Money Supply and Inflation Control Act

[AI summary unavailable — showing source text] Money Supply and Inflation Control Act - Amends the Federal Reserve Act to require the sale and purchase of paper by Federal Reserve banks in open-market operations to be governed by the Federal Open Market Committee with a view toward reducing inflation and preventing recession by establishing the growth of the money supply at specified annual rates for 1985 through 1988. Authorizes the Board of Governors of the Federal Reserve System to increase the upper rate limits after notifying specified congressional committees.…