1984)

Federal Reserve Reform Act of 1984 - Amends the Federal Reserve Act to place the Secretary of the Treasury on the Federal Open Market Committee.

Changes the term of office of the Chairman of the Board of Governors of the Federal Reserve System from four years to the period ending on January 31 of the first calendar year beginning after the calendar year during which the term of the President who appointed the Chairman is scheduled to expire.

Provides that in the event of the absence or unavailability of the chairman, the vice chairman (or in the vice chairman's absence another member of the Board) may be designated acting chairman.

Provides that the vice chairman shall perform the duties of the chairman until a successor is appointed in the event of the chairman's death or resignation.

Provides that in the case of the death or resignation of the chairman and the vice chairman or a vacancy in both offices, the member of the Board with the most years of service shall perform the duties of the chairman until a successor is appointed.

Changes from 14 years to seven years the term of office of members of the Federal Reserve Board.

Requires each change, of any nature whatsoever, in the intermediate targets for monetary policy that is adopted by the Federal Open Market Committee to be disclosed to the public on the date of adoption.

Defines "intermediate targets" as any policy objectives regarding monetary aggregates, credit aggregates, prices, interest rates, or bank reserves.