Federal Reserve Transparency Act: Detailed Reporting on Expenditures and Staffing.
This law mandates the Federal Reserve (the Fed) to publish significantly more detailed annual reports concerning its expenditures and staffing levels. Citizens and Congress will gain insight into how much money the Fed allocates to banking supervision, economic research, payment operations, and international cooperation. The goal is to enhance the accountability and transparency of the central bank's operations.
Key points
The Federal Reserve must disclose annual expenditures and the number of employees for every function, from financial supervision to IT.
Reporting is required on how much money was spent developing each new rule, guidance, and policy statement.
Reports must identify the top three research areas conducted by the Fed, measured by cost and staffing.
Expired
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