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80TH C O N G R E S S 1ST SESSION IN TOBEY O Q O ^ O Q T H E S E N A T E OF T H E U N I T E D S T A T E S MARCH Mr. Q 10 (legislative day, F E B R U A R Y 1 9 ) , 1947 introduced the following b i l l ; which was read twice and referred to the Committee on Banking and Currency A BILL To amend the Federal Reserve Act, and for other purposes. 1 Be it enacted by the Senate and, House of Representa- 2 tives of the United States of America in Congress assembled, 3 That, notwithstanding the provisions of section 1501 of the 4 Second War Powers Act, 1942, as amended, section 14 (b) 5 of the Federal Reserve Act, as amended (U. S. C., 1940 6 edition, Supp. V , title 12, sec. 355), is hereby amended 7 by striking out the proviso in such section 14 8 inserting in lieu thereof the following: 9 notwithstanding any other provision of this Act, (1) until 10 July 1, 1950, any bonds, notes, or other obligations which 11 are direct obligations of the United States or which are (b) and "Provided, That 2 1 fully guaranteed by the United States as to principal and 2 interest may be bought and sold without regard to maturities 3 either in the open market or directly from or to the United 4 States; but all such purchases and sales shall be made in 5 accordance with the provisions of section 12A of this Act 6 and the aggregate amount of such obligations 7 directly from the United States which is held at any one 8 time by the twelve Federal Eeserve banks shall not exceed 9 $'5,000,000,000; and (2) after June 30, 1950, any bonds, 10 notes, or other obligations which are direct obligations of 11 the United States or which are fully guaranteed by the 12 United States as to principal and interest may be bought 13 and sold without regard to maturities but only in the open 14 market. 15 System shall include in their annual report to Congress 16 detailed information with respect to direct purchases and 17 sales from or to the United States under the provisions of 18 the preceding proviso." acquired The Board of Governors of the Federal Reserve g o a £ § ^ S T S £ T is ®M « |§? g &w H O g?o O Q D > fag ^ w 8 3" B J g* £, ® S l-rt i n i ^ w c/3 11 C '3 r 0m 0 0w 0 ? 3s P i? r1 Qs i s I £ 3 £ $ $ © S 3 • f B ^ MS o H