Federal Reserve Transparency Act of 2025

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Bill ID: 119/s/2327

Last Updated: April 5, 2026

Federal Reserve Transparency Act of 2025

S. 2327, 119th Congress — read as touching Commercial Banks.

The sponsor

Sen. Paul, Rand [R-KY]

Every bill has someone who introduced it. That name is where the paper trail starts.

The money

$87,500 raised

20 itemised contributions to this sponsor, pulled from FEC filings.

The alignment

85% match to Project 2025

This bill's text tracks the "Financial Regulatory Agencies" section, p. 875-878 of the Mandate for Leadership.

Bill's Journey to Becoming a Law

Track this bill's progress through the legislative process

Latest Action

Committee on Homeland Security and Governmental Affairs. Hearings held.

December 10, 2025

Introduced

Committee Review

📍 Current Status

Next: The bill moves to the floor for full chamber debate and voting.

🗳️

Floor Action

✅

Passed Senate

🏛️

House Review

🎉

Passed Congress

🖊️

Presidential Action

⚖️

Became Law

📚 How does a bill become a law?

1. Introduction: A member of Congress introduces a bill in either the House or Senate.

2. Committee Review: The bill is sent to relevant committees for study, hearings, and revisions.

3. Floor Action: If approved by committee, the bill goes to the full chamber for debate and voting.

4. Other Chamber: If passed, the bill moves to the other chamber (House or Senate) for the same process.

5. Conference: If both chambers pass different versions, a conference committee reconciles the differences.

6. Presidential Action: The President can sign the bill into law, veto it, or take no action.

7. Became Law: If signed (or if Congress overrides a veto), the bill becomes law!

Bill Summary

Summary Style:

**Federal Reserve Transparency Act of 2025 (S. 2327): A Threat to Efficient Monetary Policy**

The Federal Reserve Transparency Act of 2025, introduced by Senator Paul and cosponsored by several Republican senators, aims to increase transparency and accountability within the Federal Reserve System. This bill is a prime example of inefficient rent-seeking, as it attempts to impose unnecessary audits and reporting requirements on the Fed.

**Main Purpose & Objectives:** The bill's primary objective is to require a full audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks by the Comptroller General of the United States. This audit would aim to increase transparency and accountability within the Fed, but in reality, it would only serve to politicize monetary policy.

**Key Provisions & Changes to Existing Law:** The bill repeals certain limitations on audits of the Fed, allowing for a more comprehensive review of its activities. It also requires the Comptroller General to submit a report to Congress within 90 days of completing the audit, which would include recommendations for legislative or administrative action.

**Affected Parties & Stakeholders:** The primary stakeholders affected by this bill are the Federal Reserve System, commercial banks, and financial institutions that rely on the Fed's monetary policy decisions. However, the real impact will be felt by investors and corporations like mine, who rely on a stable and efficient monetary environment to operate effectively.

**Potential Impact & Implications:** This bill has significant implications for the efficiency of monetary policy in the United States. By imposing unnecessary audits and reporting requirements, it would increase the Fed's bureaucratic burden, potentially leading to slower decision-making and reduced effectiveness in responding to economic shocks. This could have far-reaching consequences for the economy, including higher interest rates, reduced lending, and decreased economic growth.

From a strategic perspective, this bill is an example of inefficient rent-seeking by politicians attempting to curry favor with their constituents. The sponsors of this bill, including Senator Paul, are likely backed by PACs and industry groups that stand to benefit from increased transparency and accountability within the Fed. However, these interests do not align with those of smart capital allocators like myself, who prioritize efficient monetary policy and a stable economic environment.

In conclusion, the Federal Reserve Transparency Act of 2025 is a misguided attempt to increase transparency and accountability within the Fed. Its provisions would only serve to politicize monetary policy, reducing its effectiveness and increasing bureaucratic inefficiencies. As a savvy investor and business leader, I will be closely monitoring this bill's progress and working to ensure that it does not become law.

💰 Campaign Finance Network

Sen. Paul, Rand [R-KY]

Congress 119 • 2024 Election Cycle

Total Contributions

$1,164,409

852 donors

PACs

Organizations

Committees

Individuals

$1,164,409

No PAC contributions found

No organization contributions found

No committee contributions found

MACRICOSTAS, GEORGE C. MR.

2 transactions

$16,500

ANDREESSEN, LAURA ARRILLAGA

2 transactions

$9,900

ANDREESSEN, MARC

2 transactions

$9,900

GROSS, MARY E. MRS.

5 transactions

$9,900

KARVELA, ELENI

2 transactions

$9,900

MCPHEE, MICHAEL

3 transactions

$9,900

MOSSEL, JOHN W. MR

15 transactions

$9,600

TINGLE, RALPH J. MR.

4 transactions

$8,800

BORST, LAURA J. MS.

11 transactions

$8,706

ANDERSON, RICHARD N. MR.

10 transactions

$8,500

PECK, JOHN MR. JR.

3 transactions

$8,300

CEO, JOSEPH S. MR.

12 transactions

$8,200

KONNOR, DELBERT DANIEL MR. II

6 transactions

$7,853

HAYDEN, MARILYN MS

4 transactions

$7,000

COLBERT, THOMAS W. MR.

2 transactions

$6,700

DEIHL, RICHARD

6 transactions

$6,700

GONZALEZ, DIANNE

4 transactions

$6,700

LOWERY, CARLA

4 transactions

$6,700

MILBURN, ANN MS.

4 transactions

$6,700

MURPHY, JOSEPH M.

7 transactions

$6,700

FORSYTHE, GERALD R. MR.

2 transactions

$6,600

NOSEK, NICOLE

3 transactions

$6,300

RADGOWSKI, STEVEN

5 transactions

$6,300

AMTOWER, PATRICIA C.

3 transactions

$6,228

RYAN, KELSIE W. MRS.

6 transactions

$5,750

GARVER, CURTIS M.

4 transactions

$5,700

NAYAK, BHARATHI

4 transactions

$5,700

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3 transactions

$5,500

CONRADS, RANDAL MR.

2 transactions

$5,300

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3 transactions

$5,300

ZEHRER, TERRENCE LEO MR.

3 transactions

$5,300

SPENCE, CORINNE S. MS.

3 transactions

$4,950

CLOPTON, TROY MR.

5 transactions

$4,700

FOWLER, RANDALL

5 transactions

$4,700

SHOTTS, NORMAN MR. II

3 transactions

$4,700

YODER, MAHLON DAVID MR.

3 transactions

$4,300

STONE, MARION PYLE MS.

2 transactions

$3,650

BRUGGEMAN, DANIEL

7 transactions

$3,500

CURRAN, WILLIAM E. MR. JR

5 transactions

$3,500

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2 transactions

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1 transaction

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1 transaction

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1 transaction

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1 transaction

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1 transaction

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1 transaction

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1 transaction

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1 transaction

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1 transaction

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2 transactions

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1 transaction

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1 transaction

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1 transaction

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1 transaction

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1 transaction

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1 transaction

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1 transaction

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1 transaction

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1 transaction

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1 transaction

$3,300

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1 transaction

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1 transaction

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1 transaction

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1 transaction

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1 transaction

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1 transaction

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1 transaction

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1 transaction

$3,300

MUSCARELLE, SHARON M. MRS.

3 transactions

$3,300

PECK JR, JOHN

1 transaction

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1 transaction

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1 transaction

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1 transaction

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1 transaction

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1 transaction

$3,300

ROWLEY, SANDRA MS.

1 transaction

$3,300

RUMY, ZSOLT

1 transaction

$3,300

RUSSELL, JAMES

1 transaction

$3,300

WILSON, MICHAEL

1 transaction

$3,300

BRENT, JANICE MRS.

5 transactions

$3,250

MAYER, THERESA

1 transaction

$3,202

HUNT, WAYNE

2 transactions

$3,100

BISHOP, JACK L. MR.

2 transactions

$3,000

DAVIS, LOIS

1 transaction

$3,000

GLASS, LYNNEA

2 transactions

$3,000

HEIST, ROBERT WARREN MR.

2 transactions

$3,000

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1 transaction

$3,000

JAMES, THOMAS MR.

3 transactions

$3,000

PERLOW, JON MR.

3 transactions

$3,000

SHEA, RICHARD

2 transactions

$3,000

SOWARDS, GREG

1 transaction

$3,000

SPENCER, DIANA MS.

2 transactions

$3,000

WARD, EDWARD H. MR.

6 transactions

$3,000

WOMMACK, ANGELA

3 transactions

$3,000

HESS, PETER J. MR.

3 transactions

$3,000

100

RADY, PAUL

6 transactions

$3,000

101

POMS, DAVID

1 transaction

$2,800

102

GERMANN, JEANNETTE MS.

3 transactions

$2,501

103

BANKS, GEORGE

1 transaction

$2,500

104

BARCARDI, RUBY MS.

2 transactions

$2,500

105

BLANKENBAKER, TERIE MRS.

1 transaction

$2,500

106

CARLSON, ROBERT B. MR.

1 transaction

$2,500

107

GOLDSBURY, KIT

2 transactions

$2,500

108

HORVITZ, NORMA MS.

5 transactions

$2,500

109

HRUSKA, JAMES J. MR.

4 transactions

$2,500

110

HUDGENS, RALPH MR.

1 transaction

$2,500

111

JOURNAY, JUSTIN

1 transaction

$2,500

112

KENDALL, LINDA C. MS.

3 transactions

$2,500

113

KNOLL, LEROY

3 transactions

$2,500

114

LYONS, MARK

3 transactions

$2,500

115

PAULETTO, JOE B. MR. JR

2 transactions

$2,500

116

PUTZAN, CONRAD S. MR.

3 transactions

$2,500

117

SCANTLIN, MARY J.

3 transactions

$2,500

118

SHEA, MORTIMER P. MR.

2 transactions

$2,500

119

SMITH, CLARENCE E. MR.

4 transactions

$2,500

120

SMITH, WILLIAM B. MR.

2 transactions

$2,500

121

WORLEY, BRET

1 transaction

$2,500

122

NAYDEN, GREGORY MR.

3 transactions

$2,500

123

BROWN, VIRGINIA M.

2 transactions

$2,100

124

MACKAIG, RICHARD A. MR.

4 transactions

$2,080

125

SMEED, CLAIRE J. MS.

1 transaction

$2,050

126

BURNS, TONY

1 transaction

$2,020

127

ASHCRAFT, CLARENCE W. MR.

2 transactions

$2,000

128

BLAKE, WALTER L. MR.

2 transactions

$2,000

129

BURT, KELLY MR.

1 transaction

$2,000

130

BUTLER, MICHAEL MR.

1 transaction

$2,000

131

CONLEY, MARK MR.

2 transactions

$2,000

132

CONRADS, SHARON E.

1 transaction

$2,000

133

COPELAND, LAMMONT D.

1 transaction

$2,000

134

COPELAND, LAMMOT MR. JR.

1 transaction

$2,000

135

DANDREA, ARNETTA MS.

3 transactions

$2,000

136

DARLING, BRIAN H.

2 transactions

$2,000

137

DEERING, GAIL M. MS.

3 transactions

$2,000

138

DEGROOT, H. PAUL MR.

2 transactions

$2,000

139

GARVER, MIKE MR.

1 transaction

$2,000

140

GREEMAN, WALTER MRS.

1 transaction

$2,000

141

HAAHEIM, CAROLYN J. MS.

1 transaction

$2,000

142

HAUSER, EDWARD MR.

2 transactions

$2,000

143

HUNT, LINDA MRS.

1 transaction

$2,000

144

HUNT, STEVE MR.

1 transaction

$2,000

145

HUNT, WAYNE MR.

1 transaction

$2,000

146

IBRAHIM, GEORGE K. DR.

2 transactions

$2,000

147

KAHN, SANDY

1 transaction

$2,000

148

LANSING, GREGORY

1 transaction

$2,000

149

LARSON, JENNIFER LYNN MS.

1 transaction

$2,000

150

LOGAN, GEORGE MR.

2 transactions

$2,000

151

MALANAPHY, JEAN H. MRS.

3 transactions

$2,000

152

MIGUEL, THOMAS

2 transactions

$2,000

153

MURPHY, BARBARA L. MS.

1 transaction

$2,000

154

PALMER, JACK A. MR. JR.

2 transactions

$2,000

155

PARK, WILLIAM MAX

1 transaction

$2,000

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PUFF, ROBERT MR. JR.

1 transaction

$2,000

157

RANDELL, ROBERT L. MR.

2 transactions

$2,000

158

REISS, CLAIRE K.T. MS.

1 transaction

$2,000

159

ROURKE, BRIAN

2 transactions

$2,000

160

SPITLER, KENNETH F. MR.

2 transactions

$2,000

161

SPROUSE, GARY F. MR.

2 transactions

$2,000

162

SUMMERSON, FAITH

4 transactions

$2,000

163

VALENTIN, LEONARDO

1 transaction

$2,000

164

WELLEHAN, DAN J. MR. JR.

1 transaction

$2,000

165

WILT, WILLIAM

1 transaction

$2,000

166

WITZKY, CHRISTOPHER MR.

4 transactions

$2,000

167

HUTCHENS, STEPHEN M. MR.

2 transactions

$1,800

168

JENSEN, ERIC C. MR.

3 transactions

$1,750

169

WARREN, ALETA MS.

3 transactions

$1,750

170

ADAMS, CAROL

1 transaction

$1,650

171

PETERSON, RICHARD R. MR

2 transactions

$1,650

172

WILLETT, WILLIAM ROSCOE MR.

1 transaction

$1,650

173

ROOT, MIKE MR.

2 transactions

$1,550

174

DUARTE, DAVID MR.

3 transactions

$1,501

175

BAKER, DONALD MR.

3 transactions

$1,500

176

BAKER, PETER F. MR.

3 transactions

$1,500

177

BARNES, MARGOT

1 transaction

$1,500

178

BELER, SAMUEL

3 transactions

$1,500

179

BETZ, KARL F. MR. JR.

2 transactions

$1,500

180

BLAND, ROBERT STEVEN MR.

3 transactions

$1,500

181

BLUMENSON, MICHAEL

3 transactions

$1,500

182

BRADLEY, ROBERT

2 transactions

$1,500

183

BREKKE, JERRY MR.

2 transactions

$1,500

184

BRENNER, DOUGLAS

2 transactions

$1,500

185

BRITTON, PETER P.

2 transactions

$1,500

186

COURTNEY, RONALD MR.

3 transactions

$1,500

187

DEMASTERS, BABALA K.

2 transactions

$1,500

188

DOBKIN, DAVID

1 transaction

$1,500

189

ENGSTROM, PAUL F.

2 transactions

$1,500

190

GARDNER, MICHAEL T. MR. SR.

2 transactions

$1,500

191

HARRISON, KATHERINE

1 transaction

$1,500

192

HOLSCLAW, RALPH J.

3 transactions

$1,500

193

KLOCKO, BRENDA M.

2 transactions

$1,500

194

LATHAM, KENNETH R. MR.

2 transactions

$1,500

195

LEE, RICHARD T. MR.

2 transactions

$1,500

196

LEWIS, EDWARD DONOVAN MR.

3 transactions

$1,500

197

LUNDEN, PATRICIA R. MRS.

1 transaction

$1,500

198

LYON, YVONNE M. MRS.

1 transaction

$1,500

199

MARSHALL, JOHN F. MR.

1 transaction

$1,500

200

MEALER, BROCK

3 transactions

$1,500

201

MOWRY, ELLEN

2 transactions

$1,500

202

MUCHMORE, JOHN W.

2 transactions

$1,500

203

NORSWORTHY, GEORGE

3 transactions

$1,500

204

PATTILLO, MARIANNE

3 transactions

$1,500

205

SAHAKIAN, DANIE

2 transactions

$1,500

206

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2 transactions

$1,500

207

SCOTT, FRED W. MR.

2 transactions

$1,500

208

SIMPERMAN, ROY F. MR.

2 transactions

$1,500

209

SIU, MONA

3 transactions

$1,500

210

STIGLITZ, MARILYN MRS

2 transactions

$1,500

211

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2 transactions

$1,500

212

STROH, CARLA H. MS.

2 transactions

$1,500

213

WILSON, RANSOM

3 transactions

$1,500

214

ZUMBIEL, MARY LEE MRS.

2 transactions

$1,500

215

STEGE, AUDRAE I.

2 transactions

$1,300

216

ELKINS, RONALD J. MR.

2 transactions

$1,250

217

BALK, JOSH

1 transaction

$1,200

218

MAKINSON, DONALD W. MR.

2 transactions

$1,200

219

ESPOSITO, MAUREEN MS.

1 transaction

$1,044

220

HUDDLESTON, BRANT

1 transaction

$1,002

221

ADKINS, DEBORAH

1 transaction

$1,000

222

ALFORD, JAMES H. MR

1 transaction

$1,000

223

ALLMAN, MICHAEL MR.

1 transaction

$1,000

224

ANDRESEN, KENNETH W. MR.

1 transaction

$1,000

225

ARKES, HAL MR.

2 transactions

$1,000

226

BAJUS, STEPHEN W. MR.

2 transactions

$1,000

227

BAKER, PAMELA

1 transaction

$1,000

228

BARROWS, MARVIN H.

2 transactions

$1,000

229

BAUMGARDNER, JOHN

1 transaction

$1,000

230

BENTLEY, MIGNON M.

1 transaction

$1,000

231

BILLS, JAMES P. MR.

2 transactions

$1,000

232

BLEVINS, HAROLD W. DR.

1 transaction

$1,000

233

BLOCK, GEORGE P. MR. JR

2 transactions

$1,000

234

BOGER, THOMAS

1 transaction

$1,000

235

BOLIN, RICHARD G.

1 transaction

$1,000

236

BOULLE, KAREN MRS.

1 transaction

$1,000

237

BOWDEN, BARBARA

1 transaction

$1,000

238

BOYD, DON MR.

1 transaction

$1,000

239

BOYD, DONALD B.

1 transaction

$1,000

240

BRUELLMAN, VERDA

1 transaction

$1,000

241

BURKE, GEM MR.

2 transactions

$1,000

242

BURNS, ANTONY

1 transaction

$1,000

243

BURNS, FRANK R. DR.

1 transaction

$1,000

244

CAMARA, STEVEN

1 transaction

$1,000

245

CARSON, DEBORAH OWEN MS.

2 transactions

$1,000

246

CASEY, WILLIAM

1 transaction

$1,000

247

CHAMBERS, RUTH

1 transaction

$1,000

248

CHERIPKA, KEVIN J. MR.

2 transactions

$1,000

249

CLARK, JAMES

1 transaction

$1,000

250

CLAY, ALBERT WILLIAM MR. III

1 transaction

$1,000

251

COHEN, GERARD MR.

1 transaction

$1,000

252

CONDON, JOHN W. MR.

1 transaction

$1,000

253

CORKEN, DONALD IRVIN

1 transaction

$1,000

254

COTE, CHERYL L. MRS.

2 transactions

$1,000

255

CRAIG, CORBIN

1 transaction

$1,000

256

CRAIG, MARGARET MRS.

2 transactions

$1,000

257

CRAWLEY, GEOFFREY W. MR.

2 transactions

$1,000

258

CUNNINGHAM, BRYAN

1 transaction

$1,000

259

CUNNINGHAM, JUTTA

1 transaction

$1,000

260

CUNNINGHAM, RAYMOND MR.

2 transactions

$1,000

261

CUSTER, VERLIN MR.

2 transactions

$1,000

262

DACEY, JAMES T. MR.

2 transactions

$1,000

263

DEGROOT, H PAUL MR.

1 transaction

$1,000

264

DEMPEWOLF, THOMAS MR.

1 transaction

$1,000

265

DOTSON, TERRY L.

1 transaction

$1,000

266

DROBA, AARON

1 transaction

$1,000

267

DRUCKMAN, MICHAEL

2 transactions

$1,000

268

DRUMMOND, A. CAROLINE MRS.

2 transactions

$1,000

269

DUGAN, PATRICK

1 transaction

$1,000

270

EASTON, JOHN

1 transaction

$1,000

271

EBE, NANCY

1 transaction

$1,000

272

ECKER, NEITH

2 transactions

$1,000

273

ELLINGSEN, PAUL D. MR.

1 transaction

$1,000

274

FANGMAN, BRYAN MR.

1 transaction

$1,000

275

FARRAR, CHRISTINE

1 transaction

$1,000

276

FARRELL, JOE

1 transaction

$1,000

277

FARRELL, PETER C. DR.

2 transactions

$1,000

278

FERGUSON, TIM DR.

1 transaction

$1,000

279

FICHT, THOMAS A. MR.

2 transactions

$1,000

280

FINCH, RANDY

1 transaction

$1,000

281

FLANARY, BILLIE J.

1 transaction

$1,000

282

FOLLEY, GREGORY

1 transaction

$1,000

283

FOWLER, CHARLES

1 transaction

$1,000

284

FOWLER, R.

1 transaction

$1,000

285

FREEDLUND, JOY A.

1 transaction

$1,000

286

GAFFEY, MARY H.

1 transaction

$1,000

287

GEDDES, DOUGLAS G.

1 transaction

$1,000

288

GINSBURG, SHARON LEE

1 transaction

$1,000

289

GOLDMAN, ROBERT

1 transaction

$1,000

290

GOLDSBURY, CHRISTOPHER MR. JR.

1 transaction

$1,000

291

GRIFFIN, BILL

1 transaction

$1,000

292

GROSSMAN, JENNIFER MRS.

1 transaction

$1,000

293

HALEY, DAVID MR.

2 transactions

$1,000

294

HALL, CHARLES

1 transaction

$1,000

295

HARTMAN, MARLIN N.

2 transactions

$1,000

296

HATHORN, SAMUEL MR.

2 transactions

$1,000

297

HAYNES, NELL E. MS.

2 transactions

$1,000

298

HEADLEY, HARRY P.

1 transaction

$1,000

299

HEIN, ALBERT C. LT. COL.

1 transaction

$1,000

300

HENRY, WEILAND ALEXANDER III

1 transaction

$1,000

301

HERRICK, CATHY

1 transaction

$1,000

302

HESLEP, DONALD B. MR.

2 transactions

$1,000

303

HILLIARD, TOWNSEND

1 transaction

$1,000

304

HORNSBY, RICHARD

2 transactions

$1,000

305

HOUSE, LOUIS T.

2 transactions

$1,000

306

HOWARD, GLENN

1 transaction

$1,000

307

HUBBARD, JOHN DOUGLAS MR.

1 transaction

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1 transaction

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1 transaction

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310

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1 transaction

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311

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1 transaction

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312

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2 transactions

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313

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2 transactions

$1,000

314

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1 transaction

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315

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1 transaction

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316

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2 transactions

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317

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1 transaction

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318

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1 transaction

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319

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1 transaction

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320

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1 transaction

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321

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1 transaction

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322

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323

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1 transaction

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324

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1 transaction

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325

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1 transaction

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326

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327

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1 transaction

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328

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1 transaction

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329

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1 transaction

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330

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1 transaction

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331

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1 transaction

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332

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333

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334

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1 transaction

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335

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1 transaction

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336

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2 transactions

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337

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2 transactions

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338

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1 transaction

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339

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1 transaction

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1 transaction

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1 transaction

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343

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2 transactions

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344

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1 transaction

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1 transaction

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1 transaction

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347

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1 transaction

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348

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2 transactions

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349

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1 transaction

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350

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1 transaction

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351

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1 transaction

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352

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1 transaction

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353

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1 transaction

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354

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2 transactions

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355

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356

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1 transaction

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1 transaction

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1 transaction

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1 transaction

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360

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1 transaction

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1 transaction

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362

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1 transaction

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1 transaction

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364

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1 transaction

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365

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1 transaction

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1 transaction

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1 transaction

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1 transaction

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370

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1 transaction

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2 transactions

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372

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1 transaction

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2 transactions

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374

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1 transaction

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1 transaction

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376

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2 transactions

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377

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1 transaction

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378

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1 transaction

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1 transaction

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380

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1 transaction

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381

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1 transaction

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382

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2 transactions

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383

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1 transaction

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384

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1 transaction

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385

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1 transaction

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386

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1 transaction

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387

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1 transaction

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388

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1 transaction

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389

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2 transactions

$1,000

390

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1 transaction

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391

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1 transaction

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392

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1 transaction

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393

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1 transaction

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394

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1 transaction

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395

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1 transaction

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396

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1 transaction

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397

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1 transaction

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398

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1 transaction

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399

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1 transaction

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400

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2 transactions

$1,000

401

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1 transaction

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402

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1 transaction

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403

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1 transaction

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404

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1 transaction

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405

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2 transactions

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406

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1 transaction

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407

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1 transaction

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408

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1 transaction

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409

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2 transactions

$1,000

410

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2 transactions

$1,000

411

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1 transaction

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412

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1 transaction

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413

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1 transaction

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414

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1 transaction

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1 transaction

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416

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1 transaction

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417

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1 transaction

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418

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1 transaction

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419

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1 transaction

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1 transaction

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421

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1 transaction

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422

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1 transaction

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423

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1 transaction

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424

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1 transaction

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1 transaction

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426

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1 transaction

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1 transaction

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428

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1 transaction

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429

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1 transaction

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430

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1 transaction

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431

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1 transaction

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432

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1 transaction

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433

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1 transaction

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434

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1 transaction

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435

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1 transaction

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436

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1 transaction

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437

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1 transaction

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438

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1 transaction

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1 transaction

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1 transaction

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1 transaction

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1 transaction

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1 transaction

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1 transaction

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445

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1 transaction

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1 transaction

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447

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1 transaction

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448

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1 transaction

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449

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1 transaction

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450

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1 transaction

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451

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1 transaction

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452

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1 transaction

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453

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1 transaction

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454

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1 transaction

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455

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1 transaction

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456

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1 transaction

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457

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1 transaction

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458

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1 transaction

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459

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1 transaction

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460

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1 transaction

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461

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1 transaction

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462

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1 transaction

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463

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1 transaction

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464

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1 transaction

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465

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1 transaction

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466

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1 transaction

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467

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1 transaction

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468

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1 transaction

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469

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1 transaction

$500

470

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1 transaction

$500

471

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1 transaction

$500

472

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1 transaction

$500

473

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1 transaction

$500

474

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1 transaction

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475

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1 transaction

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476

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1 transaction

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477

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1 transaction

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478

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1 transaction

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479

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1 transaction

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480

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1 transaction

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481

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1 transaction

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482

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1 transaction

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483

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1 transaction

$500

484

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1 transaction

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485

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1 transaction

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486

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1 transaction

$500

487

CARPENTER, DIANA

1 transaction

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488

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1 transaction

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489

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1 transaction

$500

490

CASALE, MARK J. MR.

1 transaction

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491

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1 transaction

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492

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1 transaction

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493

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1 transaction

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494

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1 transaction

$500

495

CHADDOCK, CRAIG M. MR. SR.

1 transaction

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496

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1 transaction

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497

CHEN, JONG

1 transaction

$500

498

CHEN, SEN-HENG

1 transaction

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499

CHESTER, DALTON

1 transaction

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500

CHESTER, DAVID

1 transaction

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501

CHOATE, ARTHUR B. MR.

1 transaction

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502

CHRISTENSEN, CHRISTIAN M. MR.

1 transaction

$500

503

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1 transaction

$500

504

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1 transaction

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505

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1 transaction

$500

506

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1 transaction

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507

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1 transaction

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508

COMBS, HARRY

1 transaction

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509

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1 transaction

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510

COOPER, TERRY A. MR.

1 transaction

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511

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1 transaction

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512

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1 transaction

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513

CREAMER, EMMA SUE MS.

1 transaction

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514

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1 transaction

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515

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1 transaction

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516

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1 transaction

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517

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1 transaction

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518

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1 transaction

$500

519

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1 transaction

$500

520

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1 transaction

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521

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1 transaction

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522

CURNIN, BRENDA MS.

1 transaction

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523

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1 transaction

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524

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1 transaction

$500

525

DALTON, JAMES C.

1 transaction

$500

526

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1 transaction

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527

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1 transaction

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528

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1 transaction

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529

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1 transaction

$500

530

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1 transaction

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531

DEPIETRO, ROBERT MR.

1 transaction

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532

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1 transaction

$500

533

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1 transaction

$500

534

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1 transaction

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535

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1 transaction

$500

536

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1 transaction

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537

DODDS, JAMES W. MR

1 transaction

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538

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1 transaction

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539

DOTSON, EMILY MRS

1 transaction

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540

DOWLING, SHIRLEY T.

1 transaction

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541

DOWNING, JOHN E.

1 transaction

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542

DROCHELMAN, WILLIAM

1 transaction

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543

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1 transaction

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544

DUNCAN, ROBERT M. MR.

1 transaction

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545

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1 transaction

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546

EGGERS, ERNEST A. MR.

1 transaction

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547

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1 transaction

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548

EMBRY, RUTH

1 transaction

$500

549

ENDICO, MICHAEL C.

1 transaction

$500

550

ESCHNER, ERNA E. MRS.

1 transaction

$500

551

ESTES, CONSTANCE MS.

1 transaction

$500

552

EZELL, PATRICIA N.

1 transaction

$500

553

FERRARINI, DAVID

1 transaction

$500

554

FIDLER, MICHAEL MR.

1 transaction

$500

555

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1 transaction

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556

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1 transaction

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557

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1 transaction

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558

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1 transaction

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559

FOX, ALAN

1 transaction

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560

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1 transaction

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561

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1 transaction

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562

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1 transaction

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563

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1 transaction

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564

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1 transaction

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565

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1 transaction

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566

FULLER, GILLIAN

1 transaction

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567

GALLA, JOHN

1 transaction

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568

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1 transaction

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569

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1 transaction

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570

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1 transaction

$500

571

GEARHISER, BEVERLY MS.

1 transaction

$500

572

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1 transaction

$500

573

GERARD, MARION A. MRS.

1 transaction

$500

574

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1 transaction

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575

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1 transaction

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576

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1 transaction

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577

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1 transaction

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578

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1 transaction

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579

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1 transaction

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580

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1 transaction

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581

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1 transaction

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582

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1 transaction

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583

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1 transaction

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584

HALABY, MARY

1 transaction

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585

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1 transaction

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586

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1 transaction

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587

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1 transaction

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588

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1 transaction

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589

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1 transaction

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590

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1 transaction

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591

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1 transaction

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592

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1 transaction

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593

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1 transaction

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594

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1 transaction

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595

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1 transaction

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596

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1 transaction

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597

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1 transaction

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598

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1 transaction

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599

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1 transaction

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600

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1 transaction

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601

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1 transaction

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602

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1 transaction

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603

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1 transaction

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604

HOLLINS, LEONA JEAN MRS.

1 transaction

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605

HOLLOWAY, THOMAS H. MR. JR.

1 transaction

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606

HOOK, JOANNE H. MRS.

1 transaction

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607

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1 transaction

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608

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1 transaction

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609

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1 transaction

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610

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1 transaction

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611

HYATT, NORMA MRS.

1 transaction

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612

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1 transaction

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613

INGERSON, WANDA MS.

1 transaction

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614

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1 transaction

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615

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1 transaction

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616

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1 transaction

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617

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1 transaction

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618

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1 transaction

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619

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1 transaction

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620

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1 transaction

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621

JONES, TROY R. DR.

1 transaction

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622

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1 transaction

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623

JUDGE, LUCAS

1 transaction

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624

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1 transaction

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625

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1 transaction

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626

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1 transaction

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627

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1 transaction

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628

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1 transaction

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629

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1 transaction

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630

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1 transaction

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631

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1 transaction

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632

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1 transaction

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633

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1 transaction

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634

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1 transaction

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635

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1 transaction

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636

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1 transaction

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637

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1 transaction

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638

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1 transaction

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639

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1 transaction

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640

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1 transaction

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641

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1 transaction

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642

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1 transaction

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643

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1 transaction

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644

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1 transaction

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645

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1 transaction

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646

LYNN, THEODORA

1 transaction

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647

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1 transaction

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648

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1 transaction

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649

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1 transaction

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650

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1 transaction

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651

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1 transaction

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652

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1 transaction

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653

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1 transaction

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654

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1 transaction

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655

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1 transaction

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656

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1 transaction

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657

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1 transaction

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658

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1 transaction

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659

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1 transaction

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660

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1 transaction

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661

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1 transaction

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662

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1 transaction

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663

MEIER, CRAIG A. MR.

1 transaction

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664

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1 transaction

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665

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1 transaction

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666

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1 transaction

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667

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1 transaction

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668

MILLER, DAVID MR.

1 transaction

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669

MILLER, HARVEY

1 transaction

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670

MILLER, STEPHEN

1 transaction

$500

671

MIRSKY, CYNTHIA

1 transaction

$500

672

MOEHREN, HEINER H. MR.

1 transaction

$500

673

MOEHRING, ROBERT

1 transaction

$500

674

MOELLER, THOMAS

1 transaction

$500

675

MOHOLLAND, BARBARA

1 transaction

$500

676

MORRIS, ROBERT E. MR. JR.

1 transaction

$500

677

MOYER, JON M. MR.

1 transaction

$500

678

MULZER, ANDREA

1 transaction

$500

679

MUMFORD, JUDITH L.

1 transaction

$500

680

MURATA, HENRY Y. MR.

1 transaction

$500

681

MYERS, BOYD DOUGLAS

1 transaction

$500

682

NIKKEL, JOHN G. MR.

1 transaction

$500

683

O'CONNOR, WILLIAM C. MR.

1 transaction

$500

684

O'HARE, JOHN MR.

1 transaction

$500

685

ODOM, MARCIA COLEMAN MS

1 transaction

$500

686

OKUMOTO-MILLER, KATHRYN K. MS.

1 transaction

$500

687

ORR, KEITH

1 transaction

$500

688

OWENS, CARL

1 transaction

$500

689

PADDECK, EDWARD L. MR.

1 transaction

$500

690

PARKER, PATRICIA

1 transaction

$500

691

PARKER, SUSAN MS.

1 transaction

$500

692

PAULSON, ROBERT

1 transaction

$500

693

PENNINGTON, SHERRIE L. MS.

1 transaction

$500

694

PETERSON, SHARON

1 transaction

$500

695

PFANNENSTIEL, JOHN

1 transaction

$500

696

PHILIPPO, ANN MS.

1 transaction

$500

697

PHILLIPS, ROBERT A. MR.

1 transaction

$500

698

PILLOW, JANELLE MS.

1 transaction

$500

699

PINK, JEFF

1 transaction

$500

700

PLACEK, RICHARD MR.

1 transaction

$500

701

PLATT, ELAINE T.

1 transaction

$500

702

POOR, WESLEY SHAUN

1 transaction

$500

703

POORTINGA, JACK MR.

1 transaction

$500

704

POPLIN, KAY MS.

1 transaction

$500

705

PORTER, BART D.

1 transaction

$500

706

POWELL, FITZHUGH K. MR.

1 transaction

$500

707

POWELL, L. FAYE MS.

1 transaction

$500

708

PRATER, TILMAN J. MR. III

1 transaction

$500

709

PRZILAS, PHYLLIS MRS.

1 transaction

$500

710

PUCKETT, RANDELL VIOYT MR.

1 transaction

$500

711

PULLIAM, MARK E.

1 transaction

$500

712

PURVIS, RONALD

1 transaction

$500

713

RAFF, PATRICIA MS.

1 transaction

$500

714

RAFFIN, BERNADETTE MRS

1 transaction

$500

715

REILLY, JOHN F.

1 transaction

$500

716

REINHARD, DONALD G. MR.

1 transaction

$500

717

RESCH, JAMES

1 transaction

$500

718

RESLER, CARL

1 transaction

$500

719

REYNOLDS, MARY SHARON MRS.

1 transaction

$500

720

RHEIN, PETER MR

1 transaction

$500

721

RIGGS, RUSSELL P. MR.

1 transaction

$500

722

RISIUS, BARBARA F. DR. M.D.

1 transaction

$500

723

ROBERTS, BEN

1 transaction

$500

724

ROBINETTE, VICTORIA A.

1 transaction

$500

725

ROE, RICHARD

1 transaction

$500

726

ROGERS, CLARENCE B.

1 transaction

$500

727

RUDOLPH, RUTH S. MS

1 transaction

$500

728

RUSSELL, ANDREW

1 transaction

$500

729

RUTLEDGE, WILLIAM H. MR. JR.

1 transaction

$500

730

RYBOLT, WILLIAM

1 transaction

$500

731

SAMPLE, WILLIAM S. MR. WWII VET

1 transaction

$500

732

SANBRANO, PAUL MR.

1 transaction

$500

733

SAWYER, JOHN E. MSGT RETIRED

1 transaction

$500

734

SAXER, NORMAN K.

1 transaction

$500

735

SCHAEFER, ROBERT W. MR.

1 transaction

$500

736

SCHELLER, JOSEPH B. MR

1 transaction

$500

737

SCHMIDT, CHARLES MR.

1 transaction

$500

738

SCHOLL, CHESTER L. MR.

1 transaction

$500

739

SCHUBERT, MARGARET MRS.

1 transaction

$500

740

SCHULMAN, JOSEPH

1 transaction

$500

741

SCHULTZ, ROBERT

1 transaction

$500

742

SCHWARZ, ERIC R.

1 transaction

$500

743

SCHWEEN, JOHN R. MR. JR.

1 transaction

$500

744

SEAMON, EDWARD B.

1 transaction

$500

745

SEARS, LARRY DR.

1 transaction

$500

746

SECOR, RICHARD MR.

1 transaction

$500

747

SEKOWSKI, KATHERINE J. MRS.

1 transaction

$500

748

SENSING, LUCY T. MRS.

1 transaction

$500

749

SHAW, JOHN MR.

1 transaction

$500

750

SHAW, WILLIAM W. MR.

1 transaction

$500

751

SHINKLE, R KEITH MR.

1 transaction

$500

752

SHLANSKY, DAVID

1 transaction

$500

753

SHUPE, JEFFERY

1 transaction

$500

754

SIMON, BEVERLY A. MS.

1 transaction

$500

755

SIMONS, CARL I. MR.

1 transaction

$500

756

SINGLETON, ROBERT F.

1 transaction

$500

757

SITKO, JAN B.

1 transaction

$500

758

SLAVIK, PAUL MR.

1 transaction

$500

759

SMITH, ELENOR C. MRS.

1 transaction

$500

760

SMITH, FRAN

1 transaction

$500

761

SMITH, GENE E.

1 transaction

$500

762

SNOWBARGER, RONALD MR.

1 transaction

$500

763

SPARKS, SHAWN

1 transaction

$500

764

SPOLAR, DICKSIE

1 transaction

$500

765

SREDNICKI, RICHARD J. MRS.

1 transaction

$500

766

STAHL, TOM MR.

1 transaction

$500

767

STAINBROOK, FRED LEROY

1 transaction

$500

768

STARKEY, ROD MR.

1 transaction

$500

769

STERN, JAMES MR.

1 transaction

$500

770

STEVENS, THOMAS

1 transaction

$500

771

STRAUCH, RANDOLPH

1 transaction

$500

772

STROMQUIST, DAVID

1 transaction

$500

773

STUCKERT, JAMES MR.

1 transaction

$500

774

SUMMERVILL, CHRISTIE

1 transaction

$500

775

SUTER, GEORGE B. MR.

1 transaction

$500

776

SYVRUD, JAMES P. MR.

1 transaction

$500

777

TAFOYA, SAUNDRA J.

1 transaction

$500

778

TALLARD, JEFFREY E.

1 transaction

$500

779

TALLMAN, ROBERT E. MR. JR.

1 transaction

$500

780

TESCHAN, PAUL DR.

1 transaction

$500

781

THEBERGE, BARBARA

1 transaction

$500

782

THOMPSON, DAVID

1 transaction

$500

783

TODD, GEORGE W. MR.

1 transaction

$500

784

TRIBLE, JOHN R. MR. II

1 transaction

$500

785

TROMETTER, VINCENT P.

1 transaction

$500

786

TUROWSKI, DANIEL M. MR.

1 transaction

$500

787

VAN KUIKEN, NORMA MRS

1 transaction

$500

788

VANDERWEY, GINA MS.

1 transaction

$500

789

VANNELL, HARRY III

1 transaction

$500

790

VANWYK, CHRIS MRS.

1 transaction

$500

791

VERKLER, DIANNE J. MS.

1 transaction

$500

792

VIZCAINO, ANTONIO MR.

1 transaction

$500

793

VON DER HOFEN, HAN

1 transaction

$500

794

VUCINICH, TINA MS.

1 transaction

$500

795

WAHL, TAMI L.

1 transaction

$500

796

WAINRIGHT, JOSEPH MR.

1 transaction

$500

797

WALKER, JACK MR.

1 transaction

$500

798

WALL, ARVEL

1 transaction

$500

799

WARD, LINDA

1 transaction

$500

800

WASHAM, REBECCA

1 transaction

$500

801

WEBB, ELIZABETH

1 transaction

$500

802

WEBER, BRAD WESLEY MR.

1 transaction

$500

803

WECK, THOMAS

1 transaction

$500

804

WEGNER, RUTH ANN MS.

1 transaction

$500

805

WELCH, CLARE A. MS.

1 transaction

$500

806

WELDON, DIANE

1 transaction

$500

807

WESTCAMP, JESSIE G. MRS.

1 transaction

$500

808

WHIPPLE, MICHAEL MR.

1 transaction

$500

809

WIEGAND, RODNEY W. MR.

1 transaction

$500

810

WIESEMANN, RICHARD J. MR.

1 transaction

$500

811

WIKSTROM, LESLIE

1 transaction

$500

812

WILLIAMS, ANGELA H. MS.

1 transaction

$500

813

WILLIAMSON, BARRY D. MR.

1 transaction

$500

814

WINFREE, JAMES HAMILTON

1 transaction

$500

815

WOGAHN, BRENT M. MR.

1 transaction

$500

816

WOLFSHOHL, WILLIAM

1 transaction

$500

817

WRIGHT, MARY

1 transaction

$500

818

ZIMMERMAN, BILLIE MS.

1 transaction

$500

Cosponsors & Their Campaign Finance

This bill has 6 cosponsors. Below are their top campaign contributors.

Sen. Scott, Rick [R-FL]

ID: S001217

Top Contributors

No contribution data available

Sen. Blackburn, Marsha [R-TN]

ID: B001243

Top Contributors

FRIENDS OF COMMUNITY ONCOLOGY PAC

PACVIRGINIA BEACH, VA

$5,000

Apr 12, 2023

THE COGGIN GROUP

OrganizationMURFREESBORO, TN

$2,900

Mar 9, 2023

THE COGGIN GROUP

OrganizationMURFREESBORO, TN

$2,500

Mar 9, 2023

DOSS BROTHERS FARM

OrganizationLAWRENCEBURG, TN

$1,000

Apr 17, 2024

DOSS BROTHERS FARM

OrganizationLAWRENCEBURG, TN

$1,000

Mar 18, 2024

BL PARTNERS GROUP LLC

OrganizationARLINGTON, VA

$500

Mar 17, 2023

KING, RODNEY W.

SELF-EMPLOYED • ATTORNEY

IndividualGERMANTOWN, TN

$13,200

Apr 4, 2024

BEAN, BILL G.

HANNING & BEAN ENTERPRISES INC. • REAL ESTATE INVESTOR

IndividualCOLUMBIA CITY, IN

$10,000

May 1, 2024

SMITH, THOMAS

PRESCOTT INVESTORS INC. • INVESTOR

IndividualBOCA RATON, FL

$10,000

May 13, 2024

GAMBLE, KATHRYN

UNAKA CO • BUSINESS EXECUTIVE

IndividualDALLAS, TX

$9,900

Jul 15, 2024

Sen. Risch, James E. [R-ID]

ID: R000584

Top Contributors

CRW RESOURCES

OrganizationCOEUR D ALENE, ID

$1,000

Feb 29, 2024

SNELL, PETER

ARBELLA CAPITAL • REAL EATATE

IndividualARLINGTON, VA

$5,000

May 8, 2024

KAYALI, ZEID

SELF • PHYSICIAN

IndividualPASADENA, CA

$3,500

Feb 9, 2023

MOORE, JEFFREY

RETIRED • RETIRED

IndividualLAS VEGAS, NV

$3,435

Nov 19, 2024

KTELEH, TAREK

RHEUMATOLOGY • DOCTOR

IndividualFISHERS, IN

$3,300

Dec 23, 2024

ALAAMA, ABDUL M.D.

SELF • GASTROENTEROLOGY

IndividualWHITTIER, CA

$3,300

Feb 9, 2023

ASHOURI, DIANA

UNIVERSITY OF CALIFORNIA • PHYSICIAN

IndividualPASADENA, CA

$3,300

Feb 9, 2023

DIAB, MOHAMED KHEIR

MASIMO CORPORATION • DIRECTOR

IndividualLADERA RANCH, CA

$3,300

Feb 9, 2023

MOUJTAHED, SAED

OWL REXALL INFUSION • DIRECTOR

IndividualTRABUCO CANYON, CA

$3,300

Feb 9, 2023

MONSEN, MARION F

RETIRED • RETIRED

IndividualSUN VALLEY, ID

$3,300

Sep 6, 2023

Sen. Cruz, Ted [R-TX]

ID: C001098

Top Contributors

WINRED

PACARLINGTON, VA

$1,167,293

Nov 1, 2024

WINRED

PACARLINGTON, VA

$330,599

Nov 5, 2024

FASKEN MANAGEMENT

OrganizationMIDLAND, TX

$10,000

May 24, 2023

REPUBLICAN PARTY OF HARRISON COUNTY

OrganizationMARSHALL, TX

$4,000

Oct 16, 2024

FOLAD ENTERPRISES LLC

OrganizationPINELLAS PARK, FL

$2,000

May 20, 2024

BALCH & BINGHAM LLP

OrganizationBIRMINGHAM, AL

$1,000

May 20, 2024

PARTNERS HOTEL GROUP LLC

OrganizationMURPHY, TX

$1,000

Jun 7, 2023

KHAT INVESTMENS LLC

OrganizationMIDLAND, TX

$1,000

Jun 30, 2023

PJB INVESTMENT ADVISORS LLC

OrganizationADDISON, TX

$800

May 1, 2024

GRANT MORELAND LP LLC

OrganizationGILMER, TX

$750

Sep 19, 2024

Sen. Young, Todd [R-IN]

ID: Y000064

Top Contributors

HESS, DANIEL L.

CORNERSTONE INDUSTRIES CORP. • PRESIDENT/ OWNER

IndividualZIONSVILLE, IN

$10,000

Jul 1, 2024

SHUBLAK, MARK I.

ICE MILLER LLP • ATTORNEY

IndividualINDIANAPOLIS, IN

$6,600

Oct 20, 2023

MCLEAN, SUZZY

SAGESURE • INSURANCE

IndividualLOS ALTOS, CA

$6,600

Oct 23, 2024

MCLEAN, TERRENCE

SAGESURE • INSURANCE

IndividualLOS ALTOS, CA

$6,600

Oct 23, 2024

BESSENT, SCOTT K.

KEY SQUARE GROUP • INVESTMENT MANAGEMENT

IndividualCHARLESTON, SC

$6,600

Mar 28, 2024

PATRICELLI, ROBERT E.

RETIRED • RETIRED

IndividualSIMSBURY, CT

$6,600

Mar 1, 2024

ANDREESSEN, MARC L.

ANDREESSEN HOROWITZ • CO-FOUNDER

IndividualLOS ALTOS, CA

$6,600

Sep 30, 2024

BRALY, DOUGLAS A. MR.

SELF EMPLOYED • ACCOUNTANT

IndividualINDIANAPOLIS, IN

$6,600

Sep 4, 2024

DIXON, CHRISTOPHER

ANDREESSEN HOROWITZ • GENERAL PARTNER

IndividualPALO ALTO, CA

$6,600

Sep 30, 2024

HESS, LEANNA

RETIRED • RETIRED

IndividualZIONSVILLE, IN

$6,600

Aug 19, 2024

Sen. Barrasso, John [R-WY]

ID: B001261

Top Contributors

POARCH BAND OF CREEK INDIANS

COMATMORE, AL

$3,300

May 24, 2023

POARCH BAND OF CREEK INDIANS

COMATMORE, AL

$3,300

Sep 20, 2024

SAN MANUEL BAND OF MISSION INDIANS

COMLOS ANGELES, CA

$2,500

Dec 31, 2024

ALABAMA-COUSHATTA TRIBE

COMLIVINGSTON, TX

$1,000

Jun 29, 2023

MUSCOGEE CREEK NATION

COMOKMULGEE, OK

$1,000

Oct 30, 2024

TO PROTECT OUR HERITAGE

OrganizationSKOKIE, IL

$5,000

Jun 26, 2024

TO PROTECT OUR HERITAGE

OrganizationSKOKIE, IL

$5,000

Jun 26, 2024

EASTERN BAND OF CHEROKEE INDIANS

OrganizationCHEROKEE, NC

$3,300

Jun 11, 2024

EASTERN BAND OF CHEROKEE INDIANS

OrganizationCHEROKEE, NC

$3,300

Jun 11, 2024

UTE INDIAN TRIBE

OrganizationFORT DUCHESNE, UT

$3,300

Nov 13, 2024

Donor Network - Sen. Paul, Rand [R-KY]

Show Also Donated To

PACs

Organizations

Individuals

Politicians

Hub layout: Politicians in center, donors arranged by type in rings around them.

Showing 61 nodes and 32 connections (47 secondary connections hidden)

Total contributions: $1,638,492

Top Donors - Sen. Paul, Rand [R-KY]

Showing top 19 donors by contribution amount

19 Individuals

Industry Impact

Which industries are materially affected by specific provisions in this bill. 2 helped.

+Commercial Banksconfidence 0.90
Section 2(c) repeals limitations on audits of the Federal Reserve, increasing transparency and oversight, which benefits commercial banks by reducing uncertainty and potential hidden risks in Fed operations.
+Private Equity & Hedge Fundsconfidence 0.85
Greater audit transparency of the Federal Reserve reduces systemic opacity, which benefits private equity and hedge funds by improving market predictability and reducing tail risks associated with undisclosed Fed activities.

Who funds the sponsor on these industries

For each industry this bill affects, here's what the sponsor (Sen. Paul, Rand [R-KY])received from donors associated with that industry during the 2022–present cycles. Donations are not proof of intent — they are a record of who funds the people writing the law.

Industries this bill HELPS

Commercial Banks$1,849
from 67 contributions
- LIBBY, WILLIAM$499
- CARMER, CATHERINE$450
- TERESHIN, IGOR$450
- BRODERICK, THOMAS ANTHONY MR.$300
- JOHNSTON, JANE$150
Private Equity & Hedge Funds$600
from 12 contributions
- LIN, BERNARD BERNARD$300
- LIN, P. BERNARD$300

Project 2025 Policy Matches

This bill shows semantic similarity to the following sections of the Project 2025 policy document.AI-enhanced analysis provides detailed alignment ratings.

Financial Regulatory Agencies

Strong

Vector: 67%

Pages: 875-878AI Enhanced

AI Analysis:

"The bill’s mandate for a GAO audit of the Federal Reserve to enhance transparency and accountability aligns with Project 2025’s broader goal of increasing oversight and scrutiny of financial regulatory agencies."

Key themes:financial regulatory oversighttransparency and accountabilityGAO auditFederal Reservecongressional oversight

Financial Regulatory Agencies

Strong

Vector: 67%

Pages: 875-878AI Enhanced

AI Analysis:

"The bill's goal of increasing transparency and accountability of the Federal Reserve through a GAO audit aligns with Project 2025's broader emphasis on enhancing oversight and transparency of financial regulatory agencies, even though the Project 2025 text focuses more on the CFPB and SEC."

Key themes:transparencyaccountabilityauditfinancial regulatory oversightregulatory reform

— 842 — Mandate for Leadership: The Conservative Promise 19. Burton, “Improving Entrepreneurs’ Access to Capital: Vital for Economic Growth”; Campbell, “The Case for Federal Pre-Emption of State Blue Sky Laws.” 20. David R. Burton, “Why the SEC’s Consolidated Audit Trail Is a Bad Idea,” Heritage Foundation Commentary, December 5, 2019, https://www.heritage.org/monetary-policy/commentary/why-the-secs-consolidated- audit-trail-bad-idea; Hester M. Peirce, Commissioner, U.S. Securities and Exchange Commission, “Statement on the Order Granting Temporary Conditional Exemptive Relief from Certain Requirements of the National Market System Plan Governing the Consolidated Audit Trail,” July 8, 2022, https://www.sec.gov/news/ statement/peirce-statement-consolidated-audit-trail-070822 (accessed February 20, 2023). 21. Peirce, “It’s Not Just Scope 3: Remarks at the American Enterprise Institute”; Uyeda, “Remarks at the 2022 Cato Summit on Financial Regulation.” 22. David R. Burton, “How Dodd–Frank Mandated Disclosures Harm, Rather than Protect, Investors,” Heritage Foundation Issue Brief No. 4526, March 10, 2016, http://thf-reports.s3.amazonaws.com/2016/IB4526.pdf. 23. For a detailed discussion of SEC administration, see Burton, “Reforming the Securities and Exchange Commission.” 24. See, for example, Andrew N. Vollmer, “Accusers as Adjudicators in Agency Enforcement Proceedings,” University of Michigan Journal of Law Reform, Vol. 52, No. 1 (Fall 2018), pp. 103–155, https://repository.law. umich.edu/cgi/viewcontent.cgi?article=1602&context=mjlr (accessed February 20, 2023). 25. 7 U.S.C. § 1a(9), https://www.law.cornell.edu/uscode/text/7/1a (accessed February 20, 2023). 26. Or the CFTC can undertake a rulemaking. 27. 7 U.S.C. § 2(i), https://www.law.cornell.edu/uscode/text/7/2 (accessed February 20, 2023). 28. 7 U.S.C. § 7b–3, https://www.law.cornell.edu/uscode/text/7/7b-3 (accessed February 20, 2923). 29. Commodity Futures Trading Commission, “Cross-Border Application of the Registration Thresholds and Certain Requirements Applicable to Swap Dealers and Major Swap Participants,” Final Rule, Federal Register, Vol. 85, No. 178 (September 14, 2020), pp. 56924–57016, https://www.govinfo.gov/content/pkg/FR-2020-09- 14/pdf/2020-16489.pdf (accessed February 21, 2023). 30. Commodity Futures Trading Commission, “Interpretive Guidance and Policy Statement Regarding Compliance with Certain Swap Regulations,” Federal Register, Vol. 78, No. 144 (July 26, 2013), pp. 45292–45374, https:// www.cftc.gov/sites/default/files/idc/groups/public/@lrfederalregister/documents/file/2013-17958a.pdf (accessed February 21, 2023). 31. Commodity Futures Trading Commission, “Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants—Cross-Border Application of the Margin Requirements,” Final Rule, Federal Register, Vol. 81, No. 104 (May 31, 2016), pp. 34818–34854, https://www.govinfo.gov/content/pkg/FR-2016-05-31/ pdf/2016-12612.pdf (accessed February 21, 2023). 32. H.R. 4173, Dodd–Frank Wall Street Reform and Consumer Protection Act, Public Law 111–203, 111th Congress, July 21, 2010, Title X, https://www.congress.gov/111/plaws/publ203/PLAW-111publ203.pdf (accessed March 23, 2023). See also Consumer Financial Protection Bureau, “About Us,” https://www.consumerfinance.gov/about- us/ (accessed March 23, 2023). 33. See, for example, Paul Sperry, “Trump Is Finally Fixing This Economy-Killing Agency,” New York Post, December 2, 2017, https://nypost.com/2017/12/02/trump-is-finally-fixing-this-economy-killing-agency/ (accessed March 23, 2023). See also Jeb Hensarling “How We’ll Stop a Rogue Federal Agency,” The Wall Street Journal, February 8, 2017, https://www.wsj.com/articles/how-well-stop-a-rogue-federal- agency-1486597413 (accessed March 23, 2023), and H.R. 3389, CFPB Slush Fund Elimination Act of 2013, 113th Congress, introduced October 30, 2013, https://www.congress.gov/113/bills/hr3389/BILLS-113hr3389ih.pdf (accessed March 23, 2023). 34. Editorial, “CFPB Joins Justice in Shaking Down Banks for Democrat Activist Groups,” Investor’s Business Daily, June 17, 2015, https://www.investors.com/politics/editorials/cfpb-diverts-civil-penalty-funds-to-democrat- activist-groups/ (accessed March 23, 2023). 35. Table, “Budget by Program,” in Consumer Financial Protection Bureau, Annual Performance Plan and Report, and Budget Overview, February 2023, p. 15, https://files.consumerfinance.gov/f/documents/cfpb_ performance-plan-and-report_fy23.pdf (accessed March 23, 2023). 36. Table, “FTE by Program,” in ibid., p. 16. — 843 — Financial Regulatory Agencies 37. Table 7, “Civil Penalty Fund Significant Activity,” in Consumer Financial Protection Bureau, Financial Report of the Consumer Financial Protection Bureau, Fiscal Year 2022, November 15, 2022, p. 21, https://files. consumerfinance.gov/f/documents/cfpb_financial-report_fy2022.pdf (accessed March 23, 2023). 38. Ibid. 39. Consumer Financial Protection Bureau, Financial Report of the Consumer Financial Protection Bureau, Fiscal Year 2022, p. 20. 40. 12 U.S. Code § 5491, https://www.law.cornell.edu/uscode/text/12/5491 (accessed March 23, 2023). 41. Consumer Financial Protection Bureau, “Bureau Structure,” last updated March 15, 2023, https://www. consumerfinance.gov/about-us/the-bureau/bureau-structure/ (accessed March 23, 2023). 42. See Consumer Financial Protection Bureau, “Consumer Financial Civil Penalty Fund Rule,” https://www. consumerfinance.gov/rules-policy/final-rules/consumer-financial-civil-penalty-fund-rule/ (accessed March 23, 2023). 43. Consumer Financial Protection Bureau, “Civil Penalty Fund: Consumer Education and Financial Literacy,” https://www.consumerfinance.gov/enforcement/payments-harmed-consumers/civil-penalty-fund/consumer- education-financial-literacy/ (accessed March 23, 2023). 44. U.S. Government Accountability Office, Consumer Financial Protection Bureau: Opportunity Exists to Improve Transparency of Civil Penalty Fund Activities, GAO-14-551, June 2014, https://www.gao.gov/assets/gao-14-551. pdf (accessed March 23, 2023). 45. Seila Law LLC v. Consumer Financial Protection Bureau, 591 U.S. ___ (2020), https://www.supremecourt.gov/ opinions/19pdf/19-7_n6io.pdf (accessed March 23, 2023). 46. Ibid., p. 37. 47. See 12 U.S. Code § 5497(a)(1), https://www.law.cornell.edu/uscode/text/12/5497 (accessed March 23, 2023). Congress specified that the amount transferred to the CFPB “shall not exceed” 12 percent “of the total operating expenses of the Federal Reserve System…in fiscal year 2013, and in each year thereafter.” Ibid., § 5497(2)(A)(iii). 48. Community Financial Services Association of America v. Consumer Financial Protection Bureau (5th Cir. 2022), pp. 31–32, https://www.ca5.uscourts.gov/opinions/pub/21/21-50826-CV0.pdf (accessed March 23, 2023). 49. Ibid., p. 32. 50. Ibid. (quoting Seila Law LLC v. CFPB, 140 S. Ct. 2183, 2202 n. 8 (2020)). 51. U.S. Supreme Court, “Order List: 598 U.S.,” February 27, 2023, Docket No. 22–448, CFPB et al. v. Com. Fin. Services Assn., et al., https://www.supremecourt.gov/orders/courtorders/022723zor_6537.pdf (accessed March 23, 2023). 52. Devin Watkins, Competitive Enterprise Institute, “Consumer Financial Protection Bureau: Ripe for Reform,” testimony before the Subcommittee on Financial Institutions and Monetary Policy, Committee on Financial Services, U.S. House of Representatives, March 9, 2023, https://docs.house.gov/meetings/BA/ BA20/20230309/115384/HHRG-118-BA20-Wstate-WatkinsD-20230309.pdf (accessed March 23, 2023); Norbert J. Michel, “7 Steps Next Director Can Take to Make the Consumer Financial Protection Bureau Less Awful,” Heritage Foundation Commentary, July 28, 2018, https://www.heritage.org/markets-and-finance/ commentary/7-steps-next-director-can-take-make-the-consumer-financial. 53. The Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation, Federal Reserve, and National Credit Union Administration. Those functions performed by the Office of Thrift Supervision (OTS) prior to Dodd–Frank should be transferred to the OCC since OTS has merged with OCC. 54. See “Section 1071 of the Dodd–Frank Act” in David R. Burton, “Improving Small Business Access to Capital,” Consumer Financial Protection Bureau Symposium on Section 1071 of the Dodd–Frank Act, Small Business Lending Panel, November 6, 2019, https://files.consumerfinance.gov/f/documents/cfpb_burton-written- statement_symposium-section-1071.pdf (accessed March 23, 2023). 55. 5 U.S. Code Chapter 5, https://www.law.cornell.edu/uscode/text/5/part-I/chapter-5 (accessed March 23, 2023). 56. Consumer Financial Protection Bureau, “Administrative Adjudication Proceedings,” https://www. consumerfinance.gov/administrative-adjudication-proceedings/ (accessed March 23, 2023), and 12 Code of Federal Regulations Part 1081—Rules of Practice for Adjudication Proceedings, https://www.law.cornell.edu/ cfr/text/12/part-1081 (accessed March 23, 2023).

Financial Regulatory Agencies

Moderate

Vector: 68%

Pages: 869-871AI Enhanced

AI Analysis:

"The bill's focus on auditing the Federal Reserve aligns with Project 2025's broader critique of unaccountable financial regulatory agencies, particularly the CFPB's funding structure and lack of congressional oversight, reflecting shared concerns about transparency and accountability in financial regulation."

Key themes:financial regulatory oversighttransparency and accountabilitycongressional oversightFederal Reserve accountabilityaudit and reporting requirements

— 837 — Financial Regulatory Agencies l Require the SEC and the CFTC to publish a detailed annual report on SRO supervision. AUTHOR’S NOTE: The preparation of this chapter was a collective enterprise of individuals involved in the 2025 Presidential Transition Project. All contributors to this chapter are listed at the front of this volume, but Paul Atkins, C. Wallace DeWitt, Christopher Iacovella, Brian Knight, Chelsea Pizzola, and Andrew Vollmer deserve special mention. The author alone assumes responsibility for the content of this chapter, and no views expressed herein should be attributed to any other individual. CONSUMER FINANCIAL PROTECTION BUREAU Robert Bowes The Consumer Financial Protection Bureau (CFPB) was authorized in 2010 by the Dodd–Frank Act.32 Since the Bureau’s inception, its status as an “inde- pendent” agency with no congressional oversight has been questioned in multiple court cases, and the agency has been assailed by critics33 as a shakedown mecha- nism to provide unaccountable funding to leftist nonprofits politically aligned with those who spearheaded its creation. In 2015, for example, Investor’s Business Daily accused the CFPB of “diverting potentially millions of dollars in settlement payments for alleged victims of lending bias to a slush fund for poverty groups tied to the Democratic Party” and plan- ning “to create a so-called Civil Penalty Fund from its own shakedown operations targeting financial institutions” that would use “ramped-up (and trumped-up) anti-discrimination lawsuits and investigations” to “bankroll some 60 liberal non- profits, many of whom are radical Acorn-style pressure groups.”34 The CFPB has a fiscal year (FY) 2023 budget of $653.2 million35 and 1,635 full- time equivalent (FTE) employees.36 From FY 2012 through FY 2020, it imposed approximately $1.25 billion in civil money penalties;37 in FY 2022, it imposed approximately $172.5 million in civil money penalties.38 These penalties are imposed by the CFPB Civil Penalty Fund, described as “a victims relief fund, into which the CFPB deposits civil penalties it collects in judicial and administrative actions under Federal consumer financial laws.”39 The CFPB is headed by a single Director who is appointed by the President to a five-year term.40 Its organizational structure includes five divisions: Operations; Consumer Education and External Affairs; Legal; Supervision, Enforcement and Fair Lending; and Research, Monitoring and Regulations.41 Each of these divisions reports to the Office of the Director, except for the Operations Division, which reports to the Deputy Director. Passage of Title X of Dodd–Frank was a bid to placate concern over a series of regulatory failures identified in the wake of the 2008 financial crisis. The law imported a new superstructure of federal regulation over consumer finance and — 838 — Mandate for Leadership: The Conservative Promise mortgage lending and servicing industries traditionally regulated by state bank- ing regulators. Consumer protection responsibilities previously handled by the Office of the Comptroller of the Currency, Office of Thrift Supervision, Federal Deposit Insurance Corporation, Federal Reserve, National Credit Union Admin- istration, and Federal Trade Commission were transferred to and consolidated in the CFPB, which issues rules, orders, and guidance to implement federal consumer financial law. The CFPB collects fines from the private sector that are put into the Civil Pen- alty Fund.42 The fund serves two ostensible purposes: to compensate the victims whom the CFPB perceives to be harmed and to underwrite “consumer education” and “financial literacy” programs.43 How the Civil Penalty Fund is spent is at the discretion of the CFPB Director. The CFPB has been unclear as to how it decides what “consumer education” or “financial literacy programs” to fund.44 As noted, critics have charged that money from the Civil Penalty Fund has ended up in the pockets of leftist activist organizations. In Seila Law LLC v. Consumer Financial Protection Bureau,45 the Supreme Court of the United States held that the CFPB’s leadership by a single individual remov- able only for inefficiency, neglect, or malfeasance violated constitutional separation of powers requirements because “[t]he Constitution requires that such officials remain dependent on the President, who in turn is accountable to the people.”46 The CFPB Director is thus subject to removal by the President. The CFPB is not subject to congressional oversight, and its funding is not determined by elected lawmakers in Congress as part of the typical congressional appropriations process. It receives its funding from the Federal Reserve, which is itself funded outside the appropriations process through bank assessments. CFPB funding represents 12 percent of the total operating expenses of the Fed- eral Reserve and is disbursed by the unelected Board of Governors of the Federal Reserve System.47 This is not the case with respect to any other federal agency. On October 19, 2022, in Community Financial Services Association of America v. Consumer Financial Protection Bureau, the U.S. Court of Appeals for the Fifth Circuit held that the CFPB’s “perpetual insulation from Congress’s appropriations power, including the express exemption from congressional review of its funding, renders the Bureau ‘no longer dependent and, as a result, no longer accountable’ to Congress and, ultimately, to the people”48 and that “[b]y abandoning its ‘most complete and effectual’ check on ‘the overgrown prerogatives of the other branches of the government’—indeed, by enabling them in the Bureau’s case—Congress ran afoul of the separation of powers embodied in the Appropriations Clause.”49 The Court further remarked that the CFPB’s “capacious portfolio of authority acts ‘as a mini legislature, prosecutor, and court, responsible for creating substantive rules for a wide swath of industries, prosecuting violations, and levying knee-buckling penalties against private citizens.’”50

Financial Regulatory Agencies

Moderate

Vector: 68%

Pages: 872-874AI Enhanced

AI Analysis:

"Both the bill and the Project 2025 policy emphasize increasing transparency and accountability of financial regulators, though the bill targets the Federal Reserve while Project 2025 focuses on reforming or abolishing the CFPB. They share themes of oversight, reducing unchecked agency power, and promoting greater congressional scrutiny."

Key themes:transparencyaccountabilityaudit/oversightregulatory reformlimiting unchecked agency power

— 839 — Financial Regulatory Agencies On February 27, 2023, the Supreme Court granted the petition for a writ of certiorari.51 The Court should issue its final decision by 2024. The CFPB is a highly politicized, damaging, and utterly unaccountable federal agency.52 It is unconstitutional. Congress should abolish the CFPB and reverse Dodd–Frank Section 1061, thus returning the consumer protection function of the CFPB to banking regulators53 and the Federal Trade Commission. Provided the Supreme Court affirms the Fifth Circuit holding in Community Financial Ser- vices Association of America, the next conservative President should order the immediate dissolution of the agency—pull down its prior rules, regulations and guidance, return its staff to their prior agencies and its building to the General Services Administration. Until this can be accomplished, however, Congress should: l Ensure that any civil penalty funds not used to recompense wronged consumers go to the Department of the Treasury. The funds should not be retained by the Bureau to be dispensed at the pleasure of the Director— potentially to political actors. Moreover, the CFPB should not have a financial incentive to impose penalties. l Repeal Dodd–Frank Section 1071. This section, which relates to small- business data collection, imposes requirements on financial institutions’ lending to small firms, raises costs, and limits small businesses’ access to capital.54 l Require that no CFPB funds are spent on enforcement actions that are not based on a rulemaking that complies with the Administrative Procedure Act.55 l Require that respondents in administrative actions be allowed to elect whether an adjudication occurs in an administrative law court or an ordinary Article III federal court.56 l Specify the nature of “deceptive, unfair, and abusive” practices to define the scope of the CFPB mission more precisely. — 840 — Mandate for Leadership: The Conservative Promise ENDNOTES 1. H.R. 5480, Securities Act of 1933, Public Law No. 73-22, 73rd Congress, May 27, 1933, https://govtrackus. s3.amazonaws.com/legislink/pdf/stat/48/STATUTE-48-Pg74.pdf (accessed February 20, 2023). 2. H.R. 9323, Securities Exchange Act of 1934, Public Law No. 73-291, 73rd Congress, June 6, 1934, https:// govtrackus.s3.amazonaws.com/legislink/pdf/stat/48/STATUTE-48-Pg881a.pdf (accessed February 20, 2023). 3. Mark T. Uyeda, Commissioner, U.S. Securities and Exchange Commission, “Remarks at the 2022 Cato Summit on Financial Regulation,” November 17, 2022, https://www.sec.gov/news/speech/uyeda-remarks- cato-summit-financial-regulation-111722 (accessed February 20, 2023); Hester M. Peirce, Commissioner, U.S. Securities and Exchange Commission, “It’s Not Just Scope 3: Remarks at the American Enterprise Institute,” December 7, 2022, https://www.sec.gov/news/speech/peirce-remarks-american-enterprise-institute-120722 (accessed February 20, 2023); comment letter from David R. Burton to Vanessa A. Countryman, Secretary, Securities and Exchange Commission, “Re: The Enhancement and Standardization of Climate-Related Disclosures for Investors [File No. S7-10-2; Release No. 33-11042; RIN 3235-AM87],” June 17, 2022, https://www. sec.gov/comments/s7-10-22/s71022-20131980-302443.pdf (accessed February 20, 2023). 4. Size would probably be measured best by public float or the number of beneficial owners. 5. See David R. Burton, “Securities Disclosure Reform,” Heritage Foundation Backgrounder No. 3178, February 13, 2017, https://www.heritage.org/sites/default/files/2017-02/BG3178.pdf; David R. Burton, “Offering and Disclosure Reform,” Chapter 11 in Reframing Financial Regulation: Enhancing Stability and Protecting Consumers, ed. Hester Peirce and Benjamin Klutsey (Arlington, VA: Mercatus Center at George Mason University, 2016), pp. 277–315, https://www.mercatus.org/research/books/reframing-financial-regulation (accessed February 20, 2023); Andrew N. Vollmer, “Investor-Friendly Securities Reform to Increase Economic Growth,” Securities Regulation & Law Report, Bloomberg BNA, Vol. 49, June 5, 2017. 6. See, for example, David R. Burton, “Reforming the Securities and Exchange Commission,” Heritage Foundation Backgrounder No. 3378, January 30, 2019, https://www.heritage.org/sites/default/files/2019-01/ BG3378.pdf; Andrew N. Vollmer, “Testimony on Workforce Management Disclosures and Other SEC Issues,” submitted to the Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets, Committee on Financial Services, U.S. House of Representatives, December 6, 2022, https://www.congress.gov/117/ meeting/house/115227/witnesses/HHRG-117-BA16-Wstate-VollmerA-20221208.pdf (accessed February 20, 2023); David R. Burton, “Reforming FINRA,” Heritage Foundation Backgrounder No. 3181, February 1, 2017, https://www.heritage.org/sites/default/files/2017-02/BG3181.pdf; Hester Peirce, “The Financial Industry Regulatory Authority: Not Self-Regulation After All,” Mercatus Center at George Mason University Working Paper, January 2015, https://www.mercatus.org/research/working-papers/financial-industry-regulatory- authority-not-self-regulation-after-all (accessed February 20, 2023); Thaya Brook Knight, “Transparency and Accountability at the SEC and at FINRA,” Chapter 11 in Prosperity Unleashed: Smarter Financial Regulation, ed. Norbert J. Michel, (Washington: The Heritage Foundation, 2017) https://www.heritage.org/sites/default/ files/2017-02/11_ProsperityUnleashed_Chapter11.pdf. 7. Reorganization Plan No. 10 of 1950, U.S. Code Title 5—Appendix, Reorganization Plans, http://uscode.house. gov/view.xhtml?req=granuleid:USC-prelim-title5a-node84-leaf114&num=0&edition=prelim (accessed February 20, 2023). 8. The board or commission should evaluate the regulatory functions of the National Securities Exchanges, Registered Securities Future Product Exchanges, Registered Clearing Agencies (such as the Depository Trust Company (DTC), the National Securities Clearing Corporation (NSCC) and the Options Clearing Corporation (OCC)), the Municipal Securities Rulemaking Board (MSRB) and the National Futures Association (NFA). This board or commission should have a broad composition and permit minority reports. 9. Boyden Gray & Associates, Comments Submitted on Behalf of Alliance for Fair Board Recruitment Concerning the Nasdaq Stock Market LLC; Notice of Filing of Proposed Rule Change to Adopt Listing Rules Related to Board Diversity, Amendment No. 1, File No. SR-NASDAQ-2020-081, April 6, 2021 https://www.sec.gov/ comments/sr-nasdaq-2020-081/srnasdaq2020081-8639478-230941.pdf (accessed February 20, 2023); David R. Burton, “Nasdaq’s Proposed Board-Diversity Rule Is Immoral and Has No Basis in Economics,” Heritage Foundation Backgrounder No. 3591, March 9, 2021, https://www.heritage.org/sites/default/ files/2021-03/BG3591_0.pdf. The SEC is contemplating at least two rules that can be expected to require differential treatment based on race, sex, ethnicity, and so on. See Executive Office of the President, Office

Federal Reserve

Weak

Vector: 69%

Pages: 773-775AI Enhanced

AI Analysis:

"The bill focuses on auditing the Federal Reserve for greater transparency, while Project 2025's Federal Reserve section calls for a commission to examine the Fed's mission and alternatives and to block a CBDC. The audit supports oversight but does not directly address those specific objectives, resulting in only weak thematic alignment."

Key themes:Federal Reserve oversighttransparencyaccountability

— 741 — Federal Reserve l Appoint a commission to explore the mission of the Federal Reserve, alternatives to the Federal Reserve system, and the nation’s financial regulatory apparatus. l Prevent the institution of a central bank digital currency (CBDC). A CBDC would provide unprecedented surveillance and potential control of financial transactions without providing added benefits available through existing technologies.34 AUTHOR’S NOTE: The preparation of this chapter was a collective enterprise of individuals involved in the 2025 Presidential Transition Project. All contributors to this chapter are listed at the front of this volume, but Alexander Salter, Judy Shelton, and Peter St Onge, deserve special mention. The chapter reflects input from all the contributors, however, no views expressed herein should be attributed to any specific individual. — 742 — Mandate for Leadership: The Conservative Promise ENDNOTES 1. U.S. Constitution, Article 1, Section 8, https://www.law.cornell.edu/constitution (accessed January 23, 2023). 2. For example, Alexander Salter and Daniel Smith (2019) show that Federal Reserve Chairs become more favorable toward monetary discretion once they are confirmed compared to previous stances. Alexander William Salter and Daniel J. Smith, “Political Economists or Political Economists? The Role of Political Environments in the Formation of Fed Policy Under Burns, Greenspan, and Bernanke,” Quarterly Review of Economics and Finance, Vol. 71 (February 2019), pp. 1–13. 3. Sarah Binder, “The Federal Reserve as a ‘Political’ Institution,” American Academy of Arts and Sciences Bulletin, Vol. LXIX, No. 3 (Spring 2016), pp. 47–49, https://www.amacad.org/sites/default/files/bulletin/ downloads/bulletin_Spring2016.pdf (accessed January 23, 2023). See also Charles L. Weise, “Political Pressures on Monetary Policy During the US Great Inflation,” American Economic Journal: Macroeconomics, Vol. 4, No. 2 (April 2012), pp. 33–64, https://www.haverford.edu/sites/default/files/Department/Economics/ Weise_Political_Pressures_on%20Monetary_Policy.pdf (accessed January 23, 2023). 4. The Federal Reserve’s financial stability mandate is poorly defined. The Fed has taken advantage of the statutory vagueness and proceeded as if it has the authority to engage in these activities, although it is highly questionable whether this is permissible. 5. 12 U.S.C. § 225a, https://www.law.cornell.edu/uscode/text/12/225a (accessed January 23, 2023). 6. See Peter J. Boettke, Alexander William Salter, and Daniel J. Smith, Money and the Rule of Law: Generality and Predictability in Monetary Institutions (Cambridge, UK: Cambridge University Press, 2021). 7. George Selgin, William D. Lastrapes, and Lawrence H. White, “Has the Fed Been a Failure?” Journal of Macroeconomics, Vol. 34, No. 3 (September 2012), pp. 569–596, https://www.sciencedirect.com/science/ article/abs/pii/S0164070412000304 (accessed January 24, 2023). 8. This includes federal programs that automatically provide for adjustments as the economy contracts (for example, unemployment insurance or the Supplemental Nutrition Assistance Program). 9. Mark Segal, “Fed to Launch Climate Risk Resilience Tests with Big Banks,” ESG Today, September 30, 2022, https://www.esgtoday.com/fed-to-launch-climate-risk-resilience-tests-with-big-banks/ (accessed January 23, 2023). 10. Kenneth J. Robinson, “Savings and Loan Crisis 1980–1989,” Federal Reserve Bank of St. Louis, Federal Reserve History, November 22, 2013, https://www.federalreservehistory.org/essays/savings-and-loan-crisis (accessed January 23, 2023). 11. Russell Roberts, “Gambling with Other People’s Money: How Perverted Incentives Caused the Financial Crisis,” Mercatus Center at George Mason University, May 2010, https://www.mercatus.org/system/files/RUSS-final. pdf (accessed January 24, 2023). 12. Board of Governors of the Federal Reserve System, Credit and Liquidity Programs Balance Sheet Data Series, 2007–2022, https://www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm (accessed January 24, 2023). 13. Board of Governors of the Federal Reserve System, U.S. Treasury Securities Data Series (TREAST), 2004–2022, https://fred.stlouisfed.org/series/TREAST (accessed January 24, 2023). 14. Board of Governors of the Federal Reserve System, Mortgage-Backed Securities Data Series (WSHOMCB), 2004–2022, https://fred.stlouisfed.org/series/WSHOMCB (accessed January 24, 2023). 15. Board of Governors of the Federal Reserve System, Total Assets (Less Eliminations from Consolidation) Data Series (WALCL), 2004–2022, https://fred.stlouisfed.org/series/WALCL (accessed January 24, 2023). 16. Federal Reserve Bank of St. Louis, “S&P Dow Jones Indices LLC, S&P/Case–Shiller U.S. National Home Price Index (CSUSHPINSA),” https://fred.stlouisfed.org/series/CSUSHPINSA (accessed January 24, 2023). The Case–Shiller Home Price Index tracks home prices given a constant level of quality. See S&P Dow Jones Indices, “Real Estate: S&P CoreLogic Case–Shiller Home Price Indices,” https://www.spglobal.com/spdji/en/index-family/indicators/sp- corelogic-case-shiller/sp-corelogic-case-shiller-composite/#overview (accessed January 24, 2023). 17. Federal Reserve Bank of St. Louis, “Real Residential Property Prices for United States (QUSR628BIS),” https:// fred.stlouisfed.org/series/QUSR368BIS (accessed January 24, 2023). 18. Longterm Trends, “Home Price to Income Ratio (US & UK): Home Price to Median Household Income Ratio (US),” https://www.longtermtrends.net/home-price-median-annual-income-ratio/ (accessed January 24, 2023).

Showing 3 of 5 policy matches

About These Correlations

Policy matches are calculated using a hybrid approach: initial candidates are found using semantic similarity between bill summaries and Project 2025 policy text, then an AI model (Llama 3.1 70B) provides detailed alignment ratings and analysis. Ratings range from 1 (minimal alignment) to 5 (very strong alignment). This analysis does not imply direct causation or intent.

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