; (2) a statement as to whether the Committee’s conduct of monetary policy since the previous report quantitatively differs from any reference monetary policy rule and, if applicable, a full and non-technical explanation of any such differences; and (3) a description of— (A) the circumstances under which the Committee’s monetary policy strategy may be amended from year to year; and (B) a full and non-technical explanation of any such actual amendment. . 3. 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