S 1648 · Right-size the Federal Reserve Act
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Introduced
- May 7, 2025
- Latest action
- May 7, 2025
- Sponsor
- Sen. Rick Scott [R-FL]
- Policy area
- Finance and Financial Sector
- Cosponsors
- 0
Summary
Right-size the Federal Reserve Act This bill places restrictions on the Federal Reserve System, including by placing a cap on specified assets, eliminating a Federal Reserve Board facility, and setting forth conditions on bank reserve requirements. The bill places a cap on the total aggregate assets of all Federal Reserve banks. Specifically, these assets must not amount to more than 10% of the U.S. gross domestic product. This cap takes effect 10 years after the bill’s enactment. The bill also eliminates the Overnight Reverse Repurchase Facility, a board facility that conducts monetary policy through security repurchase agreements. The board’s depository institution reserves requirements must not be lower than the reserve requirements as of March 25, 2020. The board and each Federal Reserve bank must annually report on certain interest payments to foreign-owned banks and financial institutions.
Recent actions
- May 7, 2025 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- May 7, 2025 Introduced in Senate
Votes
No recorded votes are available for this bill.