119-hr3173

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3173 Introduced in House

    (IH) ]

<DOC>

119th CONGRESS
 1st Session
 H. R. 3173

 To amend the Federal Reserve Act to add requirements to the annual 
report of the Board of Governors of the Federal Reserve System, and for 
 other purposes.

_______________________________________________________________________

 IN THE HOUSE OF REPRESENTATIVES

 May 1, 2025

Mr. Williams of Texas introduced the following bill; which was referred 
 to the Committee on Financial Services

_______________________________________________________________________

 A BILL

 To amend the Federal Reserve Act to add requirements to the annual 
report of the Board of Governors of the Federal Reserve System, and for 
 other purposes.

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

 This Act may be cited as the ``Federal Reserve Financial 
Accountability and Transparency Act''.

SEC. 2. REPORTING REQUIREMENTS WITH RESPECT TO THE ANNUAL REPORT OF THE 
 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

    (a) In General.--The 7th undesignated paragraph of 

section 10 of 
the Federal Reserve Act (12 U.S.C. 247) is amended--

    (1) by striking ``The Board'' and inserting the following:
 ``

    (7) Annual report.--
 ``
        (A) In general.--The Board''; and

    (2) by adding at the end the following:
 ``
        (B) Report requirements.--The report required 
 under subparagraph
        (A) shall include the following:
 ``
            (i) Annual expenditures and full-time 
 equivalent employees for each Federal reserve 
 bank with respect to each of the following 
 categories:
 ``
            (I) Supervision activities of 
 financial institutions.
 ``
            (II) Legal functions.
 ``
            (III) Operations of the Federal 
 reserve bank, including currency 
 services, automated clearing house 
 services, check clearing services, and 
 wholesale payment services.
 ``
            (IV) Financial stability and open 
 market operations.
 ``
            (V) Administrative functions, 
 including human resources, accounting, 
 and information technology.
 ``
            (VI) Economic research.
 ``
            (VII) Any engagement with 
 international cooperative bodies, 
 including the Bank for International 
 Settlements, the Basel Committee on 
 Banking Supervision, and the Network 
 for Greening the Financial System.
 ``
            (ii) The 3 most important areas of 
 research, as measured by annual expenditures 
 and full-time equivalent employees, for the 
 Board of Governors of the Federal Reserve 
 System and for each Federal reserve bank.
 ``
            (iii) The annual expenditures in the 
 previous year dedicated to each rule, guidance, 
 and policy statement that was proposed or 
 finalized.''.

    (b) Effective Date.--The amendments made by this Act shall take 
effect on the date that is 2 years after the date of the enactment of 
this Act.
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