Rein in the Federal Reserve Act

S 1646, the "Rein in the Federal Reserve Act," requires the Federal Reserve Board to provide detailed reports to Congress when starting emergency monetary programs like quantitative easing. The bill mandates that the Fed submit an initial report explaining the program's rationale, financial projections (including potential taxpayer losses), and a specific 3-year phaseout plan, with updated reports every 90 days until the program ends and assets are removed from its balance sheet. It also limits such programs to a maximum 1-year duration without explicit congressional approval. This directly affects the Federal Reserve's operational authority over emergency financial programs, increasing congressional oversight of monetary policy decisions.