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This bill requires the Federal Reserve to provide more detailed financial information in its annual reports to Congress. Specifically, the Federal Reserve's Board of Governors must now break down spending and staffing levels for each of the twelve regional Federal Reserve banks across seven major categories, including supervision, legal functions, operations, financial stability, administration, and economic research. The bill also requires the Federal Reserve to identify and report on its three most important research areas by cost and staffing, as well as spending dedicated to each rule, guidance, and policy statement it proposes or finalizes. These new reporting requirements take effect two years after the bill is enacted, giving the Federal Reserve time to implement the changes. The bill aims to increase transparency and congressional oversight of how the Federal Reserve allocates its resources and conducts its operations.

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