Federal Reserve Modernization Act
Latest action. Referred to House Committee on Banking, Finance and Urban Affairs.
Federal Reserve Modernization Act - -Title I: Retirement of Federal Reserve Bank Stock - Amends the Federal Reserve Act to eliminate the requirement that a bank subscribe for the stock of the Federal Reserve bank in its district in order to become a member in the Federal Reserve System. Requires that such banks receive certificates of membership which shall be retired upon termination of a bank's status as a member. Prohibits for the retirement of existing stock subscriptions over a five-year period consistent with the operation of the Federal budget and monetary control policies of the Board of Governors of the Federal Reserve System. Title II: Structural Changes in the Federal Reserve System - Eliminates the Federal Open Market Committee and places authority for the conduct of open-market operations in the Board of Governors. Requires the president of each Federal Reserve district to be the district's member on the Federal Advisory Council. Requires that each president be a bona fide resident of the district involved. Repeals the requirement that appointments to the Federal Advisory Council be approved by the Board of Governors. Directs the Federal Reserve System to conduct its affairs to foster the policies of the Employment Act of 1946 and the Full Employment and Balanced Growth Act of 1978, particularly those relating to a stable price level and on improved national economic structure. Title III: Effective Date - Sets forth the effective dates of the provisions of this Act.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on April 1, 1980. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on April 1, 1980: Referred to House Committee on Banking, Finance and Urban Affairs.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 96th Congress (1979-80), 613 of the 12,581 bills and joint resolutions introduced became law, about 4.9 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
HENRY REUSS (D-WI) introduced it on April 1, 1980, and 2 members have since signed on as cosponsors.
They are 2 Democrats.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on April 1, 1980, 17010 days ago. The most recent recorded action was 17010 days ago, on April 1, 1980.
Measures do not carry over. Anything the 96th Congress has not finished by January 3, 1981 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers