Sponsors
The bill increases transparency and oversight of Federal Reserve spending and staffing—helping taxpayers, researchers, and regulated parties—while imposing modest administrative costs, operational burdens on Fed staff, and some risk of revealing sensitive supervisory or policy priorities.
Taxpayers and the public gain clearer visibility into how the Federal Reserve and Reserve Banks spend funds and staff time across specific functions because the Fed must report detailed expenditures and FTEs.
Researchers and policymakers can identify the Fed's top research priorities and staffing emphases by expenditures and FTEs, improving oversight, accountability, and informed policy debate.
Consumers and regulated financial institutions may indirectly benefit from improved accountability for supervision and payment services because clearer reporting on supervision and operations spending highlights how resources are allocated.
Board of Governors and Reserve Banks may be required to disclose details of proposed or finalized rules and guidance that could reveal sensitive supervisory or policy priorities, increasing risks to internal deliberations and oversight confidentiality.
The Federal Reserve will incur additional administrative costs to collect, classify, and publish the new detailed expenditure and FTE data, costs ultimately funded from the Fed's budget and borne indirectly by taxpayers.
Federal Reserve and Reserve Bank staff will need to reclassify activities and spend staff time on compliance and reporting, diverting resources from other operational duties.
Based on analysis of 2 sections of legislative text.
Mandates the Fed Board and each Reserve Bank to publish detailed annual expenditures and FTEs by category, top research areas, and spending per rule/guidance/policy.
Introduced May 1, 2025 by Roger Williams · Last progress May 1, 2025
Requires the Federal Reserve Board and each Federal Reserve Bank to expand their annual reports to show detailed annual expenditures and full‑time equivalent (FTE) staffing by specific functional categories, the three largest research areas by spending and FTEs, and the prior year spending tied to each proposed or finalized rule, guidance, or policy statement. The new reporting rules are written into the Federal Reserve Act and take effect two years after enactment.