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S 2410 118th Congress Senate Finance and Financial Sector

Right-size the Federal Reserve Act

Introduced: July 20, 2023 Introduced by: Scott, Rick Republican · Florida See on congress.gov
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This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 20, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jul 20, 2023
Introduced in Senate
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 Plain-English summary Congressional Research Service

Right-size the Federal Reserve Act

This bill places restrictions on the Federal Reserve System, including by placing a cap on specified assets, eliminating a Federal Reserve Board facility, and setting forth conditions on bank reserve requirements.

The bill places a cap on the total aggregate assets of all Federal Reserve banks. Specifically, these assets must not amount to more than 10% of the U.S. gross domestic product. This cap takes effect 10 years after the bill’s enactment.

The bill also eliminates the Overnight Reverse Repurchase Facility, a board facility that conducts monetary policy through security repurchase agreements.

The board’s depository institution reserves requirements must not be lower than the reserve requirements as of March 25, 2020. The board and each Federal Reserve bank must annually report on certain interest payments to foreign-owned banks and financial institutions.   

What's happening now July 20, 2023

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
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APA
U.S. Congress. (2026). S. 2410: Right-size the Federal Reserve Act. 118th Congress. Open America. https://openamerica.io/bill/118-S-2410/
MLA
"S. 2410: Right-size the Federal Reserve Act." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-S-2410/.
Bluebook (legal)
S. 2410, 118th Cong. (2026), https://openamerica.io/bill/118-S-2410/.
Markdown link
[S. 2410: Right-size the Federal Reserve Act](https://openamerica.io/bill/118-S-2410/)
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