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Increased Congressional Oversight on Federal Reserve Monetary Programs.

This bill mandates greater Congressional oversight over the Federal Reserve's quantitative easing/tightening and emergency lending programs. The Fed must publicly report the projected impact of these actions on inflation, public debt, and potential taxpayer losses. Crucially, these major financial programs cannot continue for more than one year without explicit approval from Congress, ensuring greater accountability.
Key points
The Fed must publish detailed reports, including projections on how its programs will affect inflation and national debt, providing transparency for citizens.
Emergency lending and asset purchase programs (QE/QT) are limited to one year unless Congress specifically authorizes an extension.
Congress gains the power to disapprove and overturn major Federal Reserve programs, increasing the central bank's accountability to elected officials.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 118_S_2411
Sponsor: Sen. Scott, Rick [R-FL]
Process start date: 2023-07-20
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Rein in 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_2411.

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 Fed must publish detailed reports, including projections on how its programs will affect inflation and national debt, providing transparency for citizens.
  • Emergency lending and asset purchase programs (QE/QT) are limited to one year unless Congress specifically authorizes an extension.
  • Congress gains the power to disapprove and overturn major Federal Reserve programs, increasing the central bank's accountability to elected 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. 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