[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8591 Introduced in House (IH)]

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118th CONGRESS
  2d Session
                                H. R. 8591

  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 31, 2024

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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