Title: Federal Reserve Blackout Improvement Act
Policy area: Finance and Financial Sector

Summary:
Federal Reserve Blackout Improvement Act
This bill amends the Federal Reserve Act to restrict the types of public communications that Federal Open Market Committee (FOMC) members and staff may make regarding financial developments or monetary policy during a "blackout period" (i.e., a period extending from approximately one week before an FOMC meeting to approximately one day afterwards).

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4756 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 4756

  To amend the Federal Reserve Act to establish a blackout period for 
  public communications by the Federal Open Market Committee, and for 
                            other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 10, 2018

  Ms. Tenney introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To amend the Federal Reserve Act to establish a blackout period for 
  public communications by the Federal Open Market Committee, and for 
                            other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Federal Reserve Blackout Improvement 
Act''.

SEC. 2. FEDERAL OPEN MARKET COMMITTEE BLACKOUT PERIOD.

    Section 12A of the Federal Reserve Act (12 U.S.C. 263) is amended 
by adding at the end the following new subsection:
    ``(d) Blackout Period.--
            ``(1) In general.--During a blackout period, the only 
        public communications that may be made by members and staff of 
        the Committee with respect to macroeconomic or financial 
        developments or about current or prospective monetary policy 
        issues are the following:
                    ``(A) The dissemination of published data, surveys, 
                and reports that have been cleared for publication by 
                the Board of Governors of the Federal Reserve System.
                    ``(B) Answers to technical questions specific to a 
                data release.
                    ``(C) Communications with respect to the prudential 
                or supervisory functions of the Board of Governors.
            ``(2) Blackout period defined.--For purposes of this 
        subsection, and with respect to a meeting of the Committee 
        described under subsection (a), the term `blackout period' 
        means the time period that--
                    ``(A) begins immediately after midnight on the day 
                that is one week prior to the date on which such 
                meeting takes place; and
                    ``(B) ends at midnight on the day after the date on 
                which such meeting takes place.
            ``(3) Exemption for chairman of the board of governors.--
        Nothing in this section shall prohibit the Chairman of the 
        Board of Governors of the Federal Reserve System from 
        participating in or issuing public communications.''.
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