HR 8984
Independence from Credit Policy Act of 2020
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
The Independence from Credit Policy Act of 2020 aims to ensure the Federal Reserve’s monetary policy operates independently from U.S. credit policy. It requires the Federal Reserve to transfer most of its assets, excluding gold, U.S. currency, and specific obligations, to the Treasury for equivalent U.S. government debt. The bill also restricts the Fed’s ability to purchase certain assets and eliminates a provision allowing emergency lending to groups of member banks. This shift is intended to reduce the Fed’s balance sheet and promote greater independence.
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