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Federal Reserve Financial Accountability and Transparency Act
To amend the Federal Reserve Act to add requirements to the annual report of the Board of Governors of the Federal Reserve System, and for other purposes.
Summary
This bill amends the Federal Reserve Act to expand the annual reporting requirements for the Board of Governors of the Federal Reserve System. The bill requires the Board's annual report to include detailed breakdowns of annual expenditures and full-time equivalent employees for each Federal Reserve Bank by category, including supervision activities, legal functions, operations, financial stability, administrative functions, economic research, and international engagement. The report must also identify the three most important research areas for the Board and each Federal Reserve Bank by spending and staffing. Additionally, the report must detail annual expenditures dedicated to each Federal Reserve rule, guidance, and policy statement that was proposed or finalized. The amendments take effect two years after the law's enactment.
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)
Money behind the sponsor
Top reported contributors to Roger Williams’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
- NULL $31,350
- DOUBLE EAGLE $16,000
- PIERSON & PATTERSON $13,200
- LENDERS & MEMBERS SERVICE GROUP $13,200
- LUTHER KING CAPITAL MANAGEMENT $11,600
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Roger Williams → · Outside spending →
Actions (2)
- May 1, 2025 Referred to the House Committee on Financial Services. · house
- May 1, 2025 Introduced in House
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Text versions (1)
Bills are re-published as they move (Introduced → Reported → Engrossed → Enrolled …). Each stage below is a separate text; pick two to see what changed. Data from Congress.gov.
Full text
IN THE HOUSE OF REPRESENTATIVES
May 1, 2025
Mr. Williams of Texas introduced the following bill; which was referred to the Committee on Financial Services
A BILL
To amend the Federal Reserve Act to add requirements to the annual report of the Board of Governors of the Federal Reserve System, 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 Financial Accountability and Transparency Act”.
SEC. 2. REPORTING REQUIREMENTS WITH RESPECT TO THE ANNUAL REPORT OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
(a) In General.—The 7th undesignated paragraph of section 10 of the Federal Reserve Act (12 U.S.C. 247) is amended—
(1) by striking “The Board” and inserting the following:
“(7) Annual report.—
“(A) In general.—The Board”; and
(2) by adding at the end the following:
“(B) Report requirements.—The report required under subparagraph (A) shall include the following:
“(i) Annual expenditures and full-time equivalent employees for each Federal reserve bank with respect to each of the following categories:
“(I) Supervision activities of financial institutions.
“(II) Legal functions.
“(III) Operations of the Federal reserve bank, including currency services, automated clearing house services, check clearing services, and wholesale payment services.
“(IV) Financial stability and open market operations.
“(V) Administrative functions, including human resources, accounting, and information technology.
“(VI) Economic research.
“(VII) Any engagement with international cooperative bodies, including the Bank for International Settlements, the Basel Committee on Banking Supervision, and the Network for Greening the Financial System.
“(ii) The 3 most important areas of research, as measured by annual expenditures and full-time equivalent employees, for the Board of Governors of the Federal Reserve System and for each Federal reserve bank.
“(iii) The annual expenditures in the previous year dedicated to each rule, guidance, and policy statement that was proposed or finalized.”.
(b) Effective Date.—The amendments made by this Act shall take effect on the date that is 2 years after the date of the enactment of this Act. <all>
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