To establish prohibitions relating to the purchase or sale of State or municipal securities.

SA 1614. Mr. PAUL (for himself and Mr. Braun) proposed an amendment
to the bill H.R. 7463, making further continuing appropriations for
fiscal year 2024, and for other purposes; as follows:

At the appropriate place, insert the following:

SEC. _____. PROHIBITIONS RELATING TO THE PURCHASE OR SALE OF
STATE OR MUNICIPAL SECURITIES.

(a) Emergency Lending Programs and Facilities.--The Board
of Governors of the Federal Reserve System may not establish
any emergency lending program or facility, including pursuant
to section 13(3) of the Federal Reserve Act (12 U.S.C.
343(3)), that purchases or sells any security issued by a
State or municipality, including a bond, note, draft, or bill
of exchange.
(b) Open Market Operations.--No Federal reserve bank may
purchase or sell any security described in subsection (a),
including pursuant to section 14 of the Federal Reserve Act
(12 U.S.C. 353 et seq.).
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