1. Short title This Act may be cited as the Independence from Credit Policy Act of 2017 . 2. Independence from credit policy (a) Returning to a monetary policy balance sheet (1) In general Not later than 1 year after the date of the enactment of this Act— (A) the Board of Governors of the Federal Reserve System shall transfer to the Department of the Treasury all covered assets that are neither gold stock, Treasury currency, nor direct obligations of the United States, foreign central banks, or the International Monetary Fund; and (B) the Secretary of the Treasury shall transfer to the Federal reserve banks direct obligations of the United States of equivalent market value to such covered assets. (2) Covered assets defined In this subsection, the term covered assets means all assets— (A) purchased through open-market operations by the Federal reserve banks