,,ib  ,union ,calendar ,no4 #ejj  #aaeth
 ,,congress  #b;d ,session  ,h4 ,r4     
#dbgj  ,report ,no4 #aae-feb  ,,in ,,the
 ,,house ,,of ,,representatives         
,november #g1 #bjag ,mr4 ,barr          
introduced the following bill2 which was
 referred to the ,committee on          
,financial ,services  ,april #be1       
#bjah;,additional sponsors3 ,mrs4       
,wagner1 ,mr4 ,huizenga1 ,mr4 ,rokita1  
,mr4 ,pittenger1 and ,mr4 ,budd  ,april 
#be1 #bjah ,committed to the ,committee 
of the ,whole ,house on the ,state of   
the ,union and ordered to be printed  ,a
 ,,bill  ,to amend the ,federal ,reserve
 ,act to ensure transparency in the     
conduct of monetary policy1 and for     
other purposes4  #a4 ,short title ,this 
,act may be cited as the ,monetary      
,policy ,transparency and               
,accountability ,act of #bjag4  #b4     
,monetary policy transparency and       
accountability ,section #ab;,a of the   
,federal ,reserve ,act 7#ab ,u4,s4,c4   
#bfc7 is amended--  7#a7 by             

redesignating subsections 7b7 and 7c7 as
 subsections 7d7 and 7e71 respectively2 
and  7#b7 by inserting after subsection 
7a7 the following new subsections3  7b7 
,policy transparency  7#a7 ,monetary    
policy strategy  7,a7 ,in general ,the  
,committee shall annually establish     
exactly #a monetary policy strategy1    
which shall serve as a non-technical    
public communication of the ,committee's
 consensus expectation for the conduct  
of monetary policy during that calendar 
year4  7,b7 ,requirements ,each monetary
 policy strategy of the ,committee shall
 include the following3 7i7 ,a plain    
,english description of how the         
,committee would adjust each of the     
following monetary policy instruments in
 reaction to changes in a small and     
well-defined set of publicly available  
economic indicators3  7,i7 ,short-term  
interest rate targets established by the
 ,committee4  7,,ii7 ,open-market       
operations authorized under section #ad4
  7,,iii7 ,earnings on balances         

maintained at a ,federal reserve bank by
 or on behalf of a depository           
institution under section #ai7;b77#ab74 
7ii7 ,an identification of #a monetary  
policy instrument from the list in      
clause 7i7 that the ,committee expects  
to use as the primary instrument for    
implementing the monetary policy        
strategy described under subparagraph   
7,a74  7#b7 ,reference monetary policy  
rules ,in addition to the monetary      
policy strategy required under paragraph
 7#a71 the ,committee shall annually    
adopt at least #a and not more than #c  
reference monetary policy rules1 each of
 which shall mathematically express how 
the primary monetary policy instrument  
identified under paragraph 7#a77;,b77ii7
 reacts to changes in a small and       
well-defined set of publicly available  
economic indicators4  7#c7 ,deviations  
,nothing in this subsection shall be    
construed to prevent the ,committee from
 setting short-term interest rate       
targets1 conducting open-market         

operations1 or paying earnings on       
balances pursuant to section            
#ai7;b77#ab7 in a manner that deviates  
from a monetary policy strategy or any  
reference monetary policy rules         
established under this subsection4  7c7 
,testimony and reports of the ,chairman 
,the ,chairman shall1 concurrent with   
each semi-annual hearing required under 
section #b;,b1 submit a report to the   
,committee on ,banking1 ,housing1 and   
,urban ,affairs of the ,senate and the  
,committee on ,banking and ,financial   
,services of the ,house of              
,representatives1 containing--  7#a7 a  
statement as to whether the monetary    
policy strategy established under       
subsection 7b77#a7 qualitatively differs
 from any of the reference monetary     
policy rules required under subsection  
7b77#b7 and1 if applicable1 a full and  
non-technical explanation of any such   
difference2  7#b7 a statement as to     
whether the ,committee's conduct of     
monetary policy since the previous      

report quantitatively differs from any  
reference monetary policy rule and1 if  
applicable1 a full and non-technical    
explanation of any such differences2 and
  7#c7 a description of-- 7,a7 the      
circumstances under which the           
,committee's monetary policy strategy   
may be amended from year to year2 and   
7,b7 a full and non-technical           
explanation of any such actual          
amendment4  4  ,april #be1 #bjah        
,committed to the ,committee of the     
,whole ,house on the ,state of the      
,union and ordered to be printed