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119-hr-3173119th CongressWALLET

Federal Reserve Financial Accountability and Transparency Act

Sponsored By: Representative Williams, Roger [R-TX-25]

Introduced

Summary

Detailed spending and staffing transparency at the Federal Reserve would require the Board and each Federal Reserve Bank to publish annual, bank-level expenditures and full-time equivalent (FTE) staff by activity, name top research priorities, and report spending tied to rulemaking.

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  • For Congress and the public: Would provide annual, bank-by-bank breakdowns of spending and FTEs across seven specified categories and the three most important research areas, giving lawmakers and citizens clearer oversight.
  • For the Federal Reserve Board and Reserve Banks: Would require them to collect and publish expenditures and FTEs by activity category, list their three largest research areas by spending and staff, and disclose prior-year expenditures for each proposed or finalized rule. It would take effect two years after enactment.
  • For researchers, journalists, and watchdogs: Would reveal year-to-year dollar and staff resources devoted to specific rules, guidance, and policy statements, helping outside observers track regulatory priorities and costs.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

More detailed Fed spending reports

If enacted, the Federal Reserve would add detailed breakouts to its annual report, starting two years after enactment. Each Reserve Bank would show yearly spending and full‑time staff by category: supervision, legal, operations (currency, ACH, check, wholesale payments), financial stability and open market operations, admin (HR, accounting, IT), economic research, and work with international bodies (BIS, Basel Committee, NGFS). The Board and each Bank would name their three biggest research areas by spending and staff. The report would also list last year's spending tied to each proposed or final rule, guidance, and policy statement. Congress and the public could see how the Fed uses money and people across these areas.

Sponsors & CoSponsors

Sponsor

Williams, Roger [R-TX-25]

TX • R

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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