H.R. 3173 — Federal Reserve Financial Accountability and Transparency Act

This section amends the annual reporting requirements of the Board of Governors of the Federal Reserve System under the Federal Reserve Act (12 U.S.C. 247) to specify additional content in its annual report of operations to Congress, effective two years after enactment. The report must include (1) annual expenditures and full-time equivalent employees for each Federal Reserve Bank across seven categories—supervision activities of financial institutions; legal functions; operations (including currency, automated clearing house, check clearing, and wholesale payment services); financial stability and open market operations; administrative functions (including human resources, accounting, and information technology); economic research; and engagement with international bodies such as the Bank for International Settlements, Basel Committee on Banking Supervision, and Network for Greening the Financial System; (2) the three most important areas of research for the Board and each Reserve Bank, as measured by annual expenditures and full-time equivalent employees; and (3) the annual expenditures in the previous year dedicated to each proposed or finalized rule, guidance, or policy statement.