# 119-hr-4975: TOO LATE Act

119-hr-4975, TOO LATE Act, is a 119th Congress bill sponsored by Rep. Carter, Earl L. "Buddy" [R-GA-1] (R-GA); status introduced; PRIA reads it as touching household money (as of 2026-04-21).

- Canonical: https://policyrisk.com/legislation/119-hr-4975
- As of: 2026-04-21
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-hr-4975
- Congress: 119
- Title: TOO LATE Act
- Status: introduced
- Introduced: 2025-08-15
- Sponsor: Rep. Carter, Earl L. "Buddy" [R-GA-1] (R-GA)
- Cosponsors: 0
- Policy area: Finance and Financial Sector
- Touches household money: yes
- Last recorded action: 2026-04-21

## Summary

**Creates a data-based trigger for removing the Federal Reserve Chair.** The bill would let the President remove the Chair if the Federal funds target rate moves too far from specified benchmarks for two consecutive quarters.

## Provisions PRIA read

- New trigger to remove Fed Chair: mixed, high. This bill would tie the Fed Chair’s job to rate benchmarks. The President could remove the Chair if, for two quarters in a row, the Fed’s main rate is over 200 basis points (2 percentage points) away from the average of any two of three benchmarks. The benchmarks are: the PCE price index, the 5‑yea…

## Related bills

- 119-hr-3151: SHIPS for America Act of 2025
- 119-hr-4669: FEMA Act of 2025
- 119-hr-137: TCJA Permanency Act
- 119-hr-3633: Digital Asset Market Clarity Act
- 119-hr-4312: SCORE Act
- 119-hr-2725: Affordable Housing Credit Improvement Act of 2025

## Sources
- [119-hr-4975 on Congress.gov](https://www.congress.gov/bill/119th-congress/house-bill/4975)

## Related
- [119-hr-3151: SHIPS for America Act of 2025](https://policyrisk.com/legislation/119-hr-3151)
- [119-hr-4669: FEMA Act of 2025](https://policyrisk.com/legislation/119-hr-4669)
- [119-hr-137: TCJA Permanency Act](https://policyrisk.com/legislation/119-hr-137)
- [119-hr-3633: Digital Asset Market Clarity Act](https://policyrisk.com/legislation/119-hr-3633)
- [119-hr-4312: SCORE Act](https://policyrisk.com/legislation/119-hr-4312)
- [119-hr-2725: Affordable Housing Credit Improvement Act of 2025](https://policyrisk.com/legislation/119-hr-2725)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-hr-4975 (as of 2026-04-21).