Federal Reserve Transparency: Faster Disclosure of Emergency Lending and Taxpayer Costs.
This legislation significantly increases Congressional oversight of the Federal Reserve (Fed) and its emergency actions. It mandates faster public disclosure of who receives emergency loans and under what terms, cutting the waiting period for certain data from 24 months to 12 months. Crucially, during major financial stability interventions, the government must now explicitly report the expected cost to taxpayers, enhancing accountability.
Key points
Accelerated Disclosure of Emergency Loans: The Fed must disclose details about emergency credit facilities and recipients within 12 months instead of 24, enhancing public scrutiny of fund usage.
Mandatory Taxpayer Cost Reporting: For significant financial stability interventions, the government must provide Congress with a detailed report including the expected cost to taxpayers.
Increased Congressional Access: Key Congressional committees gain broader access to information regarding the Fed's credit facilities, though the most sensitive data is restricted to committee leadership.
Expired
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