S. 3476 — Fed Forward Act of 2025

This section expresses the sense of Congress that the Federal Reserve System's role, structure, and communication practices have evolved since 1913 toward greater transparency, which supports its goals of price stability, maximum employment, and stable long-term interest rates, and that Congress should codify modern communication practices and accountability standards.

This section (1) requires Federal Open Market Committee (FOMC) meetings once every 8 weeks, or more often as needed (from at least four times each year); and (2) requires the FOMC, on the day of each such meeting, to release a public policy statement on the current state of the economy, its relation to monetary policy, and the federal funds target range and to hold a press conference with the Chair (or designee) available to answer questions, and to release meeting minutes not later than 21 days after the meeting. (The FOMC, consisting of the Board of Governors and five rotating Federal Reserve Bank presidents, directs open-market operations to implement U.S. monetary policy.)

This section directs the Board of Governors of the Federal Reserve System to conduct a public review of the Federal Reserve's monetary policy framework—including its strategy, tools, and communications for achieving the statutory goals of maximum employment, stable prices, and moderate long-term interest rates (i.e., section 2A of the Federal Reserve Act)—not later than five years after enactment and every five years thereafter.

This section requires the Board of Governors of the Federal Reserve, not later than 180 days after enactment and every 180 days thereafter, to prepare and release to the public a Financial Stability Report that summarizes the Board's framework for assessing the resilience of the U.S. financial system and provides a current assessment of that resilience.