S1646-119

1. Short title This Act may be cited as the Rein in the Federal Reserve Act.

2. Federal Reserve programs Upon initiating any quantitative easing or tightening program or any emergency lending program under the first or third undesignated paragraph of section 13 of the Federal Reserve Act (12 U.S.C. 342, 343), the Board of Governors of the Federal Reserve System (referred to in this section as the Board of Governors) shall submit to Congress, the Committee on Banking, Housing, and Urban Affairs of the Senate, and the Committee on Ways and Means of the House of Representatives, and make publicly available, a report on the program. With respect to a report under paragraph (1), the Board of Governors shall submit an updated report not less frequently than once every 90 days until— the program to which the report applies ends; and all assets purchased under the program described in subparagraph (A) have been removed from the balance sheet indicating the total assets of the Board of Governors. A report described in paragraph (1) shall include, with respect to the program to which the report applies— the rationale for initiating the program; an estimated projection of— mark-to-market losses; any addition of funds to the money supply; any impact on the amount of the public debt of the Federal Government; and any potential losses to the taxpayers of the United States; if applicable, an economic impact assessment and projections on the interaction of the program with domestic and global markets; an outline of the pace, size, and specific financial products purchased and anticipated to be purchased under the program; a plan with a specific timeline for ending the program by a date that is not later than 3 years after the date on which the Board of Governors initiates the program, such that the program does not become part of the standard operations of the Board of Governors, including, if applicable, a description of the rationale for why the program should extend beyond 1 year; and an assessment of any potential risks to price stability that may result from the program. The Board of Governors shall not engage in any program described in subsection (a)(1) for a period longer than 1 year without authorization from Congress. With respect to any program described in subsection (a)(1)— the report submitted under that subsection shall be considered to be the report required under section 801(a)(1)(A) of title 5, United States Code; and the program shall be subject to the procedure for congressional disapproval under chapter 8 of title 5, United States Code.