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 % 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. 1 Be it enacted by the Senate and House of Bepresenta- 2 fives of the United States of America in Congress assembled, 3 That the A ct approved Decem ber 2 3 , 1 9 1 3 , known as the 4 Federal Reserve A ct, as amended, be further amended as 5 follows: Add to section 14 the following paragraphs: > 1 “ (g) The term ‘ Federal reserve system/ as used in 2 this A ct, shall mean the Federal Reserve Board, the Federal 3 reserve banks, and all committees, commissions, agents, and 4 others under their direction, supervision, or control. 5 “ (h) In order to promote the stability of commerce, 6 industry, agriculture, and employment, the Federal reserve 7 system shall use all the powers and authority now or here- 8 after possessed by it to maintain a stable gold standard, a 9 more stable purchasing power of the dollar at approximately 10 the wholesale commodity price level of the year 1 9 2 6 , so 11 far as such purposes may be accomplished by monetary and 12 credit policy. 13 “ (i) T hat the index number of the general level of 14 wholesale commodity prices as determined by the Bureau 15 of Labor Statistics of the Departm ent of Labor shall be used 16 as the guide by the Federal reserve system in the use of 17 its powers as herein directed. 18 “ (j ) W henever any decision as to policies is made or IS whenever any action is taken by the Federal reserve system 20 tending to effect the aforesaid purposes of this amendment, 21 such decision or action and reasons therefor shall be pub- 22 lished by the governor of the Federal Reserve Board im- 23 m ediately and in such detail as may be deemed by him to 24 be most effective in promptly advising the public of the 25 same/, 3 1 Sec . 2. After section 28 add the following: 2 “ Sec . 2 8 A . Acts and parts of Acts inconsistent with 3 the terms of this A ct are hereby repealed.” k