Page:United States Statutes at Large Volume 91.djvu/1421

 9 1 STAT. 1387

PUBLIC LAW 95-188—NOV. 16, 1977

Public Law 95-188 95th Congress An Act To extend the authority for the flexible regulation of interest rates on deposits and accounts in depository institutions, to promote the accountability of the Federal Reserve System, and for other purposes. Be it enacted by the Senate and House of Representatives United States of America in Congress assembled,

Nov. 16, 1977 [H.R. 9710]

of the

Depository institutions. Interest rate TITLE I—REGULATION OF INTEREST RATES controls, SEC. 101. Section 7 of the Act of September 21, 1966 (Public Law extension. 89-597), is amended by striking out "December 15, 1977" and inserting 12 USC 461 note. in lieu thereof "December 15, 1978". Federal Reserve Reform Act of 1977. SEC. 201. This title may be cited as the "Federal Reserve Reform 12 USC 226 note. Act of 1977". TITLE II—AMENDMENTS TO THE RESERVE ACT

FEDERAL

CONGRESSIONAL-FEDERAL RESERVE DIALOG OX MONETARY POLICY

SEC. 202. Insert a new section 2A immediately after section 2 of the Federal Reserve Act to read as follows: u GENERAL P O L I C Y: CONGRESSIONAL

REVIEW

" SEC. 2 A. The Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long run growth of the monetary and credit aggregates commensurate with the economy's long r u n potential to increase production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates. The B o a r d of Governors shall consult with Congress at semiannual hearings before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives about the Board of Governors' and the Federal Open Market Committee's objectives and plans with respect to the ranges of growth or diminution of monetary and credit aggregates for the upcoming twelve months, taking account of past and prospective developments in production, employment, and prices. Nothing in this Act shall be interpreted to require that such ranges of growth or diminution be achieved if the Board of Governors and the Federal Open Market Committee determine that they cannot or should not be achieved because of changing conditions.".

12 USC 225a.

Semiannual hearings before congressional committees.

BOARD OF DIRECTORS OF FEDERAL RESERVE BANKS

SEC. 202. The following paragraph s of section 4 of the Federal 12 USC 301 Reserve Act are amended: (a) the tenth paragraph by inserting after the comma the fol- and note. lowing: "without discrimination on the basis of race, creed, color, 12 USC 302. sex, or national origin,".

�