The Congressional Record is a unique source of public documentation. It started in 1873, documenting nearly all the major and minor policies being discussed and debated.
“AMENDMENTS” mentioning the Federal Reserve System was published in the House of Representatives section on pages H1716-H1718 on March 5, 1996.
The publication is reproduced in full below:
AMENDMENTS
Under clause 6 of rule XXIII, proposed amendments were submitted as follows:
H.R. 994
Offered By: Mr. Sanders
(Page and line number references are to Amendment No. 1)
Amendment No. 2: Page 5, line 16, insert before the period the following: ``especially small entities employing 50 or fewer employees''.
H.R. 994
Offered By: Mr. Sanders
(Page and line number references are to Amendment No. 1)
Amendment No. 3: Page 15, line 17, strike ``functional interrelations'' and insert ``functional interrelationships
(including the relationship of rules which affect business entities employing 50 or fewer employees)''.
H.R. 994
Offered By: Mr. Smith of Michigan
Amendment No. 4: Strike title III and insert the following:
TITLE III--REQUIREMENT FOR CONGRESSIONAL APPROVAL OF SIGNIFICANT RULES
SEC. 301. SHORT TITLE.
This title may be cited as the ``Significant Regulation Oversight Act of 1996''.
SEC. 302. FINDING AND PURPOSE.
(a) Finding.--The Congress finds that oversight of significant rules will be enhanced if they are subject to congressional review and approval after being proposed by an agency.
(b) Purpose.--The purpose of this title is to ensure that before a significant rule takes effect--
(1) Congress is given an adequate opportunity to review the rule and ensure that it is in accordance with the intent of Congress in enacting the law under which the rule is proposed; and
(2) Congress approves the rule in accordance with the procedures established by this title.
SEC. 303. REVIEW OF SIGNIFICANT RULES BY CONGRESS.
(a) Congressional Approval of Significant Rules Required.--A significant rule shall not take effect before the date of the enactment of a joint resolution described in section 304(a) comprised solely of the text of the significant rule.
(b) Reporting and Review of Significant Rules.--(1) Before a proposed significant rule would take effect as a final rule, the agency proposing the rule shall submit to each House of Congress a report containing the following:
(A) A copy of the proposed significant rule.
(B) A concise summary of the proposed significant rule, its purpose, and anticipated effects.
(C) A complete copy of any cost-benefit analysis report that has been prepared by the agency with respect to the proposed significant rule.
(D) An explanation of the specific statutory interpretation under which a rule is proposed, including an explanation of--
(i) whether the interpretation is expressly required by the text of the statute; or
(ii) if the interpretation is not expressly required by the text of the statute, an explanation that the interpretation is within the range of permissible interpretations of the statute as identified by the agency, and an explanation why the interpretation selected by the agency is the agency's preferred interpretation.
(E) Any other relevant information or requirements under any other Act and any relevant Executive order.
(2) Upon receipt of a report under paragraph (1), each House of Congress shall provide a copy of the report to the Chairman and ranking minority party member of each committee with jurisdiction over the subject matter of the report.
(c) No Inference To Be Drawn Where Congress Fails To Approve.--If Congress fails to enact a joint resolution approving a proposed significant rule, no court or agency may infer any intent of Congress from any action or inaction of Congress with regard to such rule or related statute.
SEC. 304. CONGRESSIONAL APPROVAL PROCEDURE FOR SIGNIFICANT
RULES.
(a) Introduction.--Not later than 3 legislative days after the date on which an agency submits a report under section 303(b) containing the text of any proposed significant rule, the majority leader of each House of the Congress shall introduce (by request) a joint resolution comprised solely of the text of that significant rule. If the joint resolution is not introduced in either House as provided in the preceding sentence, than any Member of that House may introduce the joint resolution.
(b) Referral and Consideration.--The joint resolution shall be referred to the appropriate committee of the House in which it is introduced. The committee may report the joint resolution without substantive revision and with or without recommendation or with an adverse recommendation, or the committee may vote not to report the joint resolution. If the committee votes to order the joint resolution reported, it shall be reported not later than the end of the period (not to exceed 45 legislative days) established for consideration of the joint resolution by the Speaker of the House of Representatives or the majority leader of the Senate, as the case may be. Except in the case of a joint resolution which a committee votes not to report, a committee failing to report a joint resolution within such period shall be automatically discharged from consideration of the joint resolution, and it shall be placed on the appropriate calendar.
(2) A vote on final passage of the joint resolution shall be taken in that House on or before the close of the 90th legislative day after the date of the introduction of the joint resolution in that House.
(3)(A) A motion in the House of Representatives to proceed to the consideration of a joint resolution under this section shall be highly privileged and not debatable. An amendment to the motion shall not be in order, nor shall it be in order to move to reconsider the vote by which the motion is agreed to or disagreed to.
(B) Debate in the House of Representatives on a joint resolution under this section shall be limited to not more than 4 hours, which shall be divided equally between those favoring and those opposing the joint resolution. A motion further to limit debate shall not be debatable. It shall not be in order to move to recommit a joint resolution under this section or to move to reconsider the vote by which the joint resolution is agreed to or disagreed to.
(C) All appeals from the decisions of the chair relating to the application of the Rules of the House of Representatives to the procedure relating to a joint resolution under this section shall be decided without debate.
(D) Except to the extent specifically provided in the preceding provisions of this subsection, consideration of a joint resolution under this section shall be governed by the Rules of the House of Representatives applicable to other joint resolutions in similar circumstances.
(4)(A) A motion in the Senate to proceed to the consideration of a joint resolution under this section shall be privileged and not debatable. An amendment to the motion shall not be in order, nor shall it be in order to move to reconsider the vote by which the motion is agreed to or disagreed to.
(B) Debate in the Senate on a joint resolution under this section, and all debatable motions and appeals in connection therewith, shall be limited to not more than 10 hours. The time shall be equally divided between, and controlled by, the majority leader and the minority leader or their designees.
(C) Debate in the Senate on any debatable motion or appeal in connection with a joint resolution under this section shall be limited to not more than 1 hour, to be equally divided between, and controlled by, the mover and the manager of the joint resolution, except that in the event the manager of the joint resolution is in favor of any such motion or appeal, the time in opposition thereto, shall be controlled by the minority leader or his designee. Such leaders, or either of them, may, from time under their control on the passage of a joint resolution, allot additional time to any Senator during the consideration of any debatable motion or appeal.
(D) A motion in the Senate to further limit debate on a joint resolution under this section is not debatable. A motion to recommit a joint resolution under this section is not in order.
(c) Amendments Prohibited.--No amendment to a joint resolution considered under this section shall be in order in either the House of Representatives or the Senate. No motion to suspend the application of this subsection shall be in order in either House, nor shall it be in order in either House for the presiding officer to entertain a request to suspend the application of this subsection by unanimous consent.
(d) Treatment if the Other House Has Acted.--If, before the passage by one House of a joint resolution of that House described in subsection (a), that House receives from the other House a joint resolution described in subsection (a) comprised of the same text, that:
(1) The procedure in that House shall be the same as if no joint resolution had been received from the other House.
(2) The vote on final passage shall be on the joint resolution of the other House.
(e) Constitutional Authority.--This section is enacted by Congress--
(1) as an exercise of the rulemaking power of the Senate and the House of Representatives, respectively, and as such it is deemed a part of the rules of each House, respectively, but applicable only with respect to the procedure to be followed in that House in the case of a joint resolution described in subsection (a), and it supersedes other rules only to the extent that it is inconsistent with such rules; and
(2) with full recognition of the constitutional right of either House to change the rules (so far as relating to the procedure of that House) at any time, in the same manner, and to the same extent as in the case of any other rule of that House.
SEC. 305. EXISTING RULES.
(a) General.--Any existing rule may be revised or revoked in accordance with this section if a petition for review so requests.
(b) Introduction.--If a petition for review is filed with the Clerk of the House of Representatives or the Secretary of the Senate, the Clerk or the Secretary shall determine whether the petition meets the requirements of subsection
(d). If the Clerk or the Secretary determines that a petition meets those requirements, he or she shall notify the majority leader of that House. The majority leader so notified shall, within 3 legislative days, introduce a joint resolution (by request) that makes the revision or revocation of existing rules proposed by the petition upon the enactment of that joint resolution. If the joint resolution is not introduced as provided in the preceding sentence, then any Member of that House may introduce the joint resolution.
(c) Procedures for Consideration in the House of Representatives and the Senate.--Any joint resolution introduced under subsection (b) shall be considered in the House of Representatives and the Senate in accordance with the procedures respecting a joint resolution set forth in section 304.
(d) Petitions for Review.--A petition for review under subsection (a) shall contain the following:
(1) Any rule affected by the petition and the contents of that rule as it would exist if a joint resolution revising or revoking that rule pursuant to the petition were enacted.
(2) For a petition in the Senate, the signatures of 30 Senators, or for a petition in the House of Representatives, the signatures of 120 Members.
SEC. 306. DEFINITIONS.
For purposes of this title:
(1) Agency.--The term ``agency'' has the meaning given that term in section 551 of title 5, United States Code (relating to administrative procedure).
(2) Rule.--(A) The term ``rule'' has the meaning given such term by section 551 of title 5, United States Code, except that such term does not include--
(i) any rule of particular applicability including a rule that approves or prescribes--
(I) future rates, wages, prices, services, or allowances therefor,
(II) corporate or financial structures, reorganizations, mergers, or acquisitions thereof, or
(III) accounting practices or disclosures bearing on any of the foregoing, or
(ii) any rule of agency organization, personnel, procedure, practice, or any routine matter.
(B) The term ``final rule'' means any final rule or interim final rule.
(3) Significant rule.--The term ``significant rule'' means any rule proposed by an agency that is specified or described as such in the Act that authorizes the rule.
SEC. 307. EXEMPTION FOR MONETARY POLICY.
Nothing in this title applies to any rule concerning monetary policy proposed or implemented by the Board of Governors of the Federal Reserve System or the Federal Open Market Committee.
H.R. 994
Offered By: Mr. Traficant
(Page and line number references are to Amendment No. 1)
Amendment No. 5: Page 33, line 17, strike ``and'', in line 21 strike the period and insert ``; and'', and after line 21 insert the following:
(vii) regulations or other agency statements that impose trade sanctions against any country that engages in illegal trade activities against the United States that are injurious to American technology, jobs, pensions, or general economic well-being.
H.R. 994
Offered By: Mr. Traficant
(Page and line number references are to Amendment No. 1)
Amendment No. 6: Page 33, line 17, strike ``and'', in line 21 strike the period and insert ``; and'', and after line 21 insert the following:
(vii) regulations or other agency statements that ensure the collection of taxes from a subsidiary of a foreign company doing business in the United States.
H.R. 994
Offered By: Mr. Traficant
(Page and line number references are to Amendment No. 1)
Amendment No. 7: Page 33, line 17, strike ``and'', in line 21 strike the period and insert ``; and'', and after line 21 insert the following:
(vii) regulations or other agency statements that protect the health and safety of the American worker.
