Sec. 365. 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 shall collect assessments and other fees, as provided under this Act, that are designed to recover the costs to the Government of the annual appropriation to the Board of Governors of the Federal Reserve System by Congress. Assessments and other fees described under paragraph
(1)for any fiscal year— shall be deposited and credited as offsetting collections to the account providing appropriations to the Board of Governors of the Federal Reserve System; and except as provided in paragraph (3), shall not be collected for any fiscal year except to the extent provided in advance in appropriation Acts. If on the first day of a fiscal year a regular appropriation to the Board of Governors of the Federal Reserve System has not been enacted, the Board of Governors of the Federal Reserve System shall continue to collect (as offsetting collections) the assessments and other fees described under paragraph
(1)at the rate in effect during the preceding fiscal year, until 60 days after the date such a regular appropriation is enacted. This subsection shall only apply to the non-monetary policy related administrative costs of the Board of Governors of the Federal Reserve System. 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). .