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Federal Reserve Accountability Act: Limiting Big Bank Influence and Increasing Transparency.

This bill aims to enhance the transparency and independence of the Federal Reserve, the body crucial for national financial stability. It limits the influence of large banks on decision-making by restricting banker representation on regional Federal Reserve bank boards and increasing public interest representation. For citizens, this means monetary policy and bank supervision decisions should better reflect the needs of consumers and small businesses.
Key points
Limiting Big Banks: Only representatives from banks with $50 billion or less in assets can serve as Class A directors on Reserve Bank boards.
Public Representation: Class B directors, representing the public, will be appointed by the Board of Governors, ensuring independence from member banks.
Ethics and Transparency: Imposes term limits, requires public votes on major bank enforcement settlements ($5M+), and mandates stricter conflict of interest rules for Fed officials.
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Expired
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Additional Information
Print number: 118_S_1663
Sponsor: Sen. Warren, Elizabeth [D-MA]
Process start date: 2023-05-17
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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

Strengthening Federal Reserve System 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_1663.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-05-17.

What are the main provisions?

Key points include:

  • Limiting Big Banks: Only representatives from banks with $50 billion or less in assets can serve as Class A directors on Reserve Bank boards.
  • Public Representation: Class B directors, representing the public, will be appointed by the Board of Governors, ensuring independence from member banks.
  • Ethics and Transparency: Imposes term limits, requires public votes on major bank enforcement settlements ($5M+), and mandates stricter conflict of interest rules for Fed officials.
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. Warren, Elizabeth [D-MA].

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 Courts and Law