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119-s-1646119th CongressWALLET

Rein in the Federal Reserve Act

Sponsored By: Senator Scott, Rick [R-FL]

Introduced

Summary

Stronger congressional oversight of the Federal Reserve’s quantitative easing and emergency lending. This bill would require the Fed to provide detailed public reports before and during any QE, tightening, or emergency lending program and to update those reports at least every 90 days until the program and purchased assets end.

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  • Congress would receive the reports directly and publicly, delivered to the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Ways and Means, and the programs would be subject to the formal congressional disapproval process.
  • The Fed would have to explain the program’s rationale and provide projections of mark-to-market losses, additions to the money supply, impacts on the public debt and potential taxpayer losses, a list of products to be bought, and a plan to end the program no later than 3 years.
  • Households, investors, and markets would get mandatory estimates of economic effects and risks to price stability so taxpayers and market participants see possible fiscal and market exposure.

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Bill Overview

Analyzed Economic Effects

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

New limits and reports for the Fed

This bill would require the Federal Reserve Board to send and publish a report when it starts any quantitative easing, tightening, or emergency lending program under section 13. The Fed would have to update the report at least every 90 days until the program ends and all assets bought are removed from its balance sheet. Each report would explain why the program started and include estimated mark-to-market losses, any expected increase to the money supply, effects on public debt, and potential taxpayer losses. Reports would also include economic impact projections if needed, a list of what the Fed will buy and how fast, and a plan and timeline to end the program within 3 years (with a reason if it needs to run past 1 year). The bill would bar the Fed from running such a program for more than 1 year without Congress' permission. The Fed's report would count as the formal notice that lets Congress start a disapproval process under federal rules.

Sponsors & CoSponsors

Sponsor

Scott, Rick [R-FL]

FL • R

Cosponsors

  • Sen. Lummis, Cynthia M. [R-WY]

    WY • R

    Sponsored 5/7/2025

Roll Call Votes

No roll call votes available for this bill.

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