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U.S. GOVERNMENT
INFORMATION
Op
115TH CONGRESS REPORT
2d Session HOUSE OF REPRESENTATIVES 115-652
MONETARY POLICY TRANSPARENCY AND
ACCOUNTABILITY ACT OF 2017
APRIL 25, 2018.-Committed to the Committee of the Whole House on the State of
the Union and ordered to be printed
Mr. HENSARLING, from the Committee on Financial Services,
submitted the following
REPORT
together with
MINORITY VIEWS
[To accompany H.R. 4270]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 4270) to amend the Federal Reserve Act to ensure trans-
parency in the conduct of monetary policy, and for other purposes,
having considered the same, report favorably thereon without
amendment and recommend that the bill do pass.
PURPOSE AND SUMMARY
On November 7, 2017, Representative Barr introduced H.R.
4270, the Monetary Policy Transparency and Accountability Act of
2017, which requires the Federal Open Market Committee's
(FOMC's) annual adoption of a monetary policy strategy and ref-
erence policy rules of its own choosing to facilitate a more acces-
sible communication of how incoming data and economic forecasts
inform the conduct of monetary policy.
BACKGROUND AND NEED FOR LEGISLATION
The goal of H.R. 4270 is to increase monetary policy trans-
parency and accountability. According to the Board of Governors of
the Federal Reserve, the FOMC consists of twelve members-the
seven members of the Board of Governors of the Federal Reserve
System; the president of the Federal Reserve Bank of New York;
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