I
103D CONGRESS
1ST SESSION
H. R. 2917
To reform the Federal Reserve System.
IN THE HOUSE OF REPRESENTATIVES
AUGUST 6, 1993
Mr. BLACKWELL introduced the following bill; which was referred to the
Committee on Banking, Finance and Urban Affairs
A BILL
To reform the Federal Reserve System.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. AUTHORITY OF THE PRESIDENT TO APPOINT
THE MEMBERS OF THE FEDERAL OPEN MAR-
KET COMMITTEE.
(a) IN GENERAL.—Section 12A(a) of the Federal Re-
serve Act (12 U.S.C. 263(a)) is amended by striking
‘‘five’’ and all that follows through the end of the second
sentence and inserting the following: ‘‘5 individuals ap-
pointed by the President, by and with the advice and con-
sent of the Senate, and after consultation with, and con-
sideration of candidates selected by, the Federal Advisory
Council.’’.
(b) EFFECTIVE DATE.—The amendment made by
subsection (a) shall apply to a position on the Federal
Open Market Committee on the first day occurring on or
after the date of the enactment of this Act that there is
a vacancy in the position.
SEC. 2. CONSULTATION BETWEEN THE FEDERAL OPEN
MARKET COMMITTEE AND THE SECRETARY
OF THE TREASURY, THE DIRECTOR OF THE
OFFICE OF MANAGEMENT AND BUDGET, AND
THE CHAIRMAN OF THE COUNCIL OF ECO-
NOMIC ADVISERS.
Section 2A of the Federal Reserve Act (12 U.S.C.
225a) is amended—
(1) by inserting ‘‘(a) IN GENERAL.—’’ before
‘‘The Board’’ the 1st place such term appears; and
(2) by adding at the end the following:
‘‘(b) CONSULTATION REQUIRED.—The Federal Open
Market Committee shall meet and consult, on a quarterly
basis, with the Secretary of the Treasury, the Director of
the Office of Management and Budget, and the Chairman
of the Council of Economic Advisers.’’.
SEC. 3. COINCIDENCE OF THE TERM OF OFFICE OF CHAIR-
MAN OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM WITH THE TERM
OF OFFICE OF THE PRESIDENT.
(a) IN GENERAL.—The 2nd undesignated paragraph
of section 10 of the Federal Reserve Act (12 U.S.C. 242)
is amended in the 3rd sentence by striking ‘‘of four years’’
each place such term appears and inserting ‘‘ending with
the end of the term of office of the President’’.
(b) EFFECTIVE DATE.—The amendments made by
subsection (a) shall take effect on the first day occurring
on or after the date of the enactment of this Act that there
is a vacancy in the office of the Chairman of the Board
of Governors of the Federal Reserve System.
SEC. 4. AVAILABILITY OF THE BUDGET OF THE FEDERAL
RESERVE SYSTEM.
Section 1105 of title 31, United States Code, is
amended by adding at the end the following:
‘‘(g) PUBLICATION OF THE BUDGET OF THE FED-
ERAL RESERVE SYSTEM.—
‘‘(1) TRANSMISSION TO THE PRESIDENT.—Not
later than October 16 of each year, the Board of
Governors of the Federal Reserve System shall
transmit to the President the estimated receipts and
proposed expenditures of the Board and of the Fed-
eral Reserve banks for the year and for each of the
2 immediately succeeding years.
‘‘(2) TRANSMISSION TO THE CONGRESS WITH
THE BUDGET OF THE UNITED STATES.—The Presi-
dent shall transmit to the Congress, without change,
the matter transmitted pursuant to paragraph (1),
with the budget transmitted to the Congress under
subsection (a).’’.
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