The legislation seeks to modify key provisions of the Federal Reserve Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act. By increasing access to information regarding the Federal Reserve's activities, the bill is positioned to provide Congress greater oversight and control over monetary policy decisions. This could foster a more accountable and transparent Federal Reserve, which may lead to more informed legislative actions regarding economic policies. The proposed changes include mandates for timely communication and disclosure of information to Congress, enhancing the role of legislative oversight in financial affairs.
Summary
House Bill 3467 aims to enhance transparency within the Federal Reserve by amending existing laws. It proposes that the Federal Reserve must provide information related to its credit facilities to specific Congressional committees upon request. This includes communication with the Committee on Financial Services in the House of Representatives and the Committee on Banking, Housing, and Urban Affairs in the Senate. The bill establishes a framework for the dissemination of this information, ensuring that Congress is informed about the Federal Reserve's actions and decisions pertaining to its financial operations.
Contention
Despite the perceived benefits, there may be concerns regarding confidentiality and the potential impact of such transparency on the Federal Reserve's operational autonomy. Critics may argue that the need for confidential communications is vital for the effective functioning of the Federal Reserve, especially in times of economic uncertainty. There is the inherent risk that increased scrutiny could impede the institution's ability to make timely and necessary financial decisions. Therefore, the bill's balance between transparency and the preservation of essential confidentiality in financial matters will likely be a point of contention during its review and debate.
Federal Reserve Transparency Act of 2023 This bill establishes requirements regarding audits of certain financial agencies performed by the Government Accountability Office (GAO). Specifically, the bill directs the GAO to complete, within 12 months, an audit of the Federal Reserve Board and Federal Reserve banks. In addition, the bill allows the GAO to audit the Federal Reserve Board and Federal Reserve banks with respect to (1) international financial transactions; (2) deliberations, decisions, or actions on monetary policy matters; (3) transactions made under the direction of the Federal Open Market Committee; and (4) discussions or communications among Federal Reserve officers, board members, and employees regarding any of these matters.
Campaign finance: contributions and expenditures; provision related to officeholders raising funds when facing a recall; modify, and require candidate to establish a separate account used for recall purposes. Amends secs. 3, 11, 12, 21, 24 & 52 of 1976 PA 388 (MCL 169.203 et seq.) & adds sec. 21b.
Campaign finance: contributions and expenditures; funds donated to a candidate for recall efforts; require candidate to establish a separate account used for recall purposes. Amends secs. 3, 11, 12, 21, 24 & 52 of 1976 PA 388 (MCL 169.203 et seq.) & adds sec. 21b.
A concurrent resolution recognizing wild rice as sacred and central to the culture and health of Indigenous Peoples in Minnesota and critical to the health and identity of all Minnesota citizens and ecosystems and establishing a commitment to passing legislation to protect wild rice and the freshwater resources upon which it depends.