,,ii  #aaith ,,congress  #ast ,session  
,s4 #cdgf  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,december #ae1 
#bjbe,mr4 ,gallego 7for himself and ,mr4
 ,tillis7 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     
codify modern communication practices1  
enhance transparency1 and improve       
accountability within the ,federal      
,reserve ,system1 and for other         
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,fed ,forward ,act  
of #bjbe4  #b4 ,sense of ,congress  7a7 
,sense of ,congress ,it is the sense of 
,congress that-- 7#a7 the role1         
structure1 and communication practices  
of the ,federal ,reserve ,system have   
evolved significantly since             
establishment of the ,federal ,reserve  
,system in #aiac1 with ,congress        
periodically updating the ,federal      
,reserve ,act 7#ab ,u4,s4,c4 #bbf et    

seq47 to respond to changing economic   
conditions and policy priorities and to 
incorporate lessons learned and best    
practices2  7#b7 the communication      
practices of the ,federal ,reserve      
,system have shifted from limited       
disclosure to greater transparency      
through regular announcements1 press    
conferences1 and projections1 which has 
improved public understanding of        
monetary policy and helped to anchor    
inflation expectations2  7#c7 clear and 
consistent communication strengthens the
 ability of the ,federal ,reserve       
,system to achieve its congressionally  
mandated goals of price stability1      
maximum employment1 and stable long-term
 interest rates by reducing uncertainty1
 enhancing the effectiveness of policy1 
and supporting informed decision-making 
by households and businesses2 and  7#d7 
,congress should codify modern1         
effective communication practices and   
accountability standards that reflect   
lessons learned and support the         

long-term credibility and effectiveness 
of the ,federal ,reserve ,system to     
promote good governance1 public trust1  
and institutional resilience4  #c4      
,transparency in ,communication ,section
 #ab;,a of the ,federal ,reserve ,act   
7#ab ,u4,s4,c4 #bfc7 is amended-- 7#a7  
in subsection 7a71 in the fifth         
sentence1 by striking at least four     
times each year and inserting once every
 #h weeks1 or more often as needed12 and
  7#b7 by adding at the end the         
following3  7d7 7#a7 ,on the day of each
 meeting described in the fifth sentence
 of subsection 7a71 the ,committee shall
 release to the public a policy         
statement containing information on the 
current state of the economy and how it 
relates to monetary policy and the level
 of the ,federal funds target range1 and
 shall hold a press conference1 during  
which the ,chair1 or an individual      
delegated by the ,chair1 shall be       
available to answer questions4  7#b7    
,not later than #ba days after the      

conclusion of each meeting described in 
paragraph 7#a71 the ,committee shall    
release the minutes of the meeting to   
the public4  4  #d4 ,monetary ,policy   
,framework ,review ,the ,federal        
,reserve ,act 7#ab ,u4,s4,c4 #bbf et    
seq47 is amended by adding at the end   
the following3  #cc4 ,monetary ,policy  
,framework ,review ,not later than #e   
years after the date of enactment of    
this section1 and every #e years        
thereafter1 the ,board of ,governors    
shall perform a public review of the    
monetary policy framework of the        
,federal ,reserve ,system1 including the
 strategy1 tools1 and communications the
 ,board of ,governors uses to achieve   
the policy described in section #b;,a4  
4  #e4 ,financial ,stability ,report    
,the ,federal ,reserve ,act 7#ab        
,u4,s4,c4 #bbf et seq471 as amended by  
section #d1 is further amended by adding
 at the end the following3  #cd4        
,financial ,stability ,report ,not later
 than #ahj days after the date of       

enactment of this section1 and every    
#ahj days thereafter1 the ,board of     
,governors shall prepare and release to 
the public a ,financial ,stability      
,report that summarizes the framework   
used by the ,board of ,governors to     
assess the resilience of the financial  
system of the ,united ,states and       
presents a current assessment of the    
resilience of the financial system of   
the ,united ,states4  4