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.
Introduced in House
Introduced in House
Referred to House Committee on Banking, Finance and Urban Affairs.
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