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Requires the Federal Reserve to disclose detailed annual information about its spending, staffing, and research priorities. The Board of Governors and each Federal Reserve Bank must include in the Fed’s annual report itemized expenditures and full‑time equivalent (FTE) employee counts across named categories, the top three research areas by spending and FTE, and prior‑year spending tied to each proposed or finalized rule, guidance, or policy statement. The reporting changes take effect two years after enactment.
Amends the 7th undesignated paragraph of section 10 of the Federal Reserve Act (12 U.S.C. 247) to revise the annual report provision and add specific report content requirements.
The annual report required under the annual report provision must include annual expenditures and full‑time equivalent employees for each Federal Reserve Bank for each of these 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.
The annual report must identify the three 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.
The annual report must include the annual expenditures in the previous year dedicated to each rule, guidance, and policy statement that was proposed or finalized.
Effective date for the amendments: the amendments made by this Act take effect on the date that is two years after the date of enactment of this Act.
Primary effects: The Board of Governors and each Federal Reserve Bank must collect, categorize, and publish more granular information on spending, staffing, research priorities, and rulemaking‑related costs. This increases transparency for Congress, researchers, market participants, and the public about how Reserve System resources are allocated. Operational impact: the Fed will face administrative work to standardize categories, map expenditures and FTEs to research areas and rulemakings, and include the new detail in its annual report; those internal costs are likely manageable but nonzero. Indirect effects: banks, financial markets, and the public may use the new disclosures to assess Fed priorities and operational tradeoffs; researchers may gain better data on central bank research investments. Potential tradeoffs: publishing detailed staff and spending data could raise concerns about internal confidentiality or perceived constraints on research or policy work, but the law does not alter the Fed’s independent policy authorities or its funding mechanism.
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Referred to the House Committee on Financial Services.
Introduced May 1, 2025 by Roger Williams · Last progress May 1, 2025
Referred to the House Committee on Financial Services.
Introduced in House