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Congressional Oversight of Federal Reserve Spending

This act changes how certain Federal Reserve functions are funded, giving Congress more control over spending on non-monetary policy activities like bank supervision. This means citizens can expect greater transparency in how this institution manages public funds. It aims to ensure accountability for administrative costs.
Key points
Bank supervision and regulatory costs will now be subject to annual Congressional appropriation.
The Federal Reserve will collect fees from banks to cover these costs, but only as approved by Congress.
The changes aim to increase transparency and accountability of the Federal Reserve's administrative functions.
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Status:
Expired
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Additional Information
Print number: 117_S_3490
Sponsor: Sen. Tillis, Thomas [R-NC]
Process start date: 2022-01-12
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Federal Reserve Regulatory Oversight Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_3490.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-01-12.

What are the main provisions?

Key points include:

  • Bank supervision and regulatory costs will now be subject to annual Congressional appropriation.
  • The Federal Reserve will collect fees from banks to cover these costs, but only as approved by Congress.
  • The changes aim to increase transparency and accountability of the Federal Reserve's administrative functions.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Tillis, Thomas [R-NC].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Economy