This Act may be cited as the Timely Oversight of Operations, Liquidity, Accountability, Targeting, and Effectiveness Act or the TOO LATE Act.

Section 10 of the Federal Reserve Act (12 U.S.C. 241 et seq.U.S. Code — Title 12, Section 241 and followingView official source on GovInfo) is amended— (1) by redesignating paragraph (12) as paragraph (11); and (2) by inserting after paragraph (11), as so redesignated, the following new paragraph: (12) Cause for removal (A) In general The President may remove the Chairman of the Board if, for two consecutive quarters, the Federal funds target rate deviates by more than 200 basis points from the average generated by any two of the following benchmarks during such quarters: (i) The Implicit Price Deflator for Personal Consumption Expenditures. (ii) The difference between the yield of a 5-year Treasury bond and the yield of a 5-year Treasury Inflation-Protected Security. (iii) The difference between estimates of unemployment of the Board and the relative to the projections of the Congressional Budget Office. (B) Procedures Upon the occurrence of a deviation described in subsection (a), the President shall issue a statement providing a justification for removal of the Chair, including references to benchmark data and a discussion of the conduct of monetary policy. Any such statement shall be submitted to Congress and made publicly available. (C) Congressional Oversight Not later than 30 days after the President issues a statement described in subparagraph (B), the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate shall hold hearings analyzing the justification for removal of the Chair. (D) Federal f unds target rate defined The term Federal funds target rate means the upper bound of the target range for the Federal funds rate established by the Federal Open Market Committee..