Full text of H.R. 10280: A Bill to Amend the Act Approved December 23, 1913, Known as the Federal Reserve Act; to Define Certain Policies Toward Which the Powers of the Federal Reserve System Shall Be Directed; to Further Promote the Maintenance of a Stable Gold Standard; to Promote and Maintain, So Far as Such Purpose May Be Accomplished by Monetary and Credit Policy, a Stable Purchasing Power of the Dollar at Approximately the Wholesale Commodity Price Level of the Year 1926 ; to Direct the Governor of the Federal Reserve Board to Make Public Any Change in Its Policies; and for Other Purposes. : 72d Congress, 1st Session, Box 1, Folder 6, Item 3

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72d CONGRESS
1st S ession

H. R 10280

IN T H E H O U S E O F R E P R E S E N T A T I V E S
M arch 8,1932

Mr. S trong of Kansas introduced the following bill; which was referred to
the Committee on Banking and Currency and ordered to be printed

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A BILL
To amend the A ct approved Decem ber 23, 1 9 1 3 , known as the
Federal Reserve A c t; to define certain policies toward which
the powers of the Federal reserve system shall be directed;
to further promote the maintenance of a stable gold standard;
to promote and maintain, so far as such purpose may be
accomplished by monetary and credit policy, a stable pur­
chasing power of the dollar at approximately the wholesale
commodity price level of the year 1 9 2 6 ; to direct the
governor of the Federal Reserve Board to make public any
change in its policies; and for other purposes.

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Be it enacted by the Senate and House of Bepresenta-

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fives of the United States of America in Congress assembled,

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That the A ct approved Decem ber 2 3 , 1 9 1 3 , known as the

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Federal Reserve A ct, as amended, be further amended as

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follows: Add to section 14 the following paragraphs:




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“ (g)

The term ‘ Federal reserve system/ as used in

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this A ct, shall mean the Federal Reserve Board, the Federal

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reserve banks, and all committees, commissions, agents, and

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others under their direction, supervision, or control.

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“ (h)

In order to promote the stability of commerce,

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industry, agriculture, and employment, the Federal reserve

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system shall use all the powers and authority now or here-

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after possessed by it to maintain a stable gold standard, a

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more stable purchasing power of the dollar at approximately

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the wholesale commodity price level of the year 1 9 2 6 , so

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far as such purposes may be accomplished by monetary and

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credit policy.

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“ (i)

T hat the index number of the general level of

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wholesale commodity prices as determined by the Bureau

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of Labor Statistics of the Departm ent of Labor shall be used

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as the guide by the Federal reserve system in the use of

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its powers as herein directed.

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“ (j )

W henever any decision as to policies is made or

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whenever any action is taken by the Federal reserve system

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tending to effect the aforesaid purposes of this amendment,

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such decision or action and reasons therefor shall be pub-

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lished by the governor of the Federal Reserve Board im-

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m ediately and in such detail as may be deemed by him to

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be most effective in promptly advising the public of the

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same/,




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Sec . 2. After section 28 add the following:

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“ Sec . 2 8 A . Acts and parts of Acts inconsistent with

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the terms of this A ct are hereby repealed.”




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