The Federal Reserve Accountability for Major Expenditures Act (FRAME Act) requires congressional approval before the Federal Reserve can spend more than $100 million on capital projects. Under the bill, Congress has 60 days after receiving a spending request to pass a joint resolution disapproving it; if Congress acts, the Federal Reserve must stop the expenditure. The legislation establishes expedited procedures for considering disapproval resolutions, allowing the House to vote within 24 days and the Senate within days 16-24 after a request is received, with limited debate time and minimal procedural delays. The bill essentially flips the current process from automatic approval to automatic rejection if Congress objects, giving lawmakers direct control over major Federal Reserve spending decisions. This affects the Federal Reserve's ability to fund capital projects like building renovations or technology upgrades, which previously occurred without explicit congressional review.
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