,,ii  #aaith ,,congress  #ast ,session  
,s4 #afdf  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,may #g1       
#bjbe,mr4 ,scott of ,florida 7for       
himself and ,ms4 ,lummis7 introduced the
 following bill2 which was read twice   
and referred to the ,committee on       
,banking1 ,housing1 and ,urban ,affairs 
,a ,,bill  ,to place further            
congressional oversight on any          
quantitative easing or tightening       
programs or any emergency lending       
programs of the ,board of ,governors of 
the ,federal ,reserve ,system1 to       
require reports to ,congress relating to
 those programs1 to require             
congressional approval of the extension 
of those programs1 and for other        
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,rein in the        
,federal ,reserve ,act4  #b4 ,federal   
,reserve programs  7a7 ,reporting       
required for certain programs  7#a7 ,in 
general ,upon initiating any            
quantitative easing or tightening       

program or any emergency lending program
 under the first or third undesignated  
paragraph of section #ac of the ,federal
 ,reserve ,act 7#ab ,u4,s4,c4 #cdb1     
#cdc71 the ,board of ,governors of the  
,federal ,reserve ,system 7referred to  
in this section as the ,board of        
,governors7 shall submit to ,congress1  
the ,committee on ,banking1 ,housing1   
and ,urban ,affairs of the ,senate1 and 
the ,committee on ,ways and ,means of   
the ,house of ,representatives1 and make
 publicly available1 a report on the    
program4  7#b7 ,report frequency ,with  
respect to a report under paragraph     
7#a71 the ,board of ,governors shall    
submit an updated report not less       
frequently than once every #ij days     
until-- 7,a7 the program to which the   
report applies ends2 and  7,b7 all      
assets purchased under the program      
described in subparagraph 7,a7 have been
 removed from the balance sheet         
indicating the total assets of the      
,board of ,governors4  7#c7 ,report     

contents ,a report described in         
paragraph 7#a7 shall include1 with      
respect to the program to which the     
report applies-- 7,a7 the rationale for 
initiating the program2  7,b7 an        
estimated projection of-- 7i7           
mark-to-market losses2  7ii7 any        
addition of funds to the money supply2  
7iii7 any impact on the amount of the   
public debt of the ,federal ,government2
 and  7iv7 any potential losses to the  
taxpayers of the ,united ,states2  7,c7 
if applicable1 an economic impact       
assessment and projections on the       
interaction of the program with domestic
 and global markets2  7,d7 an outline of
 the pace1 size1 and specific financial 
products purchased and anticipated to be
 purchased under the program2  7,e7 a   
plan with a specific timeline for ending
 the program by a date that is not later
 than #c years after the date on which  
the ,board of ,governors initiates the  
program1 such that the program does not 
become part of the standard operations  

of the ,board of ,governors1 including1 
if applicable1 a description of the     
rationale for why the program should    
extend beyond #a year2 and  7,f7 an     
assessment of any potential risks to    
price stability that may result from the
 program4  7b7 ,limitation on duration  
and renewal of programs ,the ,board of  
,governors shall not engage in any      
program described in subsection 7a77#a7 
for a period longer than #a year without
 authorization from ,congress4  7c7     
,disapproval of standing programs ,with 
respect to any program described in     
subsection 7a77#a7-- 7#a7 the report    
submitted under that subsection shall be
 considered to be the report required   
under section #hja7;a77#a77;,a7 of title
 #e1 ,united ,states ,code2 and  7#b7   
the program shall be subject to the     
procedure for congressional disapproval 
under chapter #h of title #e1 ,united   
,states ,code4