“A bill to limit purchases of the Federal reserve banks, to require Generally Accepted Accounting Principles standards, and for other purposes.”
No CRS summary available for this bill.
This section amends the Federal Reserve Act as follows: (1) requires the Board of Governors and each Federal Reserve Bank to submit annual reports to Congress on the status and health of the U.S. middle class—including analysis of how Federal Reserve policies and programs have impacted its growth—and on the effects of Federal Reserve actions on small business lending and lines of credit since 2000 (specifically, balance sheets, lending facilities, and interest on reserves); (2) prohibits Federal Reserve Banks, on and after enactment, from purchasing Treasury bills with maturities exceeding three years, mortgage-backed securities, or shares of common stock acquired on or after enactment (notwithstanding prior open market operation authorities); and (3) requires the Board, Federal Open Market Committee, and Federal Reserve Banks to apply generally accepted accounting principles to filings and mark-to-market valuations to financial estimates in specified reports and audits.