,,ii  #aagth ,,congress  #b;d ,session  
,s4 #cdij  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,january #ab   
7legislative day1 ,january #aj71        
#bjbb,mr4 ,tillis introduced the        
following bill2 which was read twice and
 referred to the ,committee on ,banking1
 ,housing1 and ,urban ,affairs  ,a      
,,bill  ,to amend the ,federal ,reserve 
,act to bring the non-monetary policy   
related functions of the ,board of      
,governors of the ,federal ,reserve     
,system into the appropriations process1
 and for other purposes4  #a4 ,short    
title ,this ,act may be cited as the    
,federal ,reserve ,regulatory ,oversight
 ,act4  #b4 ,bringing the non-monetary  
policy related functions of the ,board  
of ,governors of the ,federal ,reserve  
,system into the appropriations process 
7a7 ,in general ,the ,federal ,reserve  
,act is amended by inserting after      
section #aa;,b the following3  #aa;,c4  
,appropriations requirement for         
non-monetary policy related             

administrative costs  7a7               
,appropriations requirement  7#a7       
,recovery of costs of annual            
appropriation ,the ,board of ,governors 
of the ,federal ,reserve ,system and the
 ,federal reserve banks shall collect   
assessments and other fees1 as provided 
under this ,act1 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 ,congress4 ,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 ,act4  7#b7 ,offsetting  
collections ,assessments and other fees 
described under paragraph 7#a7 for any  
fiscal year-- 7,a7 shall be deposited   
and credited as offsetting collections  
to the account providing appropriations 
to the ,board of ,governors of the      

,federal ,reserve ,system2 and  7,b7    
shall not be collected for any fiscal   
year except to the extent provided in   
advance in appropriation ,acts4  7#c7   
,limitation ,this subsection shall only 
apply to the non-monetary policy related
 administrative costs of the ,board of  
,governors of the ,federal ,reserve     
,system4  7b7 ,definitions ,for purposes
 of this section3 7#a7 ,monetary policy 
,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 value4     
7#b7 ,non-monetary policy related       
administrative costs ,the term          
non-monetary policy related             
administrative costs means              
administrative costs not related to the 
conduct of monetary policy1 and         
includes-- 7,a7 direct operating        
expenses for supervising and regulating 
entities supervised and regulated by the

 ,board of ,governors of the ,federal   
,reserve ,system1 including conducting  
examinations1 conducting stress tests1  
communicating with the entities         
regarding supervisory matters and laws1 
and regulations2  7,b7 operating        
expenses for activities integral to     
carrying out supervisory and regulatory 
responsibilities1 such as training staff
 in the supervisory function1 research  
and analysis functions including library
 subscription services1 and collecting  
and processing regulatory reports filed 
by supervised institutions2 and  7,c7   
support1 overhead1 and pension expenses 
related to the items described under    
subparagraphs 7,a7 and 7,b74  4  7b7    
,effective date ,the amendments made by 
this section shall apply with respect to
 expenses paid and fees collected on or 
after ,october #a1 #bjba4