H.R. 3173, the Federal Reserve Financial Accountability and Transparency Act, requires the Federal Reserve to provide more detailed financial information in its annual reports to Congress. Specifically, the bill mandates that the Federal Reserve disclose its spending and staffing levels broken down by major functions—including bank supervision, legal work, payments processing, financial stability operations, research, and international engagement—for both the Federal Reserve's central Board and each of the twelve regional Federal Reserve banks. The bill also requires the Fed to identify its three most important research areas by spending and staffing, and to report how much money was spent on developing each major rule, guidance document, and policy statement. These new reporting requirements take effect two years after the bill is enacted, giving the Federal Reserve time to implement the changes to its financial tracking systems.
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