Section 1 Short title
This Act may be cited as the “Federal Reserve Financial Accountability and Transparency Act”.
Federal Reserve Financial Accountability and Transparency Act
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.
Sec. 2 Reporting requirements with respect to the annual report of the Board of Governors of the Federal Reserve System
In general— The 7th undesignated paragraph of section 10 of the Federal Reserve Act (12 U.S.C. 247) is amended—
by striking “The Board” and inserting the following:
“(7) Annual report
“(A) In general—The Board”
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.”
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.