This legislation, titled the Federal Reserve Financial Accountability and Transparency Act, amends the Federal Reserve Act to significantly expand the reporting requirements for the Board of Governors' annual report. Its primary goal is to enhance transparency regarding the operations and expenditures of the Federal Reserve System. The bill mandates that the annual report include detailed information on annual expenditures and full-time equivalent employees for each Federal Reserve Bank. These disclosures must cover specific categories such as supervision activities legal functions operational services financial stability and open market operations administrative functions economic research and engagement with international cooperative bodies . Furthermore, the report must identify the three most important research areas for both the Board and each Federal Reserve Bank, based on expenditures and staffing. Finally, it requires the disclosure of annual expenditures dedicated to each proposed or finalized rule, guidance, and policy statement from the previous year, with these amendments taking effect two years after enactment.