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Federal Reserve Financial Transparency: Impact on Consumer Protection Funding.

New rules aim to increase the transparency of the Federal Reserve's operations by stipulating that the Bureau of Consumer Financial Protection will not receive funds if Federal Reserve banks incur losses. This means that the funding for the consumer protection agency could depend on the Federal Reserve's financial performance, potentially affecting its ability to operate during economic downturns.
Key points
Funding for the Bureau of Consumer Financial Protection (CFPB) will be halted if Federal Reserve banks incur operating losses.
Federal Reserve's net earnings and total capital calculations must comply with U.S. generally accepted accounting principles (GAAP), enhancing financial transparency.
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Expired
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Additional Information
Print number: 118_HR_5993
Sponsor: Rep. Hill, J. French [R-AR-2]
Process start date: 2023-10-25
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Federal Reserve Loss Transparency Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_5993.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-10-25.

What are the main provisions?

Key points include:

  • Funding for the Bureau of Consumer Financial Protection (CFPB) will be halted if Federal Reserve banks incur operating losses.
  • Federal Reserve's net earnings and total capital calculations must comply with U.S. generally accepted accounting principles (GAAP), enhancing financial transparency.
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 Rep. Hill, J. French [R-AR-2].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Economy Courts and Law