[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 2409 Introduced in Senate (IS)]

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118th CONGRESS
  1st Session
                                S. 2409

 To limit purchases of the Federal reserve banks, to require Generally 
   Accepted Accounting Principles standards, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 20, 2023

  Mr. Scott of Florida introduced the following bill; which was read 
  twice and referred to the Committee on Banking, Housing, and Urban 
                                Affairs

_______________________________________________________________________

                                 A BILL


 
 To limit purchases of the Federal reserve banks, to require Generally 
   Accepted Accounting Principles standards, 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 ``Regular Order for Investments of the 
Federal Reserve Act'' or the ``ROI of the Federal Reserve Act''.

SEC. 2. AMENDMENTS TO THE FEDERAL RESERVE ACT.

    The Federal Reserve Act is amended--
            (1) in section 2B (12 U.S.C. 225b), by adding at the end 
        the following:
    ``(d) Additional Annual Reports.--The Board and each Federal 
reserve bank shall submit to Congress, on an annual basis--
            ``(1) a report on the status and health of the middle class 
        in the United States, including an analysis of how the policies 
        and programs of the Board and the Federal reserve banks either 
        positively or negatively impacted the growth of the middle 
        class in the United States; and
            ``(2) a report on the impact of the actions of the Board 
        and the Federal reserve banks on the availability of small 
        business lending and lines of credit since 2000, specifically 
        how the balance sheet of the Federal reserve banks, the lending 
        facilities of the Board, and interest paid on reserves of the 
        Federal reserve banks have impacted business credit and 
        lending.'';
            (2) in section 14(b)(2) (12 U.S.C. 355(2)), by inserting 
        before the period at the end the following: ``, except that, 
        notwithstanding this paragraph and paragraph (1), on and after 
        the date of enactment of the Regular Order for Investments of 
        the Federal Reserve Act, a Federal reserve bank may not--
                    ``(A) purchase a Treasury bill with a term of 
                maturity that is more than 3 years;
                    ``(B) purchase a mortgage-backed security; or
                    ``(C) directly or indirectly hold shares of common 
                stock acquired on or after the date of enactment of the 
                Regular Order for Investments of the Federal Reserve 
                Act''; and
            (3) by adding at the end the following:

``SEC. 33. ACCOUNTING PRINCIPLES AND VALUATIONS.

    ``(a) Accounting Principles.--The accounting principles applicable 
to any filings made by the Board, the Federal Open Market Committee, or 
a Federal reserve bank shall be consistent with generally accepted 
accounting principles.
    ``(b) Valuations.--The Board, the Federal Open Market Committee, 
and each Federal reserve bank shall use mark-to-market valuations for 
each financial estimate described in a report or audit under the 
seventh undesignated paragraph of section 10, section 11(a), or section 
11B.''.
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