Summary

Requires the Federal Reserve Board to publicly and regularly report detailed information any time it starts quantitative easing/tightening or an emergency lending program, with updates at least every 90 days until the program ends and assets are off the balance sheet. It also bars the Board from operating such a program for more than one year without explicit Congressional authorization and makes the reports subject to expedited congressional review procedures.

• Requires public reports whenever the Fed starts QE or an emergency lending program.
• Reports must be updated at least every 90 days until the program ends and assets are removed from the balance sheet.
• Reports must include rationale, financial projections (including mark-to-market losses), money-supply effects, public-debt impact, and potential taxpayer losses.
• Requires a plan and timeline to end the program within three years and demands a rationale for any extension beyond one year.
• Prohibits running such programs for more than one year without Congressional authorization.
• Report triggers the statutory congressional disapproval/review procedure under federal law.
• Increases public transparency about the Fed’s extraordinary actions and their projected economic impacts.
• May slow or constrain the Fed’s ability to run prolonged emergency measures without prior legislative approval.