Section 1 Short title
This Act may be cited as the “FOMC Policy Responsibility Act”.
FOMC Policy Responsibility Act
A BILL
To amend the Federal Reserve Act to require the Federal Open Market Committee to establish interest rates on balances maintained at a Federal Reserve Bank by depository institutions.
Sec. 2 Interest rates on balances maintained at a Federal Reserve Bank by depository institutions established by Federal Open Market Committee
Subparagraph (A) of section 19(b)(12) of the Federal Reserve Act (12 U.S.C. 461(b)(12)(A)) is amended by inserting “established by the Federal Open Market Committee” after “rate or rates”.