A bill was introduced to regulate the Fed.
Under the measure, introduced by Reps. Jack Kemp (R-N.Y) and Byron Dorgan (D-N.D.), the Federal Reserve Board would have to announce its monetary policy decisions on the same day they are made. The bill would also make the Treasury secretary a voting member of the policy-making Federal Open Market Committee, cut the terms of Fed governors to seven years from 14 and make the term of the board’s chairman parallel the term of the President. Since Congress is expected to adjourn next week, it is unlikely that the bill will be passed this year.
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