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[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4975 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. R. 4975
To amend the Federal Reserve Act to establish procedures for removal of
the Chairman of the Board of Governors of the Federal Reserve System,
and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
August 15, 2025
Mr. Carter of Georgia introduced the following bill; which was referred
to the Committee on Financial Services, and in addition to the
Committee on Rules, for a period to be subsequently determined by the
Speaker, in each case for consideration of such provisions as fall
within the jurisdiction of the committee concerned
_______________________________________________________________________
A BILL
To amend the Federal Reserve Act to establish procedures for removal of
the Chairman of the Board of Governors of the Federal Reserve System,
and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Timely Oversight of Operations,
Liquidity, Accountability, Targeting, and Effectiveness Act'' or the
``TOO LATE Act''.
SEC. 2. CAUSE FOR REMOVAL OF THE CHAIRMAN OF THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM.
Section 10 of the Federal Reserve Act (12 U.S.C. 241 et seq.) is
amended--
(1) by redesignating paragraph (12) as paragraph (11); and
(2) by inserting after paragraph (11), as so redesignated,
the following new paragraph:
``(12) Cause for removal.--
``(A) In general.--The President may remove the
Chairman of the Board if, for two consecutive quarters,
the Federal funds target rate deviates by more than 200
basis points from the average generated by any two of
the following benchmarks during such quarters:
``(i) The Implicit Price Deflator for
Personal Consumption Expenditures.
``(ii) The difference between the yield of
a 5-year Treasury bond and the yield of a 5-
year Treasury Inflation-Protected Security.
``(iii) The difference between estimates of
unemployment of the Board and the relative to
the projections of the Congressional Budget
Office.
``(B) Procedures.--Upon the occurrence of a
deviation described in subsection (a), the President
shall issue a statement providing a justification for
removal of the Chair, including references to benchmark
data and a discussion of the conduct of monetary
policy. Any such statement shall be submitted to
Congress and made publicly available.
``(C) Congressional oversight.--Not later than 30
days after the President issues a statement described
in subparagraph (B), the Committee on Financial
Services of the House of Representatives and the
Committee on Banking, Housing, and Urban Affairs of the
Senate shall hold hearings analyzing the justification
for removal of the Chair.
``(D) Federal funds target rate defined.--The term
`Federal funds target rate' means the upper bound of
the target range for the Federal funds rate established
by the Federal Open Market Committee.''.
<all>
Introduced in House
Introduced in House
Referred to the Committee on Financial Services, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Financial Services, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
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