,i  #aae? ,,congress  #a/ ,session  ,h4 
,r4 #dbgj  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,novemb] #g1 #bjag    
,mr4 ,b>r introduc$ ! foll[+ bill2 :i* 0
 ref]r$ to ! ,committee on ,f9ancial    
,s]vices  ,a ,,bill  ,to am5d ! ,f$]al  
,res]ve ,act to ensure transp>5cy 9 !   
conduct ( monet>y policy1 & = o!r       
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,monet>y ,policy           
,transp>5cy & ,acc\ntability ,act (     
#bjag4  #b4 ,monet>y policy transp>5cy &
 acc\ntability ,section #ab;,a ( !      
,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bfc7
 is am5d$--  7#a7 by r$esignat+         
subsections 7b7 & 7c7 z subsections 7d7 
& 7e71 respectively2 &  7#b7 by ins]t+  
aft] subsection 7a7 ! foll[+ new        
subsections3  7b7 ,policy transp>5cy    
7#a7 ,monet>y policy /rategy  7,a7 ,9   
g5]al ,! ,committee %all annually       
e/abli% exactly #a monet>y policy       
/rategy1 :i* %all s]ve z a non-te*nical 
public communication ( ! ,committee's   
cons5sus expectation = ! conduct (      

monet>y policy dur+ t cal5d> ye>4  7,b7 
,requirem5ts ,ea* monet>y policy /rategy
 ( ! ,committee %all include ! foll[+3  
7i7 ,a pla9 ,engli% description ( h[ !  
,committee w\ld adju/ ea* ( ! foll[+    
monet>y policy in/rum5ts 9 reaction to  
*anges 9 a small & well-def9$ set (     
publicly available economic indicators3 
7,i7 ,%ort-t]m int]e/ rate t>gets       
e/abli%$ by ! ,committee4  7,,ii7       
,op5-m>ket op]ations au?oriz$ "u section
 #ad4  7,,iii7 ,e>n+s on balances       
ma9ta9$ at a ,f$]al res]ve bank by or on
 behalf ( a depository in/itution "u    
section #ai7;b77#ab74  7ii7 ,an         
id5tification ( #a monet>y policy       
in/rum5t f ! li/ 9 clause 7i7 t !       
,committee expects to use z ! prim>y    
in/rum5t = implem5t+ ! monet>y policy   
/rategy describ$ "u subp>agraph 7,a74   
7#b7 ,ref]5ce monet>y policy rules ,9   
addition to ! monet>y policy /rategy    
requir$ "u p>agraph 7#a71 ! ,committee  
%all annually adopt at lea/ #a & n m ?an
 #c ref]5ce monet>y policy rules1 ea* ( 

:i* %all ma!matically express h[ !      
prim>y monet>y policy in/rum5t id5tifi$ 
"u p>agraph 7#a77;,b77ii7 reacts to     
*anges 9 a small & well-def9$ set (     
publicly available economic indicators4 
7#c7 ,deviations ,no?+ 9 ?is subsection 
%all be con/ru$ to prev5t ! ,committee f
 sett+ %ort-t]m int]e/ rate t>gets1     
conduct+ op5-m>ket op]ations1 or pay+   
e>n+s on balances pursuant to section   
#ai7;b77#ab7 9 a mann] t deviates f a   
monet>y policy /rategy or any ref]5ce   
monet>y policy rules e/abli%$ "u ?is    
subsection4  7c7 ,te/imony & reports ( !
 ,*airman ,! ,*airman %all1 concurr5t ) 
ea* semi-annual he>+ requir$ "u section 
#b;,b1 submit a report to ! ,committee  
on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! 
,s5ate & ! ,committee on ,bank+ &       
,f9ancial ,s]vices ( ! ,h\se (          
,repres5tatives1 conta9+--  7#a7 a      
/atem5t z to :e!r ! monet>y policy      
/rategy e/abli%$ "u subsection 7b77#a7  
qualitatively diff]s f any ( ! ref]5ce  
monet>y policy rules requir$ "u         

subsection 7b77#b7 &1 if applicable1 a  
full & non-te*nical explanation ( any   
su* diff]5ce2  7#b7 a /atem5t z to :e!r 
! ,committee's conduct ( monet>y policy 
s9ce ! previ\s report quantitatively    
diff]s f any ref]5ce monet>y policy rule
 &1 if applicable1 a full & non-te*nical
 explanation ( any su* diff]5ces2 &     
7#c7 a description (-- 7,a7 !           
circum/ances "u :i* ! ,committee's      
monet>y policy /rategy may be am5d$ f   
ye> to ye>2 &  7,b7 a full &            
non-te*nical explanation ( any su*      
actual am5dm5t4  4