H. Rept. 115-1117 1 (2019-01-02)

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                     115TH CONGRESS                                           REPORT
                        2d Session      HOUSE OF REPRESENTATIVES              115-1117







                        INDEPENDENCE FROM CREDIT POLICY ACT OF 2017



                      JANUARY 2, 2019.-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. 4278]

                       The Committee on Financial Services, to whom was referred the
                     bill (H.R. 4278) to ensure that the operations of the Board of Gov-
                     ernors of the Federal Reserve System remain independent from the
                     credit policy of the United States, 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.
                       This Act may be cited as the Independence from Credit Policy Act of 2017.
                     SEC. 2. INDEPENDENCE FROM CREDIT POLICY.
                       (a) RETURNING TO A MONETARY POLICY BALANCE SHEET.-
                          (1) IN GENERAL.-Not later than 1 year after the date of the enactment of this
                        Act-
                              (A) the Board of Governors of the Federal Reserve System shall transfer
                            to the Department of the Treasury all covered assets that are neither gold
                            stock, Treasury currency, nor direct obligations of the United States, for-
                            eign central banks, or the International Monetary Fund; and
                              (B) the Secretary of the Treasury shall transfer to the Federal reserve
                            banks direct obligations of the United States of equivalent market value to
                            such covered assets.
                          (2) COVERED ASSETS DEFINED.-In this subsection, the term covered assets
                        means all assets-
                              (A) purchased through open-market operations by the Federal reserve
                            banks; or
                              (B) acquired through transactions under the following sections of the Fed-
                            eral Reserve Act (12 U.S.C. 221 et seq.):
                                 (i) Section 10A before the date of the enactment of this Act.
                        89-006

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