FORM Act of 2015
Sponsor: Bill Huizenga (R-MI)
(Sec. 1) This bill amends the Federal Reserve Act to require the Chairman of the Federal Open Market Committee (FOMC), within 48 hours after the end of a FOMC meeting, to submit to the appropriate congressional committees and the Government Accountability Office (GAO) a Directive Policy Rule, meeting specified criteria, accompanied by a statement identifying the FOMC members voting in its favor. A Directive Policy Rule shall describe the FOMC strategy or rule for the systematic quantitative adjustment of a Policy Instrument Target to: respond to a change in specified Intermediate Policy Inputs, and provide the basis for an Open Market Operations Directive to achieve a specified Policy Instrument Target presented by the FOMC to the Federal Reserve Bank of New York to guide open-market operations. The GAO shall determine if a Directive Policy Rule has materially changed from the rule most recently submitted, and the Chairman of the Board of Governors of the Federal Reserve System (Board) must testify within seven legislative days before certain congressional committees as to why any noncompliance exists.
Finance and Financial Sector Topic assigned by the Congressional Research Service.
Who won, and how much of the country was behind them
The dotted gap is 2.5% of U.S. adults whose member did not vote, voted “present,” or whose seat was vacant.
| Side | Outcome | Votes | Share of U.S. adults |
|---|---|---|---|
| Nay | Won | 242 | 55.5% |
| Yea | Lost | 182 | 42.0% |
| Not represented on this question | No position taken | 0 | 2.5% |