H.R. 6741: Federal Reserve Reform Act of 2018

115th Congress · introduced 2018-09-07 · Economics and Public Finance · Latest: Placed on the Union Calendar, Calendar No. 883.

federal

Follow this bill, step by step

Where it came from: introduced 2018-09-07 · official record
Who proposed it: Rep. Barr, Andy [R-KY-6] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Placed on the Union Calendar, Calendar No. 883. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Federal Reserve Reform Act of 2018

Plain summary

Federal Reserve Reform Act of 2018 This bill revises provisions related to the authority of the Federal Reserve Board to set monetary policy. Among other things, the bill generally limits the board's emergency-lending authority; subjects the nonmonetary policy-related administrative costs of the board to the congressional appropriations process; limits the types of securities that the board may acquire in the open market to gold stock, currency, and direct obligations of the United States, foreign banks, or the International Monetary Fund; requires the board to exchange certain assets with the Department of the Treasury for direct U.S. obligations of equivalent value; requires the Federal Open Market Committee (FOMC) to set the interest rates on balances maintained at Federal Reserve banks by depository institutions; revises the membership of the FOMC; and requires the FOMC to annually publish its monetary policy strategy;

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Federal Reserve Reform Act of 2018

Source: Congressional Research Service summary (Introduced in House)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Barr, Andy [R-KY-6] · 4 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Frank D. Lucas (R-OK), Claudia Tenney (R-NY), Warren Davidson (R-OH)

Sponsor's campaign money: Rep. Barr, Andy [R-KY-6] reported raising $12.5 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (4)

Appropriation: Money a legislature sets aside by law for a specific purpose. Government agencies may spend public money only as it has been appropriated.
Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Obligation: A binding promise by a government agency to pay money, for example by signing a contract or awarding a grant. Spending data such as USAspending.gov counts money when it is obligated, which can be before it is actually paid out.
Securities: Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-115hr6741.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/115/hr>

Record fed-us-cong115-hr6741 · catalog fed-us-congress-bills-cong115 · updated 2026-11-15 by psicol fed-bills-cong115