Library / Laws / 113th / hr / H.R. 246 / Introduced in House
I
113th CONGRESS
1st Session
H. R. 246
IN THE HOUSE OF REPRESENTATIVES
January 14, 2013
Mr. Schweikert
introduced the following bill; which was referred to the
Committee on Financial
Services
A BILL
To require the Board of Governors of the Federal Reserve
System to collect, publish, and keep current an objective index of
dollar-denominated loan interest rates of various maturities, and for other
purposes.
1.
Short title
This Act may be cited as the
Rate of Average Time Execution Act of
2013 or the RATE
Act of 2013.
2.
Publication of
certain loan rates
(a)
In
general
The Federal Reserve
Act is amended by inserting after section 11B the following:
11C.
Publication of
certain loan rates
(a)
In
general
The Board of
Governors of the Federal Reserve System shall collect, publish, and keep
current a set of indices reporting the rate for dollar-denominated loans of
various maturities.
(b)
Specific
requirements
The indices described under subsection (a)
shall—
(1) be derived from a collation of objective,
anonymized data collected from a variety of financial institutions for a
variety of loan products, where such institutions are representative of a broad
range of participants in the financial market;
(2) contain
information representing executed transactions from a basket of credit
products, determined by the Board and derived from real market data based on
actual borrowing costs;
(3) list the average
of loan rates with maturities of overnight, one month, three months, six
months, nine months, and one year;
(4) not contain the
Federal funds rate;
(5) be published on
the Board’s website and updated weekly; and
(6) be clearly labeled in such a way that they
cannot be misinterpreted to be rate targets set by the Federal Open Market
Committee.
.
(b)
Rulemaking
The
Board of Governors of the Federal Reserve System shall issue regulations to
carry out section 11C of the Federal Reserve Act, as added by subsection (a),
before the end of the 90-day period beginning on the date of the enactment of
this Act.