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Federal Reserve Regulatory Oversight Act
To amend the Federal Reserve Act to bring the non-monetary policy related functions of the Board of Governors of the Federal Reserve System into the appropriations process, and for other purposes.
Summary
This bill amends the Federal Reserve Act to require that non-monetary policy related administrative costs of the Federal Reserve Board be subject to the congressional appropriations process. It requires the Fed to collect assessments and fees to recover the costs of these appropriations, which would be credited back to the Fed's appropriations account. The bill defines non-monetary policy administrative costs as those related to supervision and regulation of financial institutions, including examinations, stress tests, training, research, and related overhead expenses. The requirement takes effect October 1, 2025, and applies only to supervisory and regulatory costs, not the Fed's monetary policy operations.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
1 cosponsor
Actions (2)
- Mar 27, 2025 Referred to the House Committee on Financial Services. · house
- Mar 27, 2025 Introduced in House
Similar bills (6)
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Text versions (1)
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Full text
IN THE HOUSE OF REPRESENTATIVES
March 27, 2025
Mr. Davidson (for himself and Mr. Donalds) introduced the following bill; which was referred to the Committee on Financial Services
A BILL
To amend the Federal Reserve Act to bring the non-monetary policy related functions of the Board of Governors of the Federal Reserve System into the appropriations process, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Federal Reserve Regulatory Oversight Act”.
SEC. 2. BRINGING THE NON-MONETARY POLICY RELATED FUNCTIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM INTO THE APPROPRIATIONS PROCESS.
(a) In General.—The Federal Reserve Act is amended by inserting after section 11C the following:
“SEC. 11D. APPROPRIATIONS REQUIREMENT FOR NON-MONETARY POLICY RELATED ADMINISTRATIVE COSTS.
“(a) Appropriations Requirement.—
“(1) Recovery of costs of annual appropriation.—The Board of Governors of the Federal Reserve System and the Federal reserve banks shall collect assessments and other fees, as provided under this Act, that are designed to recover the costs to the Government of the annual appropriation to the Board of Governors of the Federal Reserve System by Congress. The Board of Governors of the Federal Reserve System and the Federal reserve banks may only incur obligations or allow and pay expenses with respect to non-monetary policy related administrative costs pursuant to an appropriations Act.
“(2) Offsetting collections.—Assessments and other fees described under paragraph (1) for any fiscal year—
“(A) shall be deposited and credited as offsetting collections to the account providing appropriations to the Board of Governors of the Federal Reserve System; and
“(B) shall not be collected for any fiscal year except to the extent provided in advance in appropriation Acts.
“(3) Limitation.—This subsection shall only apply to the non-monetary policy related administrative costs of the Board of Governors of the Federal Reserve System.
“(b) Definitions.—For purposes of this section:
“(1) Monetary policy.—The term ‘monetary policy’ means a strategy for producing a generally acceptable exchange medium that supports the productive employment of economic resources by reliably serving as both a unit of account and store of value.
“(2) Non-monetary policy related administrative costs.— The term ‘non-monetary policy related administrative costs’ means administrative costs not related to the conduct of monetary policy, and includes—
“(A) direct operating expenses for supervising and regulating entities supervised and regulated by the Board of Governors of the Federal Reserve System, including conducting examinations, conducting stress tests, communicating with the entities regarding supervisory matters and laws, and regulations;
“(B) operating expenses for activities integral to carrying out supervisory and regulatory responsibilities, such as training staff in the supervisory function, research and analysis functions including library subscription services, and collecting and processing regulatory reports filed by supervised institutions; and
“(C) support, overhead, and pension expenses related to the items described under subparagraphs (A) and (B).”.
(b) Effective Date.—The amendments made by this section shall apply with respect to expenses paid and fees collected on or after October 1, 2025. <all>
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