H.R. 3173: Federal Reserve Financial Accountability and Transparency Act

This bill, titled the Federal Reserve Financial Accountability and Transparency Act, proposes amendments to the annual reporting requirements of the Board of Governors of the Federal Reserve System. The main objectives of the bill can be summarized as follows:

Annual Report Requirements

The bill aims to enhance transparency regarding the finances and operations of the Federal Reserve by adding specific reporting requirements. The new requirements for the annual report will include the following:

• Expenditures and Staffing: Details on annual expenditures and the number of full-time equivalent employees at each Federal reserve bank, categorized by various functions. These categories include:
• Supervision activities of financial institutions
• Legal functions
• Operations (including currency services, automated clearing house services, check clearing services, and wholesale payment services)
• Financial stability and open market operations
• Administrative functions (like human resources, accounting, and IT)
• Economic research
• Engagement with international cooperative bodies (e.g., the Bank for International Settlements and the Basel Committee on Banking Supervision)
• Research Priorities: Identification of the three most important areas of research for the Federal Reserve, based on annual expenditures and staffing levels.
• Regulatory Expenditures: A summary of annual expenditures from the previous year that were dedicated to each proposed or finalized rule, guidance, and policy statement.

Effective Date

The changes introduced by this bill will become effective two years after its enactment.

Relevant Companies

None found.