Bill > S1646

This bill, called the "Rein in the Federal Reserve Act," aims to increase congressional oversight of the Federal Reserve's quantitative easing (QE), tightening, and emergency lending programs. When the Federal Reserve initiates such a program, it must submit detailed reports to Congress and make them publicly available, updating these reports every 90 days. These reports must include the rationale for the program, projected financial impacts (such as potential losses, money supply changes, and public debt effects), economic assessments, details about the financial products being purchased, a specific timeline for ending the program within three years, and an assessment of potential risks to price stability. The bill limits the duration of these programs to one year without congressional authorization and subjects them to congressional disapproval procedures. Essentially, the legislation seeks to ensure greater transparency and legislative control over the Federal Reserve's monetary policy actions by requiring comprehensive reporting and preventing these programs from becoming permanent or standard operations without explicit congressional approval.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/1646/all-info