Rein in the Federal Reserve Act

Summary

Requires the Federal Reserve Board to notify Congress, the Government Accountability Office, and the public whenever it starts a quantitative easing/tightening program or an emergency lending program under the Federal Reserve Act. The Fed must provide detailed, regularly updated reports—at least every 90 days—showing rationale, projected losses, money‑supply effects, impacts on public debt and taxpayers, timelines to wind down the program (with a default maximum of three years), and other risk assessments. The Fed may not run such a program for more than one year without explicit Congressional authorization, and the reports trigger a formal congressional disapproval review process.

• Requires immediate notification and public reporting when the Fed starts QE, QT, or emergency lending under its section 13 authority.
• Reports must be updated at least every 90 days until the program ends and purchased assets are removed from the Fed's balance sheet.
• Reports must include rationale, projected losses, money supply impacts, public debt effects, economic assessments, program pacing, and a wind‑down timeline.
• The Fed cannot run a covered program for more than one year without explicit Congressional authorization.
• Required reports are treated as Congressional Review Act reports, making programs subject to congressional disapproval procedures.
• Imposes transparency and oversight requirements but does not itself create or fund new Fed programs.
• Potentially limits the Fed's operational flexibility in crises by adding reporting timelines and a one‑year authorization limit.
• Aims to quantify potential taxpayer exposure and inflation risks from Fed market interventions.