To amend the Federal Reserve Act to broaden the range of discount window loans which may be used as collateral for Federal reserve notes.
The source supplies the latest action, but no lifecycle stage.
Latest action (30 Jul 1998): Referred to the House Committee on Banking and Financial Services.
What this bill does
This bill, H.R. 4359, proposes to change the Federal Reserve Act to allow a wider variety of loans to be used as collateral when the Federal Reserve issues Federal Reserve notes, which are the paper money of the United States. Specifically, it would add acceptances acquired under different sections of the Act, as well as receipts from deposits and collections, and discounted agricultural paper, to the list of eligible collateral.
The primary impact of this bill would be on the Federal Reserve system and member banks. By broadening the types of acceptable collateral for Federal Reserve notes, the bill could potentially influence the flexibility of the Federal Reserve's monetary operations and the types of loans that member banks can utilize in their dealings with the Federal Reserve. The bill is also relevant to agricultural credit and finance more broadly.
H.R. 4359 was introduced in the House of Representatives in 1998 and was referred to the Committee on Banking and Financial Services. As of its introduction, this is its current status, meaning it has not advanced further in the legislative process. If it were to proceed, it would typically require committee review, potential amendments, and votes in both the House and the Senate before it could be sent to the President.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
Amends the Federal Reserve Act to expand the types of collateral security which may be required in a Federal Reserve bank application for Federal Reserve notes to include: (1) acceptances acquired under provisions for emergency advances to member banks; (2) receipts of deposits and collections; and (3) discounts of agricultural paper.
Timeline
30 Jul 1998
Referred to the House Committee on Banking and Financial Services.
Common questions
- What does H.R. 4359 do?
- This bill, H.R. 4359, proposes to change the Federal Reserve Act to allow a wider variety of loans to be used as collateral when the Federal Reserve issues Federal Reserve notes, which are the paper money of the United States. Specifically, it would add acceptances acquired under different sections of the Act, as well as receipts from deposits and collections, and discounted agricultural paper, to the list of eligible collateral. The primary impact of this bill would be on the Federal Reserve system and member banks. By broadening the types of acceptable collateral for Federal Reserve notes, the bill could potentially influence the flexibility of the Federal Reserve's monetary operations and the types of loans that member banks can utilize in their dealings with the Federal Reserve. The bill is also relevant to agricultural credit and finance more broadly. H.R. 4359 was introduced in the House of Representatives in 1998 and was referred to the Committee on Banking and Financial Services. As of its introduction, this is its current status, meaning it has not advanced further in the legislative process. If it were to proceed, it would typically require committee review, potential amendments, and votes in both the House and the Senate before it could be sent to the President.
- Has H.R. 4359 become law?
- The source does not supply a confirmed lifecycle stage for H.R. 4359. Check the latest action and official source below.
- Who sponsored H.R. 4359?
- H.R. 4359 was sponsored by Rep. Leach, James A. [R-IA-1] (R-IA), with 3 cosponsors.
- What's the latest action on H.R. 4359?
- Referred to the House Committee on Banking and Financial Services. (30 Jul 1998).
Related bills in Finance and Financial Sector
Common Cents Act
Bankruptcy Threshold Adjustment Act
Terrorism Risk Insurance Program Reauthorization Act of 2026
To amend title 11, United States Code, to clarify the rules for the exceptions to the discharge of the debt of an individual debtor, and for other purposes.
More bills from Rep. Leach, James A. [R-IA-1]
To amend the Federal Election Campaign Act of 1971 to prohibit all disbursements by foreign nationals in connection with campaigns for election for Federal, State, and local office, and for other purposes.
Financial Information Privacy Act of 1998
Bill100 mirrors the public U.S. legislative record from Congress.gov and GovTrack and adds plain-English AI summaries. It is an information tool, not legal, compliance or lobbying advice, and it is not affiliated with the U.S. Congress or any government agency. AI summaries can simplify or omit detail — every bill links to the official source; verify there before you rely on it.