A bill to amend the Federal Reserve Act to prohibit the Federal reserve banks from offering certain products or services directly to an individual, to prohibit the use of central bank currency for monetary policy, and for other purposes.

4/4/2025, 10:56 AM

Summary of Bill S 1124

Bill 119 s 1124, also known as the Federal Reserve Transparency and Accountability Act, aims to make significant changes to the Federal Reserve Act. The bill seeks to prohibit Federal Reserve banks from offering certain products or services directly to individuals. This means that the Federal Reserve would no longer be able to provide services such as loans or financial assistance to individual citizens.

Additionally, the bill aims to prohibit the use of central bank currency for monetary policy. This means that the Federal Reserve would no longer be able to manipulate the money supply or interest rates in order to achieve certain economic goals. Instead, the bill would require the Federal Reserve to rely on other tools and mechanisms to regulate the economy.

Overall, the Federal Reserve Transparency and Accountability Act seeks to limit the powers and influence of the Federal Reserve in order to promote greater transparency and accountability in the financial system. The bill has sparked debate among lawmakers and economists, with some arguing that it could have negative consequences for the economy, while others believe it is necessary to prevent potential abuses of power by the Federal Reserve.

Current Status of Bill S 1124

Bill S 1124 is currently in the status of Bill Introduced since March 25, 2025. Bill S 1124 was introduced during Congress 119 and was introduced to the Senate on March 25, 2025. Bill S 1124's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of March 25, 2025

Bipartisan Support of Bill S 1124

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 1124

Primary Policy Focus

Alternate Title(s) of Bill S 1124

A bill to amend the Federal Reserve Act to prohibit the Federal reserve banks from offering certain products or services directly to an individual, to prohibit the use of central bank currency for monetary policy, and for other purposes.A bill to amend the Federal Reserve Act to prohibit the Federal reserve banks from offering certain products or services directly to an individual, to prohibit the use of central bank currency for monetary policy, and for other purposes.

Start holding our government accountable!