118th Congress Finance and Financial Sector
S. 2409: ROI of the Federal Reserve Act
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill establishes requirements for Federal Reserve System investments, accounting standards, and reports.
Under the bill, Federal Reserve banks are prohibited from purchasing Treasury bills with a term of maturity of more than three years and mortgage-backed securities. Federal Reserve banks are also prohibited from holding shares of common stock that are acquired on or after the date of enactment of this bill.
The Federal Reserve Board, Federal Reserve banks, and the Federal Open Market Committee must use generally accepted accounting principles and specified valuation methods in certain filings, reports, and audits.
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Finally, the board and Federal Reserve banks must annually report to Congress on (1) the status of the middle class and the impact their policies and programs have had on the middle class, and (2) the impact their actions have had on small business lending and lines of credit since 2000.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
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History
- Introduced in the Senate by Rick Scott.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.