S1648Referred to Committee
Right-size the Federal Reserve Act
Introduced
In Committee
3
Passed One Chamber4
Passed Both5
Signed into Law119th
Congress
2025-05-07
Introduced
0
Cosponsors
S
ⓘType
Sponsor
Rick Scott
Republican · FL · Senator
Votes with party: 74.3% (888 recorded votes)
Top industries funding sponsor:
- Conservative Groups$380k
Full profile: /officials/S001217
Source: Congress.gov · FEC
Cosponsors (0)
Members who have signed on to support this bill since introduction. Source: Congress.gov.
No cosponsors on record. Bills can pass without cosponsors — this often means the sponsor introduced the bill alone, either because it's a messaging bill, a chairman's mark, or simply early in the legislative cycle.
Latest Action
The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2025-05-07
Source: Congress.gov
Committee Activity
Currently in
- Senate Committee on Banking, Housing, and Urban AffairsReferred To · 2025-05-07
Previously
- Banking, Housing, and Urban Affairs CommitteeReferred To · 2025-05-07
Plain-English 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.
Plain-English rewrite of the Congressional Research Service summary published on Congress.gov. Cached and reviewed.
Subjects
Finance and Financial Sector
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