instead be paid to the Secretary of the Treasury, and the 
Secretary of the Treasury shall use such funds to reduce 
the public debt. 
(e) WIND DOWN PERIOD
FOR CERTAIN TRANS-
ACTIONS.—Notwithstanding any other provision of this 
section, during the 3-year period beginning on the date 
of the enactment of this Act, property other than Special 
Drawing Rights may be deposited, and maintained, in the 
Special Drawing Rights Fund as needed to fulfill any out-
standing obligations on the Fund. 
TITLE VI—CREDIT ALLOCATION 
NEUTRALITY ACT 
SEC. 601. FINDINGS. 
The Congress finds the following: 
(1) In conducting open market operations, the 
Federal Open Market Committee should not allocate 
credit among households, firms, and sectors of the 
United States economy. 
(2) To assure the credit allocation neutrality of 
open market operations among households, firms, 
and sectors of the United States economy, the Fed-
eral Open Market Committee should conduct open 
market operations in United States Government se-
curities, and repurchase and reverse repurchase 
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agreements that have a term of 1 year or less, ex-
cept in unusual and exigent circumstances. 
SEC. 602. LIMITATION ON CERTAIN NON-EMERGENCY SECU-
RITY PURCHASES. 
(a) IN GENERAL.—The Federal Reserve Act is 
amended— 
(1) in section 12A, by adding at the end the fol-
lowing: 
‘‘(d) EMERGENCY PURCHASING AUTHORITY.— 
‘‘(1) IN GENERAL.—In unusual and exigent cir-
cumstances, the Committee, by the affirmative vote 
of at least 2⁄3 of the members of the Committee, may 
authorize any Federal reserve bank, during such pe-
riod as the Committee may determine— 
‘‘(A) to buy and sell, at home or abroad, 
bills, notes, revenue bonds, and warrants with a 
maturity from date of purchase of not exceed-
ing six months, issued in anticipation of the col-
lection of taxes or in anticipation of the receipt 
of assured revenues by any State, county, dis-
trict, political subdivision, or municipality in the 
continental United States, including irrigation, 
drainage and reclamation districts, and obliga-
tions of, or fully guaranteed as to principal and 
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interest by, a foreign government or agency 
thereof; and 
‘‘(B) to buy and sell in the open market, 
under the direction and regulations of the Com-
mittee, any obligation which is a direct obliga-
tion of, or fully guaranteed as to principal and 
interest by, any agency of the United States. 
‘‘(2) MAXIMUM HOLDING PERIOD.—Any bond, 
bill, note, revenue bond, warrant, or other obligation 
purchased by a Federal reserve bank pursuant to 
paragraph (1) shall be disposed of before the end of 
the 5-year period beginning on the end of the period 
determined by the Committee under paragraph (1). 
‘‘(3) REPORT.—The Committee shall provide to 
the Committee on Banking, Housing, and Urban Af-
fairs of the Senate and the Committee on Financial 
Services of the House of Representatives, not later 
than 7 days after the Committee makes an author-
ization under this subsection, a report that in-
cludes— 
‘‘(A) the justification for the exercise of 
authority to provide; 
‘‘(B) the identity of the person to or from 
which purchases or sales were made; 
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‘‘(C) the date and amount of the purchases 
or sales; and 
‘‘(D) the material terms of the purchases 
or sales.’’; and 
(2) in section 14(b)— 
(A) in paragraph (1), by striking ‘‘bonds 
issued under the provisions of subsection (c) of 
section 4 of the Home Owners’ Loan Act of 
1933, as amended, and having maturities from 
date of purchase of not exceeding six months, 
and bills, notes, revenue bonds, and warrants 
with a maturity from date of purchase of not 
exceeding six months, issued in anticipation of 
the collection of taxes or in anticipation of the 
receipt of assured revenues by any State, coun-
ty, district, political subdivision, or municipality 
in the continental United States, including irri-
gation, drainage and reclamation districts, and 
obligations of, or fully guaranteed as to prin-
cipal and interest by, a foreign government or 
agency thereof,’’; and 
(B) by amending paragraph (2) to read as 
follows: 
‘‘(2) To enter into security repurchase agreements 
and reverse repurchase agreements that have a term of 
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1 year or less, in accordance with rules and regulations 
prescribed by the Board of Governors of the Federal Re-
serve System.’’. 
(b) TRANSITION PROVISION.—Each Federal reserve 
bank that holds bonds, bills, notes, revenue bonds, war-
rants, or other obligations purchased under the authority 
granted by a provision struck under subsection (a)(2) shall 
dispose of such obligations not later than the end of the 
5-year period beginning on the date of the enactment of 
this Act. 
TITLE 
VII—BUREAU 
OF 
CON-
SUMER FINANCIAL PROTEC-
TION FUNDING ACT 
SEC. 701. FINDINGS. 
The Congress finds the following: 
(1) As our Nation’s central bank, the Federal 
Reserve conducts United States monetary policy and 
necessarily exercises broad oversight responsibility to 
ensure the safety, soundness, and smooth func-
tioning of the Nation’s banking and payments sys-
tems. 
(2) There exists a broad consensus among pol-
icymakers, academics, and most informed com-
mentators that central bank independence is nec-
essary to the proper and effective conduct of mone-
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