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US HB4975
Bill
Status
8/15/2025
Primary Sponsor
Earl Carter
Click for details
AI Summary
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Authorizes the President to remove the Federal Reserve Chairman if the federal funds target rate deviates by more than 200 basis points from the average of any two economic benchmarks for two consecutive quarters
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Establishes three benchmarks for measuring deviation: the Implicit Price Deflator for Personal Consumption Expenditures, the 5-year Treasury bond/TIPS yield spread, and differences between Federal Reserve and Congressional Budget Office unemployment estimates
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Requires the President to issue a public statement justifying removal with references to benchmark data and monetary policy conduct, which must be submitted to Congress
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Mandates congressional hearings within 30 days of a presidential removal statement by the House Financial Services Committee and Senate Banking Committee
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Amends Section 10 of the Federal Reserve Act (12 U.S.C. 241) to codify these removal procedures
Legislative Description
TOO LATE Act Timely Oversight of Operations, Liquidity, Accountability, Targeting, and Effectiveness Act
Finance and financial sector
Last Action
Referred to the Committee on Financial Services, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
8/15/2025