1. Short title This Act may be cited as the Rein in the Federal Reserve Act . 2. Federal Reserve programs (a) Reporting required for certain programs (1) In general Upon initiating any quantitative easing or tightening program or any emergency lending program under the first or third undesignated paragraph of section 13 of the Federal Reserve Act ( 12 U.S.C. 342 , 343), the Board of Governors of the Federal Reserve System (referred to in this section as the Board of Governors ) shall submit to Congress, the Committee on Banking, Housing, and Urban Affairs of the Senate , and the Committee on Ways and Means of the House of Representatives , and make publicly available, a report on the program. (2) Report frequency With respect to a report under paragraph (1), the Board of Governors shall submit an updated report not less frequently than once every 90 days until— (A) the program to which the report applies ends; and (B) all assets purchased under the program described in subparagraph (A) have been removed from the balance sheet indicating the total assets of the Board of Governors. (3) Report contents A report described in paragraph (1) shall include, with respect to the program to which the report applies— (A) the rationale for initiating the program; (B) an estimated projection of— (i) mark-to-market losses; (ii) any addition of funds to the money supply; (iii) any impact on the amount of the public debt of the Federal Government; and (iv) any potential losses to the taxpayers of the United States; (C) if applicable, an economic impact assessment and projections on the interaction of the program with domestic and global markets; (D) an outline of the pace, size, and specific financial products purchased and anticipated to be purchased under the program