1. Short title This Act may be cited as the Federal Reserve Regulatory Oversight Act . 2. Bringing the non-monetary policy related functions of the Board of Governors of the Federal Reserve System into the appropriations process (a) In general The Federal Reserve Act is amended by inserting after section 11B the following: 11C. Appropriations requirement for non-monetary policy related administrative costs (a) Appropriations requirement (1) Recovery of costs of annual appropriation The Board of Governors of the Federal Reserve System and the Federal reserve banks shall collect assessments and other fees, as provided under this Act, that are designed to recover the costs to the Government of the annual appropriation to the Board of Governors of the Federal Reserve System by Congress. The Board of Governors of the Federal Reserve System and the Federal reserve banks may only incur obligations or allow and pay expenses with respect to non-monetary policy related administrative costs pursuant to an appropriations Act. (2) Offsetting collections Assessments and other fees described under paragraph (1) for any fiscal year— (A) shall be deposited and credited as offsetting collections to the account providing appropriations to the Board of Governors of the Federal Reserve System