,,ii  #aafth ,,congress  #b;d ,session  
,s4 #ceej  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,march #bj1    
#bjbj,mr4 ,menendez introduced the      
following bill2 which was read twice and
 referred to the ,committee on ,banking1
 ,housing1 and ,urban ,affairs  ,a      
,,bill  ,to amend the ,federal ,reserve 
,act to permit to the ,board of         
,governors of the ,federal ,reserve     
,system to engage in certain open market
 operations during unusual and exigent  
circumstances4  #a4 ,short title ,this  
,act may be cited as the ,municipal     
,bonds ,emergency ,relief ,act4  #b4    
,open market operations ,section #ad7;b7
 of the ,federal ,reserve ,act 7#ab     
,u4,s4,c4 #cee7 is amended by adding at 
the end the following3  7#c7 ,in unusual
 and exigent circumstances1 the ,board  
of ,governors of the ,federal ,reserve  
,system1 by the affirmative vote of not 
fewer than #e members1 may authorize any
 ,federal reserve bank1 during such     
periods as the ,board may determine1 to 

buy and sell1 at home or abroad1 bills1 
notes1 revenue bonds1 and warrants of   
any maturity1 by any ,state1 county1    
district1 political subdivision1        
instrumentality of a political          
subdivision1 territory1 possession1 or  
municipality in the ,united ,states1    
including irrigation1 drainage and      
reclamation districts4 ,all such actions
 shall be subject to such limitations1  
restrictions1 and regulations as the    
,board may prescribe4  4