[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 2411 Introduced in Senate (IS)]

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118th CONGRESS
  1st Session
                                S. 2411

To place further congressional oversight on any quantitative easing or 
 tightening programs or any emergency lending programs of the Board of 
Governors of the Federal Reserve System, to require reports to Congress 
 relating to those programs, to require congressional approval of the 
          extension of those programs, 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 place further congressional oversight on any quantitative easing or 
 tightening programs or any emergency lending programs of the Board of 
Governors of the Federal Reserve System, to require reports to Congress 
 relating to those programs, to require congressional approval of the 
          extension of those programs, 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 ``Rein in the Federal Reserve Act''.

SEC. 2. FEDERAL RESERVE PROGRAMS.

    (a) Reporting Required for Certain Programs.--
            (1) In general.--Upon initiating any quantitative easing or 
        tightening program or any emergency lending program under the 
        first or third undesignated paragraph of section 13 of the 
        Federal Reserve Act (12 U.S.C. 342, 343), the Board of 
        Governors of the Federal Reserve System (referred to in this 
        section as the ``Board of Governors'') shall submit to 
        Congress, the Committee on Banking, Housing, and Urban Affairs 
        of the Senate, and the Committee on Ways and Means of the House 
        of Representatives, and make publicly available, a report on 
        the program.
            (2) Report frequency.--With respect to a report under 
        paragraph (1), the Board of Governors shall submit an updated 
        report not less frequently than once every 90 days until--
                    (A) the program to which the report applies ends; 
                and
                    (B) all assets purchased under the program 
                described in subparagraph (A) have been removed from 
                the balance sheet indicating the total assets of the 
                Board of Governors.
            (3) Report contents.--A report described in paragraph (1) 
        shall include, with respect to the program to which the report 
        applies--
                    (A) the rationale for initiating the program;
                    (B) an estimated projection of--
                            (i) mark-to-market losses;
                            (ii) any addition of funds to the money 
                        supply;
                            (iii) any impact on the amount of the 
                        public debt of the Federal Government; and
                            (iv) any potential losses to the taxpayers 
                        of the United States;
                    (C) if applicable, an economic impact assessment 
                and projections on the interaction of the program with 
                domestic and global markets;
                    (D) an outline of the pace, size, and specific 
                financial products purchased and anticipated to be 
                purchased under the program;
                    (E) a plan with a specific timeline for ending the 
                program by a date that is not later than 3 years after 
                the date on which the Board of Governors initiates the 
                program, such that the program does not become part of 
                the standard operations of the Board of Governors, 
                including, if applicable, a description of the 
                rationale for why the program should extend beyond 1 
                year; and
                    (F) an assessment of any potential risks to price 
                stability that may result from the program.
    (b) Limitation on Duration and Renewal of Programs.--The Board of 
Governors shall not engage in any program described in subsection 
(a)(1) for a period longer than 1 year without authorization from 
Congress.
    (c) Disapproval of Standing Programs.--With respect to any program 
described in subsection (a)(1)--
            (1) the report submitted under that subsection shall be 
        considered to be the report required under section 801(a)(1)(A) 
        of title 5, United States Code; and
            (2) the program shall be subject to the procedure for 
        congressional disapproval under chapter 8 of title 5, United 
        States Code.
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