Sunshine in Monetary Policy Act (Introduced in House by Ron Paul)
HR 4892 IH
109th CONGRESS
2d Session
H. R. 4892
To require the Board of Governors of the Federal Reserve System to continue to make available to the public on a weekly basis information on the measure of the M3 monetary aggregate, and its components, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
March 7, 2006
Mr. PAUL (for himself and Mr. JONES of North Carolina) introduced the following bill; which was referred to the Committee on Financial Services
A BILL
To require the Board of Governors of the Federal Reserve System to continue to make available to the public on a weekly basis information on the measure of the M3 monetary aggregate, and its components, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the `Sunshine in Monetary Policy Act'.
SEC. 2. M3 MONETARY AGGREGATE REQUIRED TO BE PUBLISHED WEEKLY.
(a) In General- Notwithstanding the announcement by the Board of Governors of the Federal Reserve System on November 10, 2005, the Board of Governors of the Federal Reserve System shall continue, after March 22, 2006, to compile and to publish on a weekly basis the measure of the M3 monetary aggregate and the components of the M3 that are not included in the measure of the M2 monetary aggregate.
(b) M3 Monetary Aggregate Defined- For purposes of this section, the term `M3 monetary aggregate' means the inclusive measure of money compiled by adding the following:
(1) M1 COMPONENTS- Currency in circulation (plus traveler's checks), demand deposits, Negotiable Order of Withdrawal (NOW) accounts, and similar interest-earning checking account balances.
(2) THE NON-M1 COMPONENTS OF M2- Household holdings of savings deposits, small time deposits, and retail money market mutual fund balances (exclusive of balances held in IRA and Keogh accounts).
(3) THE NON-M2 COMPONENTS OF M3- Institutional money market mutual fund balances and managed liabilities of depositories consisting of large time deposits, repurchase agreements, and Eurodollars.
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