Bill · S. 1646· Senate(119-S-1646)
Rein in the Federal Reserve Act
- Introduced
- 5/7/2025
- Last activity
- 5/7/2025 — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Sponsored by
- Rick Scott
- Cosponsors
- - 1 - 0
- Introduced
- In Committee
What this bill would do
The "Rein in the Federal Reserve Act" aims to increase congressional oversight of the Federal Reserve's emergency lending, quantitative easing, and quantitative tightening programs. It requires the Board of Governors to submit public reports every 90 days detailing the rationale, projected losses, and economic impact of such programs. These programs must include a plan to end within three years and cannot last longer than one year without congressional authorization. Additionally, these programs would be subject to congressional disapproval procedures.
Yes· 3 of 7
Does this make what the government does easier for the public to see?+8
Mandates public reports every 90 days regarding the rationale and impact of Fed programs.
Does this make the government pay for what it commits to?+5
Requires projections of potential taxpayer losses and limits the duration of emergency lending programs.
Does this give the federal government more power?+4
Increases the power of Congress to oversee and potentially veto Federal Reserve programs.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
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Increased Transparency: Section 2(a)(1) requires reports to be made publicly available, which allows the people to see the rationale and details of Federal Reserve programs.
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Taxpayer Protection: Section 2(a)(3)(B)(iv) requires the Board of Governors to provide an estimated projection of any potential losses to the taxpayers of the United States.
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Prevention of Permanent Programs: Section 2(a)(3)(E) requires a plan to end programs within three years so that they do not become part of the standard operations of the Board of Governors.
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Democratic Accountability: Section 2(b) ensures that the Board of Governors cannot run these programs for longer than one year without authorization from Congress.
Potential Negative Impacts for People
- The provided text does not list specific negative consequences or burdens for individuals or groups of people in the United States.
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
- Improves Government Transparency+8Increases Federal Power+4
- Economy And Finance
- Improves Fiscal Responsibility+5Reduces Inflation+3Reduces National Debt+2
- Demographic And Interest Groups
- Good For Low Income Households+2Good For Middle Class Households+2
- 5/7/2025
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 1 Cosponsor added.
- Introduced in Senate
Cynthia LummisRepublican · Wyoming