Bill > S2843

This bill, known as the Federal Reserve Accountability for Major Expenditures Act (FRAME Act), requires congressional approval for any Federal Reserve capital expenditure exceeding $100 million. If Congress receives a request for such an expenditure, lawmakers have 60 calendar days to pass a joint resolution disapproving the expenditure, which would block the Federal Reserve from proceeding. The bill establishes a detailed, expedited process for introducing and considering these joint resolutions in both the House of Representatives and the Senate, including specific rules about how quickly the resolutions must be introduced, considered, and voted upon. Joint resolutions must follow strict formatting requirements, such as having no preamble and a specific title, and must simply state "That Congress disapproves the capital expenditure." The bill provides fast-track procedures to ensure these resolutions can be quickly introduced and voted on, with limitations on debate and procedural obstacles. These provisions are explicitly designed as a modification of congressional procedural rules, with the understanding that Congress retains the right to change these rules in the future. The overall aim is to increase congressional oversight of significant Federal Reserve spending decisions.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/2843/all-info