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To amend the Federal Reserve Act to establish procedures for removal of the Chairman of the Board of Governors of the Federal Reserve System, and for other purposes.
Summary
This bill amends the Federal Reserve Act to establish procedures for removal of the Chairman of the Board of Governors of the Federal Reserve System. Under the bill, the President may remove the Chairman if the Federal funds target rate deviates by more than 200 basis points from specified benchmarks for two consecutive quarters. The benchmarks include measures related to inflation, Treasury yields, and unemployment estimates. When these conditions are met, the President must issue a public statement to Congress justifying the removal and discussing the Federal Reserve's monetary policy conduct. Within 30 days of the statement, the House Committee on Financial Services and Senate Committee on Banking must hold hearings to analyze the justification for removal.
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 Earl L. "Buddy" Carter’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
- NULL $80,924
- INTERNATIONAL AUTO LOGISTICS $7,500
- SAVANNAH PILOTS ASSOC $6,600
- HENNESSY AUTOMOBILE COMPANIES $6,600
- SADOWSKI CO $6,600
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Earl L. "Buddy" Carter → · Outside spending →
Actions (2)
- Aug 15, 2025 Referred to the Committee on Financial Services, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. · house
- Aug 15, 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
August 15, 2025
Mr. Carter of Georgia introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned
A BILL
To amend the Federal Reserve Act to establish procedures for removal of the Chairman 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 “Timely Oversight of Operations, Liquidity, Accountability, Targeting, and Effectiveness Act” or the “TOO LATE Act”.
SEC. 2. CAUSE FOR REMOVAL OF THE CHAIRMAN OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Section 10 of the Federal Reserve Act (12 U.S.C. 241 et seq.) is amended—
(1) by redesignating paragraph (12) as paragraph (11); and
(2) by inserting after paragraph (11), as so redesignated, the following new paragraph:
“(12) Cause for removal.—
“(A) In general.—The President may remove the Chairman of the Board if, for two consecutive quarters, the Federal funds target rate deviates by more than 200 basis points from the average generated by any two of the following benchmarks during such quarters:
“(i) The Implicit Price Deflator for Personal Consumption Expenditures.
“(ii) The difference between the yield of a 5-year Treasury bond and the yield of a 5- year Treasury Inflation-Protected Security.
“(iii) The difference between estimates of unemployment of the Board and the relative to the projections of the Congressional Budget Office.
“(B) Procedures.—Upon the occurrence of a deviation described in subsection (a), the President shall issue a statement providing a justification for removal of the Chair, including references to benchmark data and a discussion of the conduct of monetary policy. Any such statement shall be submitted to Congress and made publicly available.
“(C) Congressional oversight.—Not later than 30 days after the President issues a statement described in subparagraph (B), the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate shall hold hearings analyzing the justification for removal of the Chair.
“(D) Federal funds target rate defined.—The term ‘Federal funds target rate’ means the upper bound of the target range for the Federal funds rate established by the Federal Open Market Committee.”. <all>
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