I 
119TH CONGRESS 
1ST SESSION H. R. 3173 
To amend the Federal Reserve Act to add requirements to the annual report 
of the Board of Governors of the Federal Reserve System, and for 
other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 1, 2025 
Mr. WILLIAMS of Texas introduced the following bill; which was referred to 
the Committee on Financial Services 
A BILL 
To amend the Federal Reserve Act to add requirements 
to the annual report of the Board of Governors of the 
Federal Reserve System, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Federal Reserve Fi-
nancial Accountability and Transparency Act’’. 
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SEC. 2. REPORTING REQUIREMENTS WITH RESPECT TO 
THE ANNUAL REPORT OF THE BOARD OF 
GOVERNORS OF THE FEDERAL RESERVE SYS-
TEM. 
(a) IN GENERAL.—The 7th undesignated paragraph 
of section 10 of the Federal Reserve Act (12 U.S.C. 247) 
is amended— 
(1) by striking ‘‘The Board’’ and inserting the 
following: 
‘‘(7) ANNUAL REPORT.— 
‘‘(A) IN GENERAL.—The Board’’; and 
(2) by adding at the end the following: 
‘‘(B) REPORT
REQUIREMENTS.—The re-
port required under subparagraph (A) shall in-
clude the following: 
‘‘(i) Annual expenditures and full-time 
equivalent employees for each Federal re-
serve bank with respect to each of the fol-
lowing categories: 
‘‘(I) Supervision activities of fi-
nancial institutions. 
‘‘(II) Legal functions. 
‘‘(III) Operations of the Federal 
reserve bank, including currency serv-
ices, automated clearing house serv-
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ices, check clearing services, and 
wholesale payment services. 
‘‘(IV) Financial stability and 
open market operations. 
‘‘(V) Administrative functions, 
including human resources, account-
ing, and information technology. 
‘‘(VI) Economic research. 
‘‘(VII) Any engagement with 
international cooperative bodies, in-
cluding the Bank for International 
Settlements, the Basel Committee on 
Banking Supervision, and the Net-
work for Greening the Financial Sys-
tem. 
‘‘(ii) The 3 most important areas of 
research, as measured by annual expendi-
tures and full-time equivalent employees, 
for the Board of Governors of the Federal 
Reserve System and for each Federal re-
serve bank. 
‘‘(iii) The annual expenditures in the 
previous year dedicated to each rule, guid-
ance, and policy statement that was pro-
posed or finalized.’’. 
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(b) EFFECTIVE DATE.—The amendments made by 
this Act shall take effect on the date that is 2 years after 
the date of the enactment of this Act. 
Æ 
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