Sec. 665. Bringing the non-monetary policy related functions of the Board of Governors of the Federal Reserve System into the regular appropriations process
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The Federal Reserve Act is amended by inserting after section 11B the following: The Board of Governors of the Federal Reserve System and the Federal reserve banks may only incur obligations or allow and pay expenses with respect to non-monetary policy related administrative costs pursuant to an appropriations Act. Except as provided under paragraph
(2)and notwithstanding any other provision of law, all earnings of the Board of Governors of the Federal Reserve System and the Federal reserve banks and all amounts collected pursuant to section 11(t) that would, absent this section, be used to fund the non-monetary policy related administrative costs of the Board of Governors of the Federal Reserve System and each of the Federal reserve banks shall be deposited into the general fund of the Treasury and credited as offsetting collections for the amounts appropriated to fund such non-monetary policy related administrative costs. The amount deposited pursuant to paragraph
(1)with respect to a fiscal year shall not exceed the amount appropriated to fund the non-monetary policy related administrative costs of the Board of Governors of the Federal Reserve System and each of the Federal reserve banks for such fiscal year. For purposes of this section: The term monetary policy means a strategy for producing a generally acceptable exchange medium that supports the productive employment of economic resources by reliably serving as both a unit of account and store of value. The term non-monetary policy related administrative costs means administrative costs not related to the conduct of monetary policy, and include— direct operating expenses for supervising and regulating entities supervised and regulated by the Board of Governors of the Federal Reserve System, including conducting examinations, conducting stress tests, communicating with the entities regarding supervisory matters and laws, and regulations; operating expenses for activities integral to carrying out supervisory and regulatory responsibilities, such as training staff in the supervisory function, research and analysis functions including library subscription services, and collecting and processing regulatory reports filed by supervised institutions; and support, overhead, and pension expenses related to the items described under subparagraphs
(A)and (B). .