Congressional Oversight of Federal Reserve's Non-Monetary Policy Spending.
This act aims to increase Congressional oversight over certain Federal Reserve expenditures. It means that costs related to bank supervision and other administrative activities, not directly tied to monetary policy, will require Congressional approval. In practice, this could affect the transparency and funding of some regulatory actions, indirectly impacting financial stability and consumer protection.
Key points
Federal Reserve's bank supervision and regulatory costs will require Congressional approval.
The Federal Reserve will collect fees to cover these costs, subject to Congressional appropriation.
Changes apply only to non-monetary policy related expenses, such as bank examinations and staff training.
Expired
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