HR 8223 · 96th Congress · Finance and Financial Sector

Federal Reserve Modernization Act

Introduced 1980-09-29· Sponsored by Rep. Mitchell, Parren J. [D-MD-7]· House

Bill Progress

✓
Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to House Committee on Banking, Finance and Urban Affairs.(1980-09-29)

Plain Language Summary

[AI summary unavailable — showing source text] Federal Reserve Modernization Act - Amends the Federal Reserve Act to eliminate the Federal Open Market Committee and place authority for the conduct of open-market operations in the Board of Governors of the Federal Reserve System, in consultation with the Federal Reserve District Bank Presidents. Requires such operations to be governed with a view to reducing inflation and preventing recession by establishing the growth of the money supply as specified in this Act.…

Summarized by Claude AI · Non-partisan · For informational purposes only

Cosponsors (2)

2 Democrats
Rep. Neal, Stephen L. [D-NC-5]
Rep. Cavanaugh, John J. [D-NE-2]