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Federal Reserve Overhaul: Increased Political Accountability and District Reduction.

This bill fundamentally restructures the Federal Reserve, the institution responsible for setting interest rates and managing inflation. Key regional Fed bank presidents will now be appointed by the President and confirmed by the Senate, increasing political accountability for economic decisions. Furthermore, the bill reduces the number of Federal Reserve districts from 12 to 5 and bans the Fed from using its funds for lobbying activities.
Key points
Presidents of regional Federal Reserve banks will be appointed by the US President and confirmed by the Senate, increasing political oversight of monetary policy.
The number of Federal Reserve districts is cut from 12 to 5, altering the composition of the committee that sets interest rates (FOMC).
The Federal Reserve is prohibited from using its funds for lobbying activities, aiming for greater transparency and focus on its core economic mission.
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Expired
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Additional Information
Print number: 118_S_1155
Sponsor: Sen. Tillis, Thomas [R-NC]
Process start date: 2023-03-30
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Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Federal Reserve Accountability Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_1155.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-03-30.

What are the main provisions?

Key points include:

  • Presidents of regional Federal Reserve banks will be appointed by the US President and confirmed by the Senate, increasing political oversight of monetary policy.
  • The number of Federal Reserve districts is cut from 12 to 5, altering the composition of the committee that sets interest rates (FOMC).
  • The Federal Reserve is prohibited from using its funds for lobbying activities, aiming for greater transparency and focus on its core economic mission.
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 2025-12-26.

CATEGORIES

Economy