H.R. 8982 — Introduced in House

I 116th CONGRESS 2d Session H. R. 8982 IN THE HOUSE OF REPRESENTATIVES December 16, 2020Mr. Hill of Arkansas introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Federal Reserve Act to require the Federal Open Market Committee to establish interest rates on balances maintained at a Federal Reserve Bank by depository institutions. 1. Short title This Act may be cited as the FOMC Policy Responsibility Act. 2. Interest rates on balances maintained at a Federal Reserve Bank by depository institutions established by Federal Open Market Committee Subparagraph (A) of section 19(b)(12) of the Federal Reserve Act (12 U.S.C. 461(b)(12)(A)) is amended by inserting established by the Federal Open Market Committee after rate or rates.