Federal Reserve Financial Accountability and Transparency Act

This bill would make the Federal Reserve share more details in its annual report so the public can see how money and staff are used. It requires the Fed and each regional Reserve Bank to break out yearly spending and employee counts in areas like bank supervision, legal work, everyday operations (currency, ACH, check clearing, and wholesale payments), financial stability and market actions, administration (HR, accounting, IT), economic research, and work with international groups such as the BIS and the Basel Committee. It also makes them list the three biggest research focus areas (by spending and staff) for the Board and for each Reserve Bank, and report how much was spent in the prior year on each rule, guidance, or policy statement that was proposed or finalized.

These changes would start two years after the bill becomes law.

• Who is affected: The Federal Reserve Board and the 12 regional Federal Reserve Banks.
• What changes: More detailed, public reporting on spending, staffing, top research priorities, and the costs tied to rules and guidance.
• When: Two years after enactment.