S. 1648: Right-size the Federal Reserve Act
A Senate bill (S.) in the 119th U.S. Congress.
Overview
| Congress | 119th U.S. Congress (2025–2026) |
|---|---|
| Type | Senate bill (S.) |
| Originating chamber | Senate |
| Introduced | 2025-05-07 |
| Sponsor | Sen. Scott, Rick [R-FL] |
| Policy area | Finance and Financial Sector |
| Cosponsors | 0 |
| Latest action | 2025-05-07 — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. |
| Last updated | 2026-04-28 |
Summary
Official summary (Introduced in Senate, 2025-05-07):
Right-size the Federal Reserve Act
This bill places restrictions on the Federal Reserve System, including by placing a cap on specified assets, eliminating a Federal Reserve Board facility, and setting forth conditions on bank reserve requirements.
The bill places a cap on the total aggregate assets of all Federal Reserve banks. Specifically, these assets must not amount to more than 10% of the U.S. gross domestic product. This cap takes effect 10 years after the bill’s enactment.
The bill also eliminates the Overnight Reverse Repurchase Facility, a board facility that conducts monetary policy through security repurchase agreements.
The board’s depository institution reserves requirements must not be lower than the reserve requirements as of March 25, 2020. The board and each Federal Reserve bank must annually report on certain interest payments to foreign-owned banks and financial institutions.
Full text & official record
The official bill text, section-by-section summary, amendments, committee reports, and the complete legislative timeline for S. 1648 are published by Congress on congress.gov.
View S. 1648 on congress.gov →
Frequently asked questions
What is S. 1648?
S. 1648 is a Senate bill (S.) introduced in the 119th U.S. Congress, originating in the Senate. Official title: Right-size the Federal Reserve Act.
Where can I read the full bill text?
The full text, cosponsors, amendments, and legislative status for S. 1648 are available on congress.gov.
Bill data: congress.gov API (official congressional records).