H.R. 4278 · 115th Congress
Independence from Credit Policy Act of 2017
- Stage
- Reported from committee
- Sponsor
- J. Hill
- Introduced
- 2017-11-07
- Latest action
- 2019-01-02 · Reported (Amended) by the Committee on Financial Services. H. Rept. 115-1117.
Summary
Independence from Credit Policy Act of 2017
This bill limits the types of securities that the Federal Reserve Board (FRB) may acquire in the open market to: (1) gold stock; (2) currency; and (3) direct obligations of the United States, foreign banks, or the International Monetary Fund. The FRB must exchange all other assets with the Department of the Treasury for direct U.S. obligations of equivalent value.