December 15, 2025
Mr. Gallego (for himself and Mr. Tillis) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
To amend the Federal Reserve Act to codify modern communication practices, enhance transparency, and improve accountability within the Federal Reserve System, and for other purposes.
Section 1. Short title
This Act may be cited as the Fed Forward Act of 2025
.
Sec. 2. Sense of Congress
(a) Sense of Congress
It is the sense of Congress that—
(1)
the role, structure, and communication practices of the Federal Reserve System have evolved significantly since establishment of the Federal Reserve System in 1913, with Congress periodically updating the Federal Reserve Act (12 U.S.C. 226 et seq.) to respond to changing economic conditions and policy priorities and to incorporate lessons learned and best practices;
(2)
the communication practices of the Federal Reserve System have shifted from limited disclosure to greater transparency through regular announcements, press conferences, and projections, which has improved public understanding of monetary policy and helped to anchor inflation expectations;
(3)
clear and consistent communication strengthens the ability of the Federal Reserve System to achieve its congressionally mandated goals of price stability, maximum employment, and stable long-term interest rates by reducing uncertainty, enhancing the effectiveness of policy, and supporting informed decision-making by households and businesses; and
(4)
Congress should codify modern, effective communication practices and accountability standards that reflect lessons learned and support the long-term credibility and effectiveness of the Federal Reserve System to promote good governance, public trust, and institutional resilience.
Sec. 3. Transparency in Communication
Section 12A of the Federal Reserve Act (12 U.S.C. 263) is amended—
(1)
in subsection (a), in the fifth sentence, by striking at least four times each year
and inserting once every 8 weeks, or more often as needed,
; and
(2)
by adding at the end the following:
(d)
(1)
On the day of each meeting described in the fifth sentence of subsection (a), the Committee shall release to the public a policy statement containing information on the current state of the economy and how it relates to monetary policy and the level of the Federal funds target range, and shall hold a press conference, during which the Chair, or an individual delegated by the Chair, shall be available to answer questions.
(2)
Not later than 21 days after the conclusion of each meeting described in paragraph (1), the Committee shall release the minutes of the meeting to the public.
Sec. 4. Monetary Policy Framework Review
The Federal Reserve Act (12 U.S.C. 226 et seq.) is amended by adding at the end the following:
33. Monetary Policy Framework Review
Not later than 5 years after the date of enactment of this section, and every 5 years thereafter, the Board of Governors shall perform a public review of the monetary policy framework of the Federal Reserve System, including the strategy, tools, and communications the Board of Governors uses to achieve the policy described in section 2A.
Sec. 5. Financial Stability Report
The Federal Reserve Act (12 U.S.C. 226 et seq.), as amended by section 4, is further amended by adding at the end the following:
34. Financial Stability Report
Not later than 180 days after the date of enactment of this section, and every 180 days thereafter, the Board of Governors shall prepare and release to the public a Financial Stability Report that summarizes the framework used by the Board of Governors to assess the resilience of the financial system of the United States and presents a current assessment of the resilience of the financial system of the United States.