Bill · H.R. 4975· House(119-HR-4975)
TOO LATE Act
- Introduced
- 8/15/2025
- Last activity
- 8/15/2025 — 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.
- Sponsored by
- Earl Carter
- Cosponsors
- None
- Introduced
- In Committee
What this bill would do
This bill, titled the "Timely Oversight of Operations, Liquidity, Accountability, Targeting, and Effectiveness Act," aims to amend the Federal Reserve Act. It specifically seeks to establish new procedures for the removal of the Chairman of the Board of Governors of the Federal Reserve System. The President would have the authority to remove the Chairman if the Federal funds target rate deviates significantly from specific benchmarks for two consecutive quarters. If removal occurs, the President must provide a public justification to Congress. Additionally, specific Congressional committees would be required to hold hearings to analyze the reasons for the removal.
Yes
Does this give the federal government more power?+6
The bill expands the President's authority by providing a specific mechanism to remove the Federal Reserve Chairman.
Does this make what the government does easier for the public to see?+5
The bill requires the President to issue a public statement of justification and mandates Congressional hearings regarding the removal of the Fed Chair.
Is this likely to slow the rise in prices?+1
The bill creates a mechanism to remove the Fed Chair if interest rates deviate significantly from benchmarks, which could theoretically enforce more aggressive inflation control.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
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Increased Accountability: The bill establishes specific triggers that allow the President to remove the Chairman if the Federal funds target rate deviates by more than 200 basis points from certain benchmarks for two consecutive quarters (Section 2, paragraph 12(A)).
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Public Transparency: The President is required to issue a statement providing a justification for the removal of the Chair, which must include benchmark data and a discussion of monetary policy, and this statement must be made publicly available (Section 2, paragraph 12(B)).
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Congressional Oversight: The bill mandates that the House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs hold hearings within 30 days to analyze the justification for the removal (Section 2, paragraph 12(C)).
Potential Negative Impacts for People
- No specific negative impacts are explicitly detailed in the provided text.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Governance And Ideology
- Increases Federal Power+6Improves Government Transparency+5
- Economy And Finance
- Reduces Inflation+1
- 8/15/2025
- 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.
- Introduced in House