{"database": "press", "table": "releases", "rows": [["https://www.gallego.senate.gov/news/press-releases/gallego-tillis-introduce-bill-to-promote-transparency-and-public-trust-at-the-federal-reserve/", "Gallego, Tillis Introduce Bill to Promote Transparency and Public Trust at the Federal Reserve", "2025-12-16", "2025", "2025-12", "Democrat", "Senate", "AZ", "Ruben Gallego", "G000574", "www.gallego.senate.gov", "gallego", "https://www.gallego.senate.gov/newsroom/press-releases/", "scraper", "WASHINGTON \u2013 Today, Senators Ruben Gallego (D-AZ) and Thom Tillis (R-NC) introduced the Fed Forward Act to strengthen transparency, accountability, and public confidence in the Federal Reserve (Fed) by codifying key communication and governance practices that are not currently required by statute.\n\nREAD MORE: Gallego, Tillis team up on Fed bill (Politico Morning Money)\n\n\u201cFrom interest rates on mortgages and credit cards to job growth and inflation, the Fed\u2019s decisions affect every American\u2019s wallet. People deserve clear, consistent communication from the Fed so they can make informed financial decisions,\u201d said Senator Gallego. \u201cWhile the Fed has a strong history of transparency, we shouldn\u2019t leave that tradition up to whoever happens to be in charge. This bill would codify the Fed\u2019s communications practices, strengthen transparency, and protect public trust in this independent agency.\u201d\n\n\u201cClear and consistent communication from the Federal Reserve is essential to public trust and effective monetary policy,\u201d said Senator Tillis. \u201cThe Fed Forward Act modernizes the Federal Reserve Act by strengthening transparency and accountability, while reinforcing Congress\u2019s oversight role and ensuring the Fed\u2019s decisions are communicated with greater clarity. By setting clear expectations around how the Fed explains its actions, this bill helps reduce uncertainty and supports more informed decision-making across our economy.\u201d\n\nThe Fed Forward Act codifies the following practices:\n\nRequiring Federal Open Market Committee (FOMC) meetings at least every eight weeks. Current statute only requires FOMC to meet 4 times a year, whereas tradition is every 8 weeks;\n\nMandating the public release of a policy statement after every FOMC meeting, which would include information about the future direction and level of the federal funds target rate;\n\nRequiring the Fed Chair to hold a press conference and take questions following FOMC meetings and ensure FOMC meeting minutes are released no later than three weeks after policy decisions;\n\nMandating the public release of the semi-annual Financial Stability Report;\n\nMandating the Fed conduct public review of the monetary policy framework every 5 years.\n\nFind a one-page explainer of the bill HERE.\n\nRead the full bill HERE.\n\n12/16/25", 1, "2026-03-30T01:40:41Z", "2026-04-06T20:09:11Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://www.gallego.senate.gov/news/press-releases/gallego-tillis-introduce-bill-to-promote-transparency-and-public-trust-at-the-federal-reserve/"], "units": {}, "query_ms": 1.6761529259383678, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}