S. 1646 — Rein in the Federal Reserve Act

This section requires the Board of Governors of the Federal Reserve System, 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), to submit a report to Congress, the Senate Committee on Banking, Housing, and Urban Affairs, and the House Committee on Ways and Means—and to make it publicly available—detailing the program's rationale; projected mark-to-market losses, money supply addition, public debt impact, and taxpayer losses; economic assessments; pace, size, and financial products involved; an exit plan within three years; and risks to price stability. Updated reports are required every 90 days until the program ends and all related assets are removed from the Federal Reserve's balance sheet. The section limits such programs to one year without congressional authorization and subjects them to congressional disapproval procedures under the Congressional Review Act (5 U.S.C. ch. 8).