This bill increases congressional oversight of the Federal Reserve's monetary policy programs, specifically targeting quantitative easing, quantitative tightening, and emergency lending initiatives. The Fed would be required to submit detailed reports to Congress and the public when launching such programs, then provide updates at least every 90 days until the program ends and all purchased assets are removed from the Fed's balance sheet. These required reports must include the program's rationale, projected financial impacts (including potential losses to taxpayers), market effects, and a timeline for ending the program within three years. The bill prevents the Fed from running these programs for more than one year without congressional authorization and subjects all such programs to a congressional disapproval process, allowing Congress to block them with a vote. Overall, the legislation aims to give Congress greater control over major Federal Reserve operations that affect monetary supply, national debt, and economic stability.
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