Press Releases

Congresswoman Tenney’s Bills Providing Greater Accountability to Financial Institutions Pass Out of House Financial Services Committee

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Washington, September 13, 2018 | comments

Washington, DC—Today, Congresswoman Claudia Tenney’s bills, H.R. 4758, FOMC Policy Responsibility Act and H.R. 4756, the Federal Reserve Blackout Improvement Act, passed the House Financial Services Committee and were included in the Fed Oversight Reform and Modernization 3.0 Act. The FOMC Policy Responsibility Act was also passed as a stand-alone bill and passed out of committee unanimously. Both are now slated for full consideration by the U.S. House of Representatives.

Rep. Tenney’s standalone bill, The Federal Open Market Committee (FOMC) Policy Responsibility Act, would amend Section 19 of the Federal Reserve Act to require that the FOMC of the Federal Reserve set interest rates on excess reserves instead of the members of the Board of Governors.

“This important legislation will bring greater accountability and transparency to the Federal Reserve. The FOMC Policy Responsibility Act takes away the monopoly on monetary policy that the Board of Governors currently holds. Taking policy interest rates out of the hands of New York city powerbrokers and their compatriots in Washington, DC will ensure more transparency in our financial organizations. This is a bipartisan fix and I urge my colleagues to vote for this common-sense bill when it comes to the House floor for a full vote,” said Congresswoman Claudia Tenney.

The Federal Reserve Blackout Improvement Act included in the Fed. Oversight Reform and Modernization 3.0 Act, amends the Federal Reserve Act to restrict the types of public communications that Federal Open Market Committee (FOMC) members and staff may make regarding financial developments or monetary policy during a "blackout period”.

Watch Rep. Tenney’s testimony on H.R. 4758 here.

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