Federal Reserve Financial Accountability and Transparency Act

HR 3173 requires the Federal Reserve Board and its 12 regional banks to provide significantly more detailed spending and staffing data in their annual reports. Specifically, it mandates breakdowns of annual costs and staff for key activities like bank supervision, operations (including payment services), research, and international work. The bill also requires reporting on the top three research areas by spending for both the Board and each regional bank, plus costs for each finalized rule or policy statement. These changes aim to increase public visibility into how the Federal Reserve allocates resources and prioritizes its work. The requirements take effect two years after the bill becomes law.