Congressional Oversight of Federal Reserve Non-Monetary Spending
This new bill aims to bring certain Federal Reserve expenses, unrelated to monetary policy, under Congressional oversight. This means administrative costs like bank supervision and staff training will require Congressional approval, potentially increasing transparency and control over public funds.
Key points
Federal Reserve administrative costs not related to monetary policy will require annual Congressional approval.
The Federal Reserve will collect fees to recover the costs of these Congress-approved administrative expenses.
Changes apply to expenses for bank supervision, regulation, staff training, and collecting data from financial institutions.
Status:
Introduced
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