Right-size the Federal Reserve Act

3.0.0 2410 2025-01-14T18:20:21Z 2025-01-14T18:20:21Z Senate S S 2023-07-20 118 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred To 2023-07-20T14:34:42Z 2023-07-20 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2023-07-20 Introduced in Senate IntroReferral 10000 9 Library of Congress S001217 Sen. Scott, Rick [R-FL] Rick Scott R FL N Finance and Financial Sector Finance and Financial Sector 2023-08-24T15:45:24Z

00 2023-07-20 Introduced in Senate 2024-06-04T19:24:08Z Right-size the Federal Reserve ActThis bill places restrictions on the Federal Reserve System, including by placing a cap on specified assets, eliminating a Federal Reserve Board facility, and setting forth conditions on bank reserve requirements.The bill places a cap on the total aggregate assets of all Federal Reserve banks. Specifically, these assets must not amount to more than 10% of the U.S. gross domestic product. This cap takes effect 10 years after the bill’s enactment.The bill also eliminates the Overnight Reverse Repurchase Facility, a board facility that conducts monetary policy through security repurchase agreements.The board’s depository institution reserves requirements must not be lower than the reserve requirements as of March 25, 2020. The board and each Federal Reserve bank must annually report on certain interest payments to foreign-owned banks and financial institutions.

Right-size the Federal Reserve Act Display Title 45 Right-size the Federal Reserve Act 2024-07-24T15:21:01Z Short Title(s) as Introduced 101 Right-size the Federal Reserve Act 2024-05-24T13:37:46Z Introduced in Senate IS Official Title as Introduced 6 A bill to limit the total assets of Federal reserve banks, and for other purposes. 2023-08-09T03:43:56Z Introduced in Senate IS Introduced in Senate 2023-07-20T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-118s2410is/xml/BILLS-118s2410is.xml 2023-07-20 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.