Federal Reserve System publishes proposed rule on July 18

The US Federal Reserve System published a three page proposed rule on July 18, according to the U.S. Government Publishing Office.

The proposed rule is focused on Truth in Lending Act and Real Estate Settlement Procedures Act; Simplification and Improvement of Consumer Disclosures.

The Federal Reserve is the US's central bank, expanding many times during great financial uncertainty and panic. It has faced numerous criticisms since its creation in 1913, such as making the Great Depression worse and for lacking transparency and audits.

Notices are required documents detailing rules and regulations being proposed by each federal department. This allows the public to see what issues legislators and federal departments are focusing on.

Any person or organization can comment on the proposed rules. Departments and agencies must then address “significant issues raised in comments and discuss any changes made,” the Federal Register says.

Notices published by the Federal Reserve System on July 18