S.Amdt. 2673
What it does: Adds SEC. ___. CAPPING AND REDUCING THE BALANCE SHEET OF THE FEDERAL RESERVE SYSTEM wherever appropriate
Sen. Jim DeMint (R-SC)What it changes
1 change to S. 3414
Adds SEC. ___. CAPPING AND REDUCING THE BALANCE SHEET OF THE FEDERAL RESERVE SYSTEM wherever appropriate
Adds a sectionInserted: SEC. ___. CAPPING AND REDUCING THE BALANCE SHEET OF THE FEDERAL RESERVE SYSTEM.
Inserted: (a) In General.--Notwithstanding any other provision of law, no action may be taken by the Board of Governors of the Federal Reserve System or the Federal Open Market Committee on or after the date of enactment of this Act that would result in the total of the factors affecting reserve balances of depository institutions exceeding the balance as of July 27, 2012.
Inserted: (b) Sense of Congress.--It is the sense of Congress that the Federal Reserve System should expeditiously take substantial steps to reduce the size of its balance sheet to levels below those that prevailed prior to the financial crisis of 2008.
The amendment doesn't say where this goes; the clerk decides.
Original wording
At the appropriate place, insert the following:
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As printed
SA 2673. Mr. DeMINT submitted an amendment intended to be proposed by him to the bill S. 3414, to enhance the security and resiliency of the cyber and communications infrastructure of the United States; which was ordered to lie on the table; as follows:
At the appropriate place, insert the following:
SEC. ___. CAPPING AND REDUCING THE BALANCE SHEET OF THE FEDERAL RESERVE SYSTEM.
(a) In General.--Notwithstanding any other provision of law, no action may be taken by the Board of Governors of the Federal Reserve System or the Federal Open Market Committee on or after the date of enactment of this Act that would result in the total of the factors affecting reserve balances of depository institutions exceeding the balance as of July 27, 2012.
(b) Sense of Congress.--It is the sense of Congress that the Federal Reserve System should expeditiously take substantial steps to reduce the size of its balance sheet to levels below those that prevailed prior to the financial crisis of 2008.
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Senate amendment submitted
July 31, 2012