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Capping Federal Reserve Assets and Increasing Financial Transparency Requirements

This legislation imposes a long-term structural limit on the size of the Federal Reserve, capping its total assets at 10% of U.S. GDP to potentially reduce the central bank's footprint in the economy. It also mandates greater transparency by requiring the Fed to report on interest payments made to foreign banks and eliminates a key liquidity management tool. While technical, these changes aim to influence long-term financial stability and inflation control, indirectly affecting citizens' personal finances.
Key points
The Federal Reserve's total assets must be capped at 10% of the U.S. Gross Domestic Product (this limit takes effect 10 years after enactment).
Increased transparency: The Fed must annually report to Congress on all interest payments made to foreign-owned banks and financial institutions.
The Overnight Reverse Repurchase Facility, a tool used by the Fed to manage short-term interest rates and market liquidity, must be eliminated.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 118_S_2410
Sponsor: Sen. Scott, Rick [R-FL]
Process start date: 2023-07-20
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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

Right-size the Federal Reserve Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_2410.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-07-20.

What are the main provisions?

Key points include:

  • The Federal Reserve's total assets must be capped at 10% of the U.S. Gross Domestic Product (this limit takes effect 10 years after enactment).
  • Increased transparency: The Fed must annually report to Congress on all interest payments made to foreign-owned banks and financial institutions.
  • The Overnight Reverse Repurchase Facility, a tool used by the Fed to manage short-term interest rates and market liquidity, must be eliminated.
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. Scott, Rick [R-FL].

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