Federal Reserve Transparency Act of 2024
2/1/2024, 9:15 PMSummary of Bill S 3566
Bill 118 s 3566, also known as the Federal Reserve Transparency Act of 2024, is a piece of legislation introduced in the US Congress. The main purpose of this bill is to increase transparency and accountability within the Federal Reserve, which is the central banking system of the United States.The bill requires the Federal Reserve to undergo an audit by the Government Accountability Office (GAO) on an annual basis. This audit would include a review of the Federal Reserve's monetary policy decisions, its balance sheet, and its operations. The results of the audit would then be made available to the public, increasing transparency and allowing for greater oversight of the Federal Reserve's activities.
Supporters of the bill argue that increased transparency within the Federal Reserve is necessary to ensure that the central bank is acting in the best interests of the American people. They believe that the public has a right to know how the Federal Reserve is making decisions that impact the economy. Opponents of the bill, however, argue that the Federal Reserve should remain independent and free from political interference. They worry that increased oversight could undermine the Federal Reserve's ability to make decisions based on economic data and analysis, rather than political pressure. Overall, the Federal Reserve Transparency Act of 2024 aims to strike a balance between transparency and independence within the Federal Reserve. It will be interesting to see how this bill progresses through Congress and what impact it may have on the operations of the Federal Reserve.
Read the Full Bill
Current Status of Bill S 3566
Bill S 3566 is currently in the status of Bill Introduced since January 10, 2024. Bill S 3566 was introduced during Congress 118 and was introduced to the Senate on January 10, 2024. Bill S 3566's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of January 10, 2024Bipartisan Support of Bill S 3566
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
20Democrat Cosponsors
0Republican Cosponsors
20Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 3566
Primary Policy Focus
Finance and Financial SectorPotential Impact Areas
TaxationAlternate Title(s) of Bill S 3566
Federal Reserve Transparency Act of 2024Federal Reserve Transparency Act of 2024A bill to require a full audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks by the Comptroller General of the United States, and for other purposes.Comments
Most relevant
Sponsors and Cosponsors of S 3566
Latest Bills
Providing for consideration of the joint resolution (S.J. Res. 18) disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions"; providing for consideration of the joint resolution (S.J. Res. 28) disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications"; providing for consideration of the bill (H.R. 1526) to amend title 28, United States Code, to limit the authority of district courts to provide injunctive relief, and for other purposes; providing for consideration of the bill (H.R. 22) to amend the National Voter Registration Act of 1993 to require proof of United States citizenship to register an individual to vote in elections for Federal office, and for other purposes; and for other purposes.
Bill HRES 294April 8, 2025
Providing for consideration of the joint resolution (H.J. Res. 25) providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales"; providing for consideration of the bill (H.R. 1156) to amend the CARES Act to extend the statute of limitations for fraud under certain unemployment programs, and for other purposes; providing for consideration of the bill (H.R. 1968) making further continuing appropriations and other extensions for the fiscal year ending September 30, 2025, and for other purposes; and for other purposes.
Bill HRES 211April 8, 2025
SAVE Act
Bill HR 22April 8, 2025
A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions".
Bill SJRES 18April 8, 2025
A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications".
Bill SJRES 28April 8, 2025
Providing for the announcement of pairs from a written list furnished to the Clerk, and for other purposes.
Bill HRES 293April 8, 2025
Providing for the consideration of the resolution (H. Res. 23) permitting parental remote voting by proxy, and for other purposes.
Bill HRES 164April 8, 2025
NORRA of 2025
Bill HR 1526April 8, 2025
GUARD VA Benefits Act
Bill HR 1732April 8, 2025
Authorizing the use of Emancipation Hall in the Capitol Visitor Center for a ceremony to present the Congressional Gold Medals awarded under the 'Six Triple Eight' Congressional Gold Medal Act of 2021.
Bill HCONRES 22April 8, 2025
Federal Reserve Transparency Act of 2023
Bill HR 24February 1, 2024