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H. Rept. 114-332 1 (2015-11-16)

handle is hein.congrecreports/crptxsyc0001 and id is 1 raw text is: AUTHENTICATEO U.S. GOVERNMENT INFORMATION Gp 114TH CONGRESS J REPT. 114-332 1st Session HOUSE OF REPRESENTATIVES Part 1 FED OVERSIGHT REFORM AND MODERNIZATION ACT OF 2015 NOVEMBER 16, 2015.-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. 3189] [Including cost estimate of the Congressional Budget Office] The Committee on Financial Services, to whom was referred the bill (H.R. 3189) to amend the Federal Reserve Act to establish re- quirements for policy rules and blackout periods of the Federal Open Market Committee, to establish requirements for certain ac- tivities of the Board of Governors of the Federal Reserve System, and to amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited, and for other purposes, having considered the same, report favorably thereon with an amendment and recommend that the bill as amended do pass. The amendment is as follows: Strike all after the enacting clause and insert the following: SECTION 1. SHORT TITLE; TABLE OF CONTENTS. (a) SHORT TITLE.-This Act may be cited as the Fed Oversight Reform and Mod- ernization Act of 2015 or the FORM Act of 2015. (b) TABLE OF CONTENTS.-The table of contents for this Act is as follows: Sec. 1. Short title; table of contents. Sec. 2. Requirements for policy rules of the Federal Open Market Committee. Sec. 3. Federal Open Market Committee blackout period. Sec. 4. Membership of Federal Open Market Committee. Sec. 5. Requirements for stress tests and supervisory letters for the Board of Governors of the Federal Reserve System. Sec. 6. Frequency of testimony of the Chairman of the Board of Governors of the Federal Reserve System to Congress. Sec. 7. Vice Chairman for Supervision report requirement. 59-006

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