Bill > HR3173

This bill amends the Federal Reserve Act to enhance the annual reporting requirements for the Board of Governors of the Federal Reserve System. Specifically, the bill mandates that the annual report must now include detailed information about expenditures and full-time equivalent employees across seven key categories, including supervision of financial institutions, legal functions, bank operations, financial stability, administrative functions, economic research, and international engagement. The report must also highlight the three most important research areas for the Board of Governors and each Federal Reserve bank, based on annual expenditures and staffing, as well as provide a breakdown of annual expenditures for each proposed or finalized rule, guidance, and policy statement from the previous year. These new reporting requirements are designed to increase transparency and accountability by providing more comprehensive financial and operational details about the Federal Reserve's activities. The amendments will take effect two years after the bill's enactment, giving the Federal Reserve time to adapt to the new reporting standards.

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https://www.congress.gov/bill/119th-congress/house-bill/3173/all-info