Federal Reserve Banks could no longer buy mortgage-backed securities or Treasury bills that mature in more than three years. The Federal Reserve would also face new accounting rules and yearly reports to Congress.
Modern Action explains what the legislation does, helps you choose whether to support, oppose, or ask for changes, and drafts a message tied to the bill, your stance, and the elected officials who can act on it.
ROI of the Federal Reserve Act is a Senate bill committee Action. The latest recorded action: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Latest action on S. 1647: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Who this affects: This bill mainly affects the Federal Reserve Board, its interest-rate policy committee, and the 12 regional Federal Reserve Banks. They would face limits on new investments and new rules for accounting and reports. Small businesses and middle-class households would not receive direct aid under the bill. However, Congress would get more information about how Federal Reserve policies affect those groups.
Why this matters: The Federal Reserve has used longer-term government debt and mortgage-backed securities to affect interest rates and support markets. This bill could limit those tools during recessions or financial trouble. Using current market prices could make gains and losses easier to see, but reported results may change sharply as markets move. The yearly reports could help Congress track effects on households and small businesses, though the bill does not require any policy change based on them.
You do not have to start with a blank letter. Modern Action turns the bill, your position, and the relevant congressional context into a message you can edit and send. The goal is to make contacting Congress clear, specific, and useful without forcing you to parse bill text or figure out the right office on your own.
Officially: ROI of the Federal Reserve Act
Federal Reserve Banks could no longer buy mortgage-backed securities or Treasury bills that mature in more than three years. The Federal Reserve would also face new accounting rules and yearly reports to Congress.
Use this page to support, oppose, or ask Congress to amend S1647. Modern Action explains what the bill does, helps identify the right senators or representative, and drafts a bill-specific message you can edit and send.
Where it stands
Sitting in Banking
No vote scheduled. Constituent contact is what moves bills out of committee.
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This bill is sitting in committee with no scheduled vote — which means a small number of constituent messages can decide whether it moves forward or quietly dies.
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Where this bill is in the process
Introduced
Introduced in Senate
Senate Committee
Under Senate committee consideration
Latest: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (5/7/2025)
Senate Floor Vote
Voted on by Senate
Passed Senate
Approved by Senate
House Review
Sent to House for consideration
Passed Both Chambers
Approved by both House and Senate
Signed into Law
Signed by the President
For more detail
Choose one clear position: support, oppose, or amend. Then pick any reasons or personal context you want included. Modern Action uses that input and the bill context to draft a message you can edit and send.
Congressional offices prioritize messages from their own constituents. Modern Action uses your address to route the drafted message to your senators when that is the most relevant target for this bill.
The draft includes the bill number, your position, the reasons you selected, any personal context you added, and a direct ask such as voting yes, voting no, cosponsoring, opposing, or seeking changes. You stay in control because you can edit the message before sending.
This page gives you an opportunity to support, oppose, or ask for changes to ROI of the Federal Reserve Act, then contact the elected officials who can act. Modern Action drafts the message from your position and the reasons you select.
Modern Action keeps the action tied to the bill itself: what it does, where it is in the process (Committee Action), which office can still act, and what ask belongs in the message.
You are not starting from a blank form. Modern Action drafts the message around S1647, your stance, and the reasons you choose, then lets you edit and send when ready.
