H. Rept. 115-652 1 (2018-04-25)

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                   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;
                      79-006

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