This bill would change the Federal Reserve Act to add new items that the Board of Governors must include in its annual report. The report must list annual expenditures and full-time equivalent employees for each Federal Reserve Bank in these categories: supervision activities of financial institutions; legal functions; operations (including currency services, automated clearing house services, check clearing services, and wholesale payment services); financial stability and open market operations; administrative functions (human resources, accounting, and information technology); economic research; and any engagement with international cooperative bodies such as the Bank for International Settlements, the Basel Committee on Banking Supervision, and the Network for Greening the Financial System.
The report must also identify the three most important areas of research for the Board of Governors and for each Federal Reserve Bank, measured by annual expenditures and full-time equivalent employees. The report must show the annual expenditures in the previous year dedicated to each rule, guidance, and policy statement that was proposed or finalized. The amendments would take effect two years after the date of enactment. The bill was introduced May 1, 2025, by Representative Roger Williams and referred to the House Committee on Financial Services.
If this bill becomes law, the Federal Reserve's annual report would include detailed spending and staffing information by activity for each Federal Reserve Bank, the top three research areas by spending and staff, and the prior year's spending on each proposed or finalized rule or guidance. These requirements would start two years after the law is enacted.
No publicly available information on costs or savings. The bill text does not include a budget estimate or a funding source for implementing the reporting changes.
No publicly available information.
No publicly available information.