Balanced Monetary Policy and Price Stability Act of 1984

Balanced Monetary Policy and Price Stability Act of 1984 - Amends the Federal Reserve Act to make it the policy of the Federal Open Market Committee to maintain low interest rates and stable exchange rates, and to encourage strong economic growth, to the extent that such policy is consistent with long-term price stability.

Requires the Chairman of the Board of Governors of the Federal Reserve System and the Secretary of the Treasury to develop a price index to assist the Committee in establishing intermediate targets for the conduct of monetary policy.

Requires the Chairman and the Secretary to establish a target range for such price index which will not result in a decline in the general level of prices.

Requires the Committee, if the price index rises above such target range, to restrict the availability of bank reserves, or raise their cost, or both, and if the index falls below the target to increase the availability of bank reserves, or reduce their cost, or both.

Permits a new target range to be set after a declaration of the existence of extraordinary circumstances by the Chairman and the Secretary.

Repeals the requirements of such Act concerning the targeting of monetary aggregates.

Directs the Secretary to seek the establishment of an international advisory task force, and ultimately an international monetary conference, consisting of representatives of the major industrial nations.

Declares the purposes of such task force and conference to be: (1) the improvement of price stability throughout the world; (2) the improvement of the stability of currency exchange rates; and (3) the improvement of the prospects for liberal trade and strong noninflationary economic growth.