FRAME Act
The FRAME Act would add a strong congressional veto mechanism to large-capital expenditures by the Federal Reserve. Specifically, any Federal Reserve capital expenditure over $100 million could be blocked if Congress enacts a joint resolution disapproving the expenditure within 60 days after receiving a request from the Fed. If Congress does not pass such a resolution within that window, the Federal Reserve may proceed with the expenditure. The bill also creates a streamlined, “fast-track” process in both the House and the Senate to consider and pass these joint resolutions, with strict procedural rules to minimize debate and maximize speed. In practice, the bill shifts major spending decisions by the Fed from the executive/administrative realm to Congress, at least for large, capital-focused spending. It preserves the Fed’s ability to proceed with smaller expenditures (below the threshold) unless disapproved, but it creates a defined and expedited path for congressional review and potential blocking of major projects. The law is framed as increasing accountability for “major expenditures” while imposing procedural hurdles and time constraints on how quickly Congress must act.
Key Points
- 1Threshold and blocking mechanism: Any Federal Reserve capital expenditure over $100 million may be blocked if Congress enacts a joint resolution disapproving it within 60 days of Congress receiving the Fed’s request.
- 2Form and timing of disapproval: A disapproval joint resolution must be introduced within 3 days after receipt of the expenditure request, contain no preamble, have the title “Joint resolution relating to the disapproval of Federal Reserve capital expenditure under the FRAME Act,” and end with the clause “That Congress disapproves the capital expenditure.”
- 3House fast-track process: If referred to a House committee, the committee must report the joint resolution within 20 days; if not reported, the committee is discharged. The House may proceed to consider the resolution no later than the 24th day after receipt, with limited, non-debatable steps and no amendments to block consideration.
- 4Senate fast-track process: The Senate places the joint resolution on its calendar upon introduction and may proceed within a defined window (roughly from the 16th to the 24th day after receipt), with limited debate (up to 10 hours, split between majorities and minorities), no amendments to delay, and expedited passage rules.
- 5Counting and interactions with the President: The 60-day period for disapproval excludes time during a presidential presentation of the resolution or during a veto process. If the President vetoes, the veto period is also excluded from the 60-day clock, and the floor debate on the veto is limited to 1 hour.