Federal Reserve Sunshine Act of 2020

Bill: 116-hr-8007
Sponsor: full_name: Rep. Green, Mark E. [R-TN-7]
Introduced: 2020-08-11
Policy area: Finance and Financial Sector
Subjects: Cardiovascular and respiratory health

Emergency medical services and trauma care

Federal Reserve System

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Infectious and parasitic diseases

Public participation and lobbying
Latest action: action_date: 2020-08-11
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2020-08-11
action_desc: Introduced in House
text: <p><b>Federal Reserve Sunshine Act of 2020 </b></p> <p>This bill revises certain requirements for meetings of the Board of Governors of the Federal Reserve System. Currently, open meetings requirements (such as those regarding public access, voting records, and notice) as they apply to the board are suspended during the COVID-19 (i.e., coronavirus disease 2019) emergency period if the board determines that unusual and exigent circumstances exist. The bill reinstates these open meetings requirements, with the exception of the advance notice requirement. The board must publish within 24 hours any determination that the board may hold meetings without such advance notice. </p>

tv_txt: I 116th CONGRESS 2d Session H. R. 8007 IN THE HOUSE OF REPRESENTATIVES August 11, 2020 Mr. Green of Tennessee (for himself, Ms. Gabbard , Mrs. Carolyn B. Maloney of New York , and Mr. Hice of Georgia ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To eliminate the authority of the Board of Governors of the Federal Reserve System to hold closed meetings in planning economic stabilization under the Coronavirus Economic Stabilization Act of 2020.

1. Short title This Act may be cited as the Federal Reserve Sunshine Act of 2020 . 2. Elimination of authority of Federal Reserve Board to hold closed meetings in planning economic stabilization under the Coronavirus Economic Stabilization Act of 2020 (a) In general Section 4009 of the Coronavirus Aid, Relief, and Economic Security Act ( Public Law 116–136 ) is amended to read as follows: 4009. Temporary suspension of requirement for advance notice of meetings of the Board of Governors of the Federal Reserve System (a) In general Notwithstanding any other provision of law, if the Chairman of the Board of Governors of the Federal Reserve System determines, in writing, that unusual and exigent circumstances exist, the Board may conduct meetings without advance notice as required by section 552b of title 5, United States Code, or by any other law, during the period beginning on the date of the enactment of this section and ending on the earlier of— (1) the date on which the national emergency concerning the novel coronavirus disease (COVID-19) outbreak declared by the President on March 13, 2020, under the National Emergencies Act ( 50 U.S.C. 1601 et seq.) terminates; or (2) December 31, 2020. (b) Public notice Within 24 hours after the Chairman makes a determination under subsection (a), the Chairman shall make available to the public a written copy of the determination. . (b) Clerical amendment Section 2 of such Act ( Public Law 116–136 ) is amended in the table of contents by striking the item relating to section 4009 and inserting the following: Sec. 4009. Temporary suspension of requirement for advance notice of meetings of the Board of Governors of the Federal Reserve System. .