IB 
Union Calendar No. 253 
114TH CONGRESS 
1ST SESSION H. R. 3189 
[Report No. 114–332, Part I] 
To amend the Federal Reserve Act to establish requirements for policy rules 
and blackout periods of the Federal Open Market Committee, to establish 
requirements for certain activities of the Board of Governors of the 
Federal Reserve System, and to amend title 31, United States Code, 
to reform the manner in which the Board of Governors of the Federal 
Reserve System is audited, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 23, 2015 
Mr. HUIZENGA of Michigan introduced the following bill; which was referred 
to the Committee on Financial Services, and in addition to the Committee 
on Oversight and Government Reform, for a period to be subsequently 
determined by the Speaker, in each case for consideration of such provi-
sions as fall within the jurisdiction of the committee concerned 
NOVEMBER 16, 2015 
Additional sponsors: Mr. EMMER of Minnesota, Mr. FINCHER, Mr. MESSER, 
Mr. WILLIAMS, Mr. STUTZMAN, Mr. GARRETT, Mr. MULVANEY, Mr. 
ROTHFUS, Mr. HULTGREN, Mr. GUINTA, Mr. MOONEY of West Virginia, 
Mr. ALLEN, Mr. BENISHEK, Mr. WEBER of Texas, Mr. WITTMAN, Mr. 
GOHMERT, Mr. GOSAR, Mr. FLORES, Mr. TIPTON, and Mr. PITTENGER 
NOVEMBER 16, 2015 
Reported from the Committee on Financial Services with an amendment 
[Strike out all after the enacting clause and insert the part printed in italic] 
NOVEMBER 16, 2015 
The Committee on Oversight and Government Reform discharged; committed 
to the Committee of the Whole House on the State of the Union and or-
dered to be printed 
[For text of introduced bill, see copy of bill as introduced on July 23, 2015] 
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A BILL 
To amend the Federal Reserve Act to establish requirements 
for policy rules and blackout periods of the Federal Open 
Market Committee, to establish requirements for certain 
activities of the Board of Governors of the Federal Re-
serve System, and to amend title 31, United States Code, 
to reform the manner in which the Board of Governors 
of the Federal Reserve System is audited, and for other 
purposes. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the ‘‘Fed 
Oversight Reform and Modernization Act of 2015’’ or the 
‘‘FORM Act of 2015’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
Sec. 2. Requirements for policy rules of the Federal Open Market Committee. 
Sec. 3. Federal Open Market Committee blackout period. 
Sec. 4. Membership of Federal Open Market Committee. 
Sec. 5. Requirements for stress tests and supervisory letters for the Board of Gov-
ernors of the Federal Reserve System. 
Sec. 6. Frequency of testimony of the Chairman of the Board of Governors of the 
Federal Reserve System to Congress. 
Sec. 7. Vice Chairman for Supervision report requirement. 
Sec. 8. Economic analysis of regulations of the Board of Governors of the Federal 
Reserve System. 
Sec. 9. Salaries, financial disclosures, and office staff of the Board of Governors 
of the Federal Reserve System. 
Sec. 10. Requirements for international processes. 
Sec. 11. Amendments to powers of the Board of Governors of the Federal Reserve 
System. 
Sec. 12. Interest rates on balances maintained at a Federal Reserve bank by de-
pository institutions established by Federal Open Market Com-
mittee. 
Sec. 13. Audit reform and transparency for the Board of Governors of the Federal 
Reserve System. 
SEC. 2. REQUIREMENTS FOR POLICY RULES OF THE FED-
ERAL OPEN MARKET COMMITTEE. 
The Federal Reserve Act (12 U.S.C. 221 et seq.) is 
amended by inserting after section 2B the following new 
section: 
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‘‘SEC. 2C. DIRECTIVE POLICY RULES OF THE FEDERAL 
OPEN MARKET COMMITTEE. 
‘‘(a) DEFINITIONS.—In this section the following defi-
nitions shall apply: 
‘‘(1) APPROPRIATE
CONGRESSIONAL
COMMIT-
TEES.—The term ‘appropriate congressional commit-
tees’ means the Committee on Financial Services of 
the House of Representatives and the Committee on 
Banking, Housing, and Urban Affairs of the Senate. 
‘‘(2) DIRECTIVE POLICY RULE.—The term ‘Direc-
tive Policy Rule’ means a policy rule developed by the 
Federal Open Market Committee that meets the re-
quirements of subsection (c) and that provides the 
basis for the Open Market Operations Directive. 
‘‘(3) GDP.—The term ‘GDP’ means the gross do-
mestic product of the United States as computed and 
published by the Department of Commerce. 
‘‘(4) INTERMEDIATE POLICY INPUT.—The term 
‘Intermediate Policy Input’— 
‘‘(A) may include any variable determined 
by the Federal Open Market Committee as a nec-
essary input to guide open-market operations; 
‘‘(B) shall include an estimate of, and the 
method of calculation for, the current rate of in-
flation or current inflation expectations; and 
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