Federal Reserve Sunshine Act of 2020

Federal Reserve Sunshine Act of 2020

This bill revises certain requirements for meetings of the Board of Governors of the Federal Reserve System. Currently, open meetings requirements (such as those regarding public access, voting records, and notice) as they apply to the board are suspended during the COVID-19 (i.e., coronavirus disease 2019) emergency period if the board determines that unusual and exigent circumstances exist. The bill reinstates these open meetings requirements, with the exception of the advance notice requirement. The board must publish within 24 hours any determination that the board may hold meetings without such advance notice.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8007 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 8007

  To eliminate the authority of the Board of Governors of the Federal 
      Reserve System to hold closed meetings in planning economic 
stabilization under the Coronavirus Economic Stabilization Act of 2020.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            August 11, 2020

   Mr. Green of Tennessee (for himself, Ms. Gabbard, Mrs. Carolyn B. 
Maloney of New York, and Mr. Hice of Georgia) introduced the following 
    bill; which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To eliminate the authority of the Board of Governors of the Federal 
      Reserve System to hold closed meetings in planning economic 
stabilization under the Coronavirus Economic Stabilization Act of 2020.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Federal Reserve Sunshine Act of 
2020''.

SEC. 2. ELIMINATION OF AUTHORITY OF FEDERAL RESERVE BOARD TO HOLD 
              CLOSED MEETINGS IN PLANNING ECONOMIC STABILIZATION UNDER 
              THE CORONAVIRUS ECONOMIC STABILIZATION ACT OF 2020.

    (a) In General.--Section 4009 of the Coronavirus Aid, Relief, and 
Economic Security Act (Public Law 116-136) is amended to read as 
follows:

``SEC. 4009. TEMPORARY SUSPENSION OF REQUIREMENT FOR ADVANCE NOTICE OF 
              MEETINGS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE 
              SYSTEM.

    ``(a) In General.--Notwithstanding any other provision of law, if 
the Chairman of the Board of Governors of the Federal Reserve System 
determines, in writing, that unusual and exigent circumstances exist, 
the Board may conduct meetings without advance notice as required by 
section 552b of title 5, United States Code, or by any other law, 
during the period beginning on the date of the enactment of this 
section and ending on the earlier of--
            ``(1) the date on which the national emergency concerning 
        the novel coronavirus disease (COVID-19) outbreak declared by 
        the President on March 13, 2020, under the National Emergencies 
        Act (50 U.S.C. 1601 et seq.) terminates; or
            ``(2) December 31, 2020.
    ``(b) Public Notice.--Within 24 hours after the Chairman makes a 
determination under subsection (a), the Chairman shall make available 
to the public a written copy of the determination.''.
    (b) Clerical Amendment.--Section 2 of such Act (Public Law 116-136) 
is amended in the table of contents by striking the item relating to 
section 4009 and inserting the following:

``Sec. 4009. Temporary suspension of requirement for advance notice of 
                            meetings of the Board of Governors of the 
                            Federal Reserve System.''.
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