Summary

2/7/2013--Introduced.Federal Reserve Modernization Act of 2013 - Amends the Federal Reserve Act (FRA) to direct the Board of Governors of the Federal Reserve System (Board) and the Federal... Read More

Status

This bill was introduced on Feb 7, 2013, in a previous session of Congress, but was not passed.

Date Introduced
Feb 7, 2013

Bill Text

A BILL

To amend the Federal Reserve Act to improve the functioning and transparency of the Board of Governors of the Federal Reserve System and the Federal Open Market Committee, and for other purposes.

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

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

(a) Short Title.--This Act may be cited as the ``Federal Reserve Modernization Act of 2013''. (b) Table of Contents.--The table of contents for this Act is as follows:

Sec. 1. Short title; table of contents. TITLE I--SINGLE MANDATE FOR PRICE STABILITY ACT

Sec. 101. Findings. Sec. 102. Price stability mandate. TITLE II--FINANCIAL STABILITY AND MORAL HAZARD MITIGATION ACT

Sec. 201. Findings. Sec. 202. Lender-of-last-resort policy. TITLE III--DIVERSIFYING THE FEDERAL OPEN MARKET COMMITTEE TO REFLECT A 21ST CENTURY ECONOMY ACT

Sec. 301. Findings. Sec. 302. Federal Open Market Committee membership. TITLE IV--DEMYSTIFICATION OF MONETARY POLICY DECISIONS ACT

Sec. 401. Findings. Sec. 402. Release of transcripts. TITLE V--EXCHANGE RATE RESPONSIBILITY ACT

Sec. 501. Findings. Sec. 502. Report on the effect of exchange rate policy. Sec. 503. Renaming of Exchange Stabilization Fund. Sec. 504. Conversion to all-SDR Fund. TITLE VI--CREDIT ALLOCATION NEUTRALITY ACT

Sec. 601. Findings. Sec. 602. Limitation on certain non-emergency security purchases. TITLE VII--BUREAU OF CONSUMER FINANCIAL PROTECTION FUNDING ACT

Sec. 701. Findings. Sec. 702. Bureau of Consumer Financial Protection Funding.

TITLE I--SINGLE MANDATE FOR PRICE STABILITY ACT

SEC. 101. FINDINGS.

The Congress finds the following: (1) Monetary policy can only affect the level of employment in the short term...

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Sentiment Map

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Nation

57 Supporting
3 Opposing
95% 5%

State: CA

3 Supporting
1 Opposing
75% 25%

District: 1st

0 Supporting
0 Opposing
0% 0%

Popularity Trend

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Users Supporting

I support S. 238: Federal Reserve Modernization Act of 2013. Please consider standing up against tyranny, and fighting for the common woman/man in this great country of ours. I know that taking a stand against tyranny may be a new and frightening stance for you, but I must insist that you find the courage to do so, nevertheless. Hopefully you realize that this country was founded upon the principle of limited government, and that single concept is what has made us the greatest nation on earth. Thank you

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CA
22
skiptomylou
CA-22
1 year ago

I support S. 238: Federal Reserve Modernization Act of 2013 because, in the words of Thomas Jefferson, "I prefer dangerous freedom over peaceful slavery". Thank you.

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CA
22
Freedom24
CA-22
1 year ago

I support S. 238: Federal Reserve Modernization Act of 2013 because...They need to answer any questions given and be given lie detector at same time.Also no more 6%.intrest for Fed as it should be .02% untill my bank pays 4% for one year minimum.

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CA
3
swede
CA-3
1 year ago

I support S. 238: Federal Reserve Modernization Act of 2013 because... We need to go to a system of currency, where the United States prints its own currency, backed by real assets, whether it is gold, silver, real estate. We don't need the Federal Reserve.

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VA
3
Keepitmoist
VA-3
2 years ago

I support S. 238: Federal Reserve Modernization Act of 2013 Please support any action that will bring transparency to the Federal Reserve Bank.

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FL
23
ClaytonKruger
FL-23
2 years ago

I support S. 238 ("A bill to amend the Federal Reserve Act to improve the functioning and transparency of") because...it is past time to have control over the Federal Reserve and that an audit is submitted every year to Congress and on line to the American people for their viewing.

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TN
3
DocFreeman
TN-3
2 years ago

Users Opposing

I oppose S. 238: Federal Reserve Modernization Act of 2013 Abolish the IRS and the income tax, problem solved

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CA
6
EXPOSE-CAFR
CA-6
1 year ago

I oppose S. 238: Federal Reserve Modernization Act of 2013 because...this looks like a back-door scheme to re-authorize the Federal Reserve whose charter expired this year. Hello! Their charter expired so put the control of the money supply back into the hands of congress as stated in the Constitution and stop paying an independently owned and privately operated organization (with a deceptive name, Federal Reserve) interest on money as it is created for our economy. This simple act makes it impossible to ever print enough money to pay the interest for that money because it runs in a loop. It is a scam thought by a bunch of rich bankers on Jekyl Island back in 1910 and implemented over a holiday in 1913. Our forefathers warned us against letting these scheming greedy people control our money supply. They have had it for 100 years now and the dollar value has plummeted. Twenty dollars today buys what one dollar bought 100 years ago

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HI
1
rodneye9110
HI-1
2 years ago

Bill Summary

2/7/2013--Introduced.Federal Reserve Modernization Act of 2013 - Amends the Federal Reserve Act (FRA) to direct the Board of Governors of the Federal Reserve System (Board) and the Federal Open Market Committee (FOMC) to: (1) promote the goal of long-term price stability, and (2) establish metrics to evaluate whether long-term price stability is being achieved. Prescribes procedures for the establishment and evaluation of such metrics. Directs the Board and the FOMC to: (1) make such information available to the public on a website, and (2) report to Congress each time such metrics are set or revised. Directs the Board to include in its semi-annual report to Congress: (1) the results of the evaluation process, (2) whether the goal of long-term price stability is being met, (3) the main monetary policy instruments and strategy used by the Board and the FOMC to achieve long-term price stability, and (4) an analysis of how the policies of the Board and the FOMC are affecting the foreign exchange rate value of the U.S. dollar. Directs the Board to clearly articulate it's lender-of-last-resort policy. Revamps FOMC membership to consist of one representative from each of the Federal Reserve banks (in addition to members of the Board). Directs the FOMC to release meeting transcripts to the public within three years after each meeting. Redesignates the Department of the Treasury stabilization fund as the Special Drawing Rights Fund. Instructs the Secretary of the Treasury to liquidate all property in the Fund (other than Special Drawing Rights) and to use all such amounts to reduce the public debt. Limits the availability of the Fund solely to stabilize exchange rates and arrangements. Repeals the authority of the Secretary to deal in U.S. instruments of credit and securities. Permits only Special Drawing Rights to be deposited into the Fund. Requires funds that would otherwise have been deposited into the Fund to be paid, instead, to the Secretary to reduce the public debt. Amends the FRA to authorize the FOMC, in unusual and exigent circumstances, by the affirmative vote of 2/3 of its members, to grant any Federal Reserve bank emergency authority to buy and sell U.S. debt obligations and revenue bonds in anticipation of the collection of taxes or the receipt of assured revenues by any state or local governmental entity, as well as obligations of, or guaranteed by, a foreign government or agency. Amends the Consumer Financial Protection Act of 2010 to repeal: (1) funding for the Consumer Financial Protection Bureau (CFPB), and (2) the Bureau of Consumer Financial Protection Fund.

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