This legislation, known as the "Right-size the Federal Reserve Act," seeks to significantly restrict the size and operations of the Federal Reserve. Its primary provision establishes a cap on the total aggregate assets of all Federal Reserve banks, limiting them to no more than 10 percent of the United States' Gross Domestic Product (GDP), with this limitation taking effect ten years after enactment. The bill further mandates the elimination of the Overnight Reverse Repurchase Facility within one year of enactment, prohibiting the creation of similar facilities in the future. It also requires the Federal Reserve to submit annual reports to Congress detailing interest payments made to foreign-owned banks and financial institutions. Additionally, the legislation amends existing law to ensure that reserve requirements are not lower than those in effect on March 25, 2020, and clarifies that interest on reserves applies only to required reserves. The Federal Reserve Board is also tasked with providing annual reports outlining its plan and timeline for meeting these new statutory requirements.