Referred to the House Committee on Financial Services.
The bill amends the Federal Reserve Act to expand the Board of Governors' annual report. It requires, for each Federal Reserve Bank, annual expenditures and full-time equivalent employees by specified activity categories, identification of the top three research areas by spending and FTEs, and the prior year's expenditures for each proposed or finalized rule, guidance, and policy statement.
Progressives worry about politicization and protecting research independence
Relative to its intended legislative type, this bill is a straightforward statutory instruction to expand the Board's annual report with several specific data elements.
The bill amends the Federal Reserve Act to expand the Board of Governors' annual report.
It requires, for each Federal Reserve Bank, annual expenditures and full-time equivalent employees by specified activity categories, identification of the top three research areas by spending and FTEs, and the prior year's expenditures for each proposed or finalized rule, guidance, and policy statement.
It explicitly includes reporting on engagements with international bodies like the BIS, Basel Committee, and NGFS.
Technocratic and narrow, improving transparency without new spending, but potential pushback over operational burdens and disclosure of supervisory matters lowers prospects.
Relative to its intended legislative type, this bill is a straightforward statutory instruction to expand the Board's annual report with several specific data elements. It specifies discrete reporting categories and an effective date, but omits many implementation-level details that a reporting mandate of this specificity typically requires.
Progressives worry about politicization and protecting research independence
These are examples from the analysis, not a ranked list of the most-affected groups.
Progressives worry about politicization and protecting research independence
Generally supportive of increased transparency and oversight of a powerful financial institution.
Concerned that detailed disclosures could be used to politicize the Fed or expose sensitive supervisory information.
Wants safeguards to protect confidential data and preserve research independence.
Cautiously supportive of transparency paired with protections for independence and confidentiality.
Sees value in cost data for oversight but worries about implementation burden and unintended consequences.
Would favor clear standards, phased rollout, and third-party verification.
Strongly favorable toward increased transparency and congressional oversight of the Fed.
Views reporting, especially on international engagements, as necessary to limit unaccountable global influence.
Sees disclosure of rulemaking costs as a tool to restrain regulatory overreach.
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Technocratic and narrow, improving transparency without new spending, but potential pushback over operational burdens and disclosure of supervisory matters lowers prospects.
The bill has not accumulated any surfaced votes yet.
Progressives worry about politicization and protecting research independence
Technocratic and narrow, improving transparency without new spending, but potential pushback over operational burdens and disclosure of sup…
Relative to its intended legislative type, this bill is a straightforward statutory instruction to expand the Board's annual report with several specific data elements. It specifies discrete reporting categories and an…
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