The bill’s co-sponsors include Senators Kevin Cramer (R-N.D.), Mike Lee (R-Utah), Cynthia Lummis (R-Wyo.), Thom Tillis (R-N.C.), Bill Hagerty (R-Tenn.), and Ted Cruz (R-Texas), according to the release.

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The bill makes the presidents of Fed regional banks presidentially appointed, Senate-confirmed positions. It will also make the Fed’s General Counsel — a powerful position that has been called the “eighth governor” of the Fed’s Board of Governors—a presidentially-appointed, Senate-confirmed position.

It will also apply the federal Anti-Lobbying Act to the Fed regional banks and the Fed Board of Governors so that federal resources cannot be used for political lobbying at the state or federal level.

“Despite their narrow and non-partisan statutory mandates, the Fed and regional Fed banks have increasingly inserted themselves into politically-charged issues like global warming and social justice,” said Sen. Pat Toomey. “Congress has a responsibility to ensure the Fed does not become a political actor. This legislation will further that important goal by reforming the Fed to make it more accountable to Congress and the American people,” he added.

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