Title IV — Demystification of Monetary Policy Decisions Act

H.R. 2913 · 114th Congress · Jun 25, 2015 · Lineage

IV Demystification of Monetary Policy Decisions Act

Sec. 401 Findings

The Congress finds the following:

(1)

A more efficient release of transcripts from the Federal Reserve would result in better guidance for market participants, and hence more economically efficient decisionmaking.

(2)

According to Federal Reserve Chairman Ben Bernanke, “when the monetary policy committee regularly provides information about objectives, economic outlook, and policy plans, two benefits result: (1) markets will price assets more efficiently, and (2) a closer alignment between market participants’ expectations about the course of future short-term interest rates and” the views of policymakers.

(3)

The Federal Reserve is able to release transcripts more efficiently without compromising their decisionmaking process.

Sec. 402 Release of transcripts

Section 12A(a) of the Federal Reserve Act (12 U.S.C. 263(a)) is amended by adding at the end the following:

“(d) Release of transcripts—The Committee shall release meeting transcripts to the public not later than the end of the 3-year period following each meeting.”

Lineage

Jun 25, 2015viewing Introduced in House Mr. Brady of Texas (for himself, Mr. Jones, Mr. Mullin, Mr. Blum, Mr. McClintock, Mr. Burgess, Mr. Labrador, Mr. Farenthold, Mr. Pearce, Mr. Smith of Texas, Mr. Mulvaney, Mr. Jordan, Mr. Cole, Mr. Woodall, Mr. Duncan of South Carolina, Mr. Flores, Ms. Jenkins of Kansas, Mr. Neugebauer, Mrs. Lummis, Mr. Weber of Texas, and Mr. Gohmert) introduced the following bill; which was referred to the Committee on Financial Services

Title IV — Demystification of Monetary Policy Decisions Act

IV Demystification of Monetary Policy Decisions Act

Sec. 401 Findings

Sec. 402 Release of transcripts

Cite this provision

Incoming references