I 
119TH CONGRESS 
1ST SESSION H. R. 4975 
To amend the Federal Reserve Act to establish procedures for removal of 
the Chairman of the Board of Governors of the Federal Reserve System, 
and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
AUGUST 15, 2025 
Mr. CARTER of Georgia introduced the following bill; which was referred to 
the Committee on Financial Services, and in addition to the Committee 
on Rules, for a period to be subsequently determined by the Speaker, in 
each case for consideration of such provisions as fall within the jurisdic-
tion of the committee concerned 
A BILL 
To amend the Federal Reserve Act to establish procedures 
for removal of the Chairman 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 ‘‘Timely Oversight of 
Operations, Liquidity, Accountability, Targeting, and Ef-
fectiveness Act’’ or the ‘‘TOO LATE Act’’. 
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SEC. 2. CAUSE FOR REMOVAL OF THE CHAIRMAN OF THE 
BOARD OF GOVERNORS OF THE FEDERAL RE-
SERVE SYSTEM. 
Section 10 of the Federal Reserve Act (12 U.S.C. 241 
et seq.) is amended— 
(1) by redesignating paragraph (12) as para-
graph (11); and 
(2) by inserting after paragraph (11), as so re-
designated, the following new paragraph: 
‘‘(12) CAUSE FOR REMOVAL.— 
‘‘(A) IN GENERAL.—The President may re-
move the Chairman of the Board if, for two 
consecutive quarters, the Federal funds target 
rate deviates by more than 200 basis points 
from the average generated by any two of the 
following benchmarks during such quarters: 
‘‘(i) The Implicit Price Deflator for 
Personal Consumption Expenditures. 
‘‘(ii) The difference between the yield 
of a 5-year Treasury bond and the yield of 
a 5-year Treasury Inflation-Protected Se-
curity. 
‘‘(iii) The difference between esti-
mates of unemployment of the Board and 
the relative to the projections of the Con-
gressional Budget Office. 
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‘‘(B) PROCEDURES.—Upon the occurrence 
of a deviation described in subsection (a), the 
President shall issue a statement providing a 
justification for removal of the Chair, including 
references to benchmark data and a discussion 
of the conduct of monetary policy. Any such 
statement shall be submitted to Congress and 
made publicly available. 
‘‘(C) CONGRESSIONAL
OVERSIGHT.—Not 
later than 30 days after the President issues a 
statement described in subparagraph (B), the 
Committee on Financial Services of the House 
of Representatives and the Committee on Bank-
ing, Housing, and Urban Affairs of the Senate 
shall hold hearings analyzing the justification 
for removal of the Chair. 
‘‘(D) FEDERAL FUNDS TARGET RATE DE-
FINED.—The term ‘Federal funds target rate’ 
means the upper bound of the target range for 
the Federal funds rate established by the Fed-
eral Open Market Committee.’’. 
Æ 
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