Republican Senators Introduce Federal Reserve Reform Legislation

Federal Reserve© traveler1116 / Getty Images Signature / Canva

U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) yesterday introduced the Federal Reserve Accountability Act to increase accountability, address left-leaning political activism, and ensure greater geographic and professional diversity within the Federal Reserve System (Fed). The bill’s cosponsors are Senators Kevin Cramer (R-N.D.), Mike Lee (R-Utah), Cynthia Lummis (R-Wyo.), Thom Tillis (R-N.C.), Bill Hagerty (R-Tenn.), and Ted Cruz (R-Texas).

“Despite their narrow and nonpartisan statutory mandates, the Fed and regional Fed banks have increasingly inserted themselves into politically-charged issues like global warming and social justice,” said Senator Pat Toomey. “Congress has a responsibility to ensure the Fed does not become a political actor. This legislation will further that important goal by reforming the Fed to make it more accountable to Congress and the American people.”

To read the full text of the bill, click here. To read a section-by-section summary of the bill, click here.

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