FOMC Policy Responsibility Act

Bill: 116-hr-8982
Sponsor: full_name: Rep. Hill, J. French [R-AR-2]
Introduced: 2020-12-16
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Advisory bodies

Bank accounts, deposits, capital

Federal Reserve System

Federal officials

Interest, dividends, interest rates
Latest action: action_date: 2020-12-16
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2020-12-16
action_desc: Introduced in House
text: <p><b>FOMC Policy Responsibility Act</b></p> <p>This bill requires the Federal Open Market Committee to&nbsp;set the&nbsp;interest rates on balances maintained at Federal Reserve banks by or on behalf of depository institutions. </p>

tv_txt: I 116th CONGRESS 2d Session H. R. 8982 IN THE HOUSE OF REPRESENTATIVES December 16, 2020 Mr. Hill of Arkansas introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Federal Reserve Act to require the Federal Open Market Committee to establish interest rates on balances maintained at a Federal Reserve Bank by depository institutions.

1. Short title This Act may be cited as the FOMC Policy Responsibility Act . 2. Interest rates on balances maintained at a Federal Reserve Bank by depository institutions established by Federal Open Market Committee Subparagraph (A) of section 19(b)(12) of the Federal Reserve Act ( 12 U.S.C. 461(b)(12)(A) ) is amended by inserting established by the Federal Open Market Committee after rate or rates .