,,ib  ,union ,cal5d> ,no4 #hhd  #aae?   
,,congress  #b;d ,session  ,h4 ,r4 #dbgh
  ,report ,no4 #aae-aaag  ,,9 ,,! ,,h\se
 ,,( ,,repres5tatives  ,novemb] #g1     
#bjag ,mr4 ,hill introduc$ ! foll[+     
bill2 :i* 0 ref]r$ to ! ,committee on   
,f9ancial ,s]vices  ,janu>y #b1         
#bjai;,additional sponsor3 ,mr4 ,b>r    
,janu>y #b1 #bjai ,report$ ) an am5dm5t1
 committ$ to ! ,committee ( ! ,:ole     
,h\se on ! ,/ate ( ! ,union1 & ord]$ to 
be pr9t$ ,/rike out all aft] ! enact+   
clause & ins]t ! "p pr9t$ 9 italic ,=   
text ( introduc$ bill1 see copy ( bill z
 introduc$ on ,novemb] #g1 #bjag  ,a    
,,bill  ,to ensure t ! op]ations ( !    
,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve    
,sy/em rema9 indep5d5t f ! cr$it policy 
( ! ,unit$ ,/ates1 & = o!r purposes4    
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,indep5d5ce f ,cr$it ,policy ,act (   
#bjag4  #b4 ,indep5d5ce f cr$it policy  
7a7 ,return+ to a monet>y policy balance
 %eet  7#a7 ,9 g5]al ,n lat] ?an #a ye> 
aft] ! date ( ! enactm5t ( ?is ,act--   

7,a7 ! ,bo>d ( ,gov]nors ( ! ,f$]al     
,res]ve ,sy/em %all transf] to !        
,dep>tm5t ( ! ,treasury all cov]$ assets
 t are nei!r gold /ock1 ,treasury       
curr5cy1 nor direct obligations ( !     
,unit$ ,/ates1 =eign c5tral banks1 or ! 
,int]national ,monet>y ,fund2 &  7,b7 ! 
,secret>y ( ! ,treasury %all transf] to 
! ,f$]al res]ve banks direct obligations
 ( ! ,unit$ ,/ates ( equival5t m>ket    
value to su* cov]$ assets4  7#b7 ,cov]$ 
assets def9$ ,9 ?is subsection1 ! t]m   
cov]$ assets means all assets-- 7,a7    
pur*as$ ?r\gh op5-m>ket op]ations by !  
,f$]al res]ve banks2 or  7,b7 acquir$   
?r\gh transactions "u ! foll[+ sections 
( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4  
#bba et seq473  7i7 ,section #aj;,a be=e
 ! date ( ! enactm5t ( ?is ,act4  7ii7  
,section #aj;,b4  7iii7 ,section #ac4   
7iv7 ,section #ac;,a4  7v7 ,section #bd4
  7b7 ,op5 m>ket asset pur*ases ,section
 #ad7;b7 7#ab ,u4,s4,c4 #cee7 ( ! ,f$]al
 ,res]ve ,act 7relat+ to ,pur*ase & sale
 ( obligations ( ,unit$ ,/ates1 ,/ates1 

c\nties1 etc47 is am5d$ to read z       
foll[s3  7b7 ,to buy & sell 9 ! op5     
m>ket1 at home or abroad1 "u ! direction
 & regulations ( ! ,f$]al ,op5 ,m>ket   
,committee1 gold /ock1 ,treasury        
curr5cy1 or direct obligations ( !      
,unit$ ,/ates1 =eign c5tral banks1 or ! 
,int]national ,monet>y ,fund4 ,no?+ 9   
?is subsection %all be con/ru$ to limit 
advances "u section #aj;,b1 or disc\nt  
loans "u sections #ac1 #ac;,a1 or #bd4  
4  7c7 ,ma9ta9+ a monet>y policy balance
 %eet  7#a7 ,assets acquir$ "u em]g5cy  
l5d+ ,section #ac7c7 ( ! ,f$]al ,res]ve 
,act 7#ab ,u4,s4,c4 #cdc7c77 is am5d$ by
 ins]t+ aft] subp>agraph 7,e7 foll[+ new
 subp>agraph3  7,f7 ,n lat] ?an #a ye>  
aft] a ,f$]al res]ve bank acquires any  
assets "u ?is p>agraph t are nei!r gold 
nor direct obligations ( ! ,unit$       
,/ates1 =eign c5tral banks1 or !        
,int]national ,monet>y ,fund--  7i7 !   
,bo>d %all transf] su* assets ( ! ,f$]al
 res]ve bank to ! ,dep>tm5t ( !         
,treasury2 &  7ii7 ! ,secret>y ( !      

,treasury %all transf] to ! ,f$]al      
res]ve banks direct obligations ( !     
,unit$ ,/ates ( equival5t m>ket value to
 ! assets describ$ 9 clause 7i74  4     
7#b7 ,repeal ( au?ority to provide      
em]g5cy advances to gr\ps ( memb] banks 
,section #aj;,a ( ! ,f$]al ,res]ve ,act 
7#ab ,u4,s4,c4 #cdg;a7 is repeal$4  7#c7
 ,assets acquir$ ?r\gh advances to memb]
 banks ,! second undesignat$ p>agraph ( 
subsection 7a7 ( section #aj;,b ( !     
,f$]al ,res]ve ,act 7#ab ,u4,s4,c4      
#cdg;b7a77 is am5d$--  7,a7 by ins]t+ n 
be=e secur$ by mortgage loans2 &  7,b7  
by /rik+ l[e/ disc\nt rate & ins]t+     
highe/ disc\nt rate4  ,janu>y #b1 #bjai 
,report$ ) an am5dm5t1 committ$ to !    
,committee ( ! ,:ole ,h\se on ! ,/ate ( 
! ,union1 & ord]$ to be pr9t$