[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 3476 Introduced in Senate (IS)]

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119th CONGRESS
  1st Session
                                S. 3476

    To amend the Federal Reserve Act to codify modern communication 
practices, enhance transparency, and improve accountability within the 
            Federal Reserve System, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           December 15, 2025

Mr. Gallego (for himself and Mr. Tillis) introduced the following bill; 
which was read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
    To amend the Federal Reserve Act to codify modern communication 
practices, enhance transparency, and improve accountability within the 
            Federal Reserve System, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Fed Forward Act of 2025''.

SEC. 2. SENSE OF CONGRESS.

    (a) Sense of Congress.--It is the sense of Congress that--
            (1) the role, structure, and communication practices of the 
        Federal Reserve System have evolved significantly since 
        establishment of the Federal Reserve System in 1913, with 
        Congress periodically updating the Federal Reserve Act (12 
        U.S.C. 226 et seq.) to respond to changing economic conditions 
        and policy priorities and to incorporate lessons learned and 
        best practices;
            (2) the communication practices of the Federal Reserve 
        System have shifted from limited disclosure to greater 
        transparency through regular announcements, press conferences, 
        and projections, which has improved public understanding of 
        monetary policy and helped to anchor inflation expectations;
            (3) clear and consistent communication strengthens the 
        ability of the Federal Reserve System to achieve its 
        congressionally mandated goals of price stability, maximum 
        employment, and stable long-term interest rates by reducing 
        uncertainty, enhancing the effectiveness of policy, and 
        supporting informed decision-making by households and 
        businesses; and
            (4) Congress should codify modern, effective communication 
        practices and accountability standards that reflect lessons 
        learned and support the long-term credibility and effectiveness 
        of the Federal Reserve System to promote good governance, 
        public trust, and institutional resilience.

SEC. 3. TRANSPARENCY IN COMMUNICATION.

    Section 12A of the Federal Reserve Act (12 U.S.C. 263) is amended--
            (1) in subsection (a), in the fifth sentence, by striking 
        ``at least four times each year'' and inserting ``once every 8 
        weeks, or more often as needed,''; and
            (2) by adding at the end the following:
    ``(d)(1) On the day of each meeting described in the fifth sentence 
of subsection (a), the Committee shall release to the public a policy 
statement containing information on the current state of the economy 
and how it relates to monetary policy and the level of the Federal 
funds target range, and shall hold a press conference, during which the 
Chair, or an individual delegated by the Chair, shall be available to 
answer questions.
    ``(2) Not later than 21 days after the conclusion of each meeting 
described in paragraph (1), the Committee shall release the minutes of 
the meeting to the public.''.

SEC. 4. MONETARY POLICY FRAMEWORK REVIEW.

    The Federal Reserve Act (12 U.S.C. 226 et seq.) is amended by 
adding at the end the following:

``SEC. 33. MONETARY POLICY FRAMEWORK REVIEW.

    ``Not later than 5 years after the date of enactment of this 
section, and every 5 years thereafter, the Board of Governors shall 
perform a public review of the monetary policy framework of the Federal 
Reserve System, including the strategy, tools, and communications the 
Board of Governors uses to achieve the policy described in section 
2A.''.

SEC. 5. FINANCIAL STABILITY REPORT.

    The Federal Reserve Act (12 U.S.C. 226 et seq.), as amended by 
section 4, is further amended by adding at the end the following:

``SEC. 34. FINANCIAL STABILITY REPORT.

    ``Not later than 180 days after the date of enactment of this 
section, and every 180 days thereafter, the Board of Governors shall 
prepare and release to the public a Financial Stability Report that 
summarizes the framework used by the Board of Governors to assess the 
resilience of the financial system of the United States and presents a 
current assessment of the resilience of the financial system of the 
United States.''.
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