H.R. 2418

119th CONGRESS 1st Session

To amend the Federal Reserve Act to bring the non-monetary policy related functions of the Board of Governors of the Federal Reserve System into the appropriations process, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES · March 27, 2025 · Sponsor: Mr. Davidson · Committee: Committee on Financial Services

Table of contents

• H.R. 2418
  • SEC. 1. Short title
  • SEC. 2. Bringing the non-monetary policy related functions of the Board of Governors of the Federal Reserve System into the appropriations process

SEC. 1. Short title

• This Act may be cited as the Federal Reserve Regulatory Oversight Act.

SEC. 2. Bringing the non-monetary policy related functions of the Board of Governors of the Federal Reserve System into the appropriations process

• (a) In general
  • (a) Appropriations requirement
    • (1) Recovery of costs of annual appropriation
      • The Board of Governors of the Federal Reserve System and the Federal reserve banks shall collect assessments and other fees, as provided under this Act, that are designed to recover the costs to the Government of the annual appropriation to the Board of Governors of the Federal Reserve System by Congress. The Board of Governors of the Federal Reserve System and the Federal reserve banks may only incur obligations or allow and pay expenses with respect to non-monetary policy related administrative costs pursuant to an appropriations Act.
    • (2) Offsetting collections
      • Assessments and other fees described under paragraph (1) for any fiscal year—
        • shall be deposited and credited as offsetting collections to the account providing appropriations to the Board of Governors of the Federal Reserve System; and
        • shall not be collected for any fiscal year except to the extent provided in advance in appropriation Acts.
    • (3) Limitation
      • This subsection shall only apply to the non-monetary policy related administrative costs of the Board of Governors of the Federal Reserve System.
  • (b) Definitions
    • For purposes of this section:
      • The term monetary policy means a strategy for producing a generally acceptable exchange medium that supports the productive employment of economic resources by reliably serving as both a unit of account and store of value.
      • The term non-monetary policy related administrative costs means administrative costs not related to the conduct of monetary policy, and includes—
  • The Federal Reserve Act is amended by inserting after section 11C the following:
• (b) Effective date
  • The amendments made by this section shall apply with respect to expenses paid and fees collected on or after October 1, 2025.