S.1648

Limits Federal Reserve assets and eliminates the Overnight Reserve Repurchase Facility.

The Right-size the Federal Reserve Act limits the total assets of all Federal reserve banks to no more than 10 percent of the gross domestic product of the United States. This limitation takes effect 10 years after the enactment of this section. The Board of Governors of the Federal Reserve System must eliminate the Overnight Reserve Repurchase Facility within one year of enactment and may not create a similar facility. The Board must also report annually to Congress on the plan and timeline for meeting these requirements.