TOO LATE Act

This bill would allow the President to remove the Federal Reserve Chair if the Federal funds rate deviates by more than 2 percentage points (200 basis points) from two of three specific economic benchmarks for two consecutive quarters. The benchmarks include inflation data (PCE Implicit Price Deflator), bond market signals (5-year Treasury yield spread), and unemployment rate comparisons. The President must publicly justify removal with data, and Congress would hold hearings within 30 days to review the justification. It directly affects the Fed Chair’s job security based on monetary policy outcomes tied to these economic metrics.