II 116th CONGRESS 2d Session S. 3550 IN THE SENATE OF THE UNITED STATES March 20, 2020 Mr. Menendez introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend the Federal Reserve Act to permit to the Board of Governors of the Federal Reserve System to engage in certain open market operations during unusual and exigent circumstances.

1. Short title This Act may be cited as the Municipal Bonds Emergency Relief Act . 2. Open market operations Section 14(b) of the Federal Reserve Act ( 12 U.S.C. 355 ) is amended by adding at the end the following: (3) In unusual and exigent circumstances, the Board of Governors of the Federal Reserve System, by the affirmative vote of not fewer than 5 members, may authorize any Federal reserve bank, during such periods as the Board may determine, to buy and sell, at home or abroad, bills, notes, revenue bonds, and warrants of any maturity, by any State, county, district, political subdivision, instrumentality of a political subdivision, territory, possession, or municipality in the United States, including irrigation, drainage and reclamation districts. All such actions shall be subject to such limitations, restrictions, and regulations as the Board may prescribe. .