HR 8982
FOMC Policy Responsibility Act
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill changes the Federal Reserve Act to require the Federal Open Market Committee (FOMC) to set the interest rates that banks pay when they hold money at the Federal Reserve. Currently, the specific method for determining these rates is not explicitly tied to FOMC decisions. The bill aims to make the FOMC’s role in setting interest rates more transparent and accountable. This change would affect how banks manage their reserves at the Fed.
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