# 119-s-1648: Right-size the Federal Reserve Act

119-s-1648, Right-size the Federal Reserve Act, is a 119th Congress bill sponsored by Sen. Scott, Rick [R-FL] (R-FL); status introduced; PRIA reads it as touching household money (as of 2026-04-30).

- Canonical: https://policyrisk.com/legislation/119-s-1648
- As of: 2026-04-30
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-s-1648
- Congress: 119
- Title: Right-size the Federal Reserve Act
- Status: introduced
- Introduced: 2025-05-07
- Sponsor: Sen. Scott, Rick [R-FL] (R-FL)
- Cosponsors: 0
- Policy area: Finance and Financial Sector
- Touches household money: yes
- Last recorded action: 2026-04-30

## Summary

**Caps the Federal Reserve's total assets at 10% of U.S. GDP.** This bill would also require the Fed to close its Overnight Reserve Repurchase Facility within 1 year and add annual reporting on interest paid to foreign-owned banks. - Would limit the aggregate assets of all Federal Reserve Banks to 10% of GDP, with that cap taking effect 10 years after enactment. - Requires the Board of Governors to eliminate the Overnight Reserve Repurchase Facility within 1 year and prohibits creating a similar facility. The Board must submit a plan and timeline to Congress within 1 year and update it annually. - Obligates the Board and each Federal Reserve Bank to report annually to Congress how many foreign-owned banks and financial institutions received interest on reserves or used Board lending facilities. It also amends reserve-requirement text to require measures no lower than the reserves in effect on March 25, 2020 and clarifies that described reserves are not in excess of required reserves.

## Provisions PRIA read

- Cap Federal Reserve assets at 10% GDP: mixed, high. If enacted, this bill would limit total assets of all Federal Reserve Banks to no more than 10% of U.S. GDP. The asset cap would take effect 10 years after enactment. The cap would limit the Fed's ability to buy assets or expand its balance sheet in a crisis. Households would be affected only indir…
- End Overnight Reserve Repurchase Facility: mixed, high. If enacted, this bill would require the Federal Reserve Board to eliminate the Overnight Reserve Repurchase Facility within 1 year after enactment. The Board would be barred from creating another facility that is similar. The bill also would require the Board to submit to Congress a plan and timeli…
- Set bank reserve floor at March 25, 2020: mixed, high. If enacted, this bill would change bank reserve rules so a referenced reserve measure must not be lower than reserve requirements in effect on March 25, 2020. It would also limit referenced reserves to amounts not in excess of required reserves under the statute. The change would take effect on ena…

## Related bills

- 119-s-2120: Older Americans Act Reauthorization Act of 2025
- 119-s-1541: SHIPS for America Act of 2025
- 119-s-1748: Kids Online Safety Act
- 119-s-4782: ReportScams.gov Act
- 119-s-4280: SAFE Act
- 119-s-690: Overdose RADAR Act

## Sources
- [119-s-1648 on Congress.gov](https://www.congress.gov/bill/119th-congress/senate-bill/1648)

## Related
- [119-s-2120: Older Americans Act Reauthorization Act of 2025](https://policyrisk.com/legislation/119-s-2120)
- [119-s-1541: SHIPS for America Act of 2025](https://policyrisk.com/legislation/119-s-1541)
- [119-s-1748: Kids Online Safety Act](https://policyrisk.com/legislation/119-s-1748)
- [119-s-4782: ReportScams.gov Act](https://policyrisk.com/legislation/119-s-4782)
- [119-s-4280: SAFE Act](https://policyrisk.com/legislation/119-s-4280)
- [119-s-690: Overdose RADAR Act](https://policyrisk.com/legislation/119-s-690)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-s-1648 (as of 2026-04-30).