summary
Introduced
11/07/2017
11/07/2017
In Committee
11/14/2017
11/14/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
Independence from Credit Policy Act of 2017 This bill limits the types of securities that the Federal Reserve Board (FRB) may acquire in the open market to: (1) gold stock; (2) currency; and (3) direct obligations of the United States, foreign banks, or the International Monetary Fund. The FRB must exchange all other assets with the Department of the Treasury for direct U.S. obligations of equivalent value.
AI Summary
This bill, the Independence from Credit Policy Act of 2017, aims to limit the types of securities that the Federal Reserve Board (FRB) may acquire in the open market. The bill requires the FRB to transfer all assets, except for gold stock, Treasury currency, and direct obligations of the United States, foreign central banks, or the International Monetary Fund, to the Department of the Treasury. In exchange, the Secretary of the Treasury will transfer direct U.S. obligations of equivalent value to the FRB. The bill also amends the Federal Reserve Act to restrict the FRB's open market asset purchases to only include gold stock, Treasury currency, or direct obligations of the United States, foreign central banks, or the International Monetary Fund.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Placed on the Union Calendar, Calendar No. 884. (on 01/02/2019)
Official Document
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bill summary
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bill summary
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