,,ii  #aaith ,,congress  #ast ,session  
,s4 #afdh  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,may #g1       
#bjbe,mr4 ,scott of ,florida introduced 
the following bill2 which was read twice
 and referred to the ,committee on      
,banking1 ,housing1 and ,urban ,affairs 
,a ,,bill  ,to limit the total assets of
 ,federal reserve banks1 and for other  
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,right-size the     
,federal ,reserve ,act4  #b4 ,limitation
 on total assets and interest payments  
7a7 ,in general ,the ,federal ,reserve  
,act is amended-- 7#a7 in section #b;,b 
7#ab ,u4,s4,c4 #bbe;b71 by adding at the
 end the following3  7d7 ,additional    
annual report ,the ,board and each      
,federal reserve bank shall submit to   
,congress1 on an annual basis1 a report 
on how many foreign-owned banks and     
financial institutions the ,board or the
 ,federal reserve banks have paid on    
interest for reserves or in the lending 
facilities of the ,board4  2  7#b7 in   

section #ai7;b7 7#ab ,u4,s4,c4          
#dfa7;b77-- 7,a7 in paragraph 7#b77;,a71
 by striking solely for the purpose and 
all that follows through the period at  
the end and inserting 1 which shall be  
not lower than the reserve requirements 
in effect on ,march #be1 #bjbj42 and    
7,b7 in paragraph 7#ab77;,a71 by        
inserting that are not in excess of the 
reserves required to be maintained under
 this subsection after institution2 and 
7#c7 by adding at the end the following3
  #cc4 ,limitation on total assets  7a7 
,in general ,the total aggregate assets 
of all ,federal reserve banks shall be  
in an amount that is not more than #aj  
percent of the gross domestic product of
 the ,united ,states4  7b7 ,effective   
date ,subsection 7a7 shall take effect  
on the date that is #aj years after the 
date of enactment of this section4  4   
7b7 ,elimination of facility ,the ,board
 of ,governors of the ,federal ,reserve 
,system-- 7#a7 shall1 not later than #a 
year after the date of enactment of this

 ,act1 eliminate the ,overnight ,reserve
 ,repurchase ,facility2 and  7#b7 may   
not create another facility similar to  
the facility eliminated under paragraph 
7#a74  7c7 ,report ,not later than #a   
year after the date of enactment of this
 ,act1 and every year thereafter1 the   
,board of ,governors of the ,federal    
,reserve ,system shall submit to        
,congress a report on the plan and      
timeline of the ,board for meeting the  
requirements under this section and the 
amendments made by this section4