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U.S.GOVERNMENT
INFORMATION
115TH CONGRESS REPORT
2d Session HOUSE OF REPRESENTATIVES 115-1078
FOMC POLICY RESPONSIBILITY ACT
DECEMBER 12, 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. 4758]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 4758) to amend the Federal Reserve Act to require the
Federal Open Market Committee to establish interest rates on bal-
ances maintained at a Federal Reserve Bank by depository institu-
tions, having considered the same, report favorably thereon with-
out amendment and recommend that the bill do pass.
PURPOSE AND SUMMARY
On January 10, 2018, Representative Tenney introduced H.R.
4758, the FOMC Policy Responsibility Act, which amends Sub-
paragraph (A) of section 19(b)(12) of the Federal Reserve Act (12
U.S.C. 461(b)(12)(A)) to provide for the full Federal Open Market
Committee (FOMC), not just the Board of Governors of the Federal
Reserve System (Federal Reserve), to establish interest rates on
balances maintained at a Federal Reserve Bank by depository in-
stitutions.
BACKGROUND AND NEED FOR LEGISLATION
Monetary policy independence is a cornerstone for price stability,
and the opportunity it can create for every American to fully en-
gage with our economy. But emergency measures that the Fed ini-
tiated in response to the 2007-09 financial crisis have, contrary to
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