This bill would require the Federal Reserve's non-monetary policy functions—such as bank supervision, regulation, and examinations—to be funded through the congressional appropriations process rather than through fees collected independently. Currently, the Fed funds its regulatory activities through assessments on banks and other institutions it supervises, without needing annual congressional approval. Under this legislation, the Federal Reserve would still collect these fees from banks, but the money would go into the Treasury as "offsetting collections" and Congress would need to explicitly approve funding for these regulatory activities each year. The bill excludes the Fed's core monetary policy work (managing interest rates and money supply) from this requirement, affecting only administrative costs related to supervision and regulation, including bank examinations, stress tests, staff training, and processing regulatory reports. The changes would take effect on October 1, 2025.
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