Increasing Financial Regulatory Accountability and Transparency Act
This bill establishes new disclosure, approval, and notification requirements for financial regulators, including the Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System, and the Financial Stability Oversight Council (FSOC).
For example, FDIC must notify Congress prior to taking action or providing certain assistance to an insured depository institution in receivership that risks serious adverse effects on economic conditions or financial stability. Further, the board must disclose on a more frequent basis information about emergency credit facilities, discount window lending programs, and open market operations.
The bill requires congressional approval before subjecting a nonbank financial company to enhanced prudential supervision. Currently, the FSOC makes this determination upon an evaluation and vote that requires two-thirds of the council's approval. The bill also eliminates the emergency exception to this authority that allows the FSOC to waive or modify certain requirements.
The bill establishes qualification requirements for the Vice Chairman for Supervision of the Board of Governors of the Federal Reserve System. Specifically, an individual must have primary experience working in or supervising insured depository institutions, bank holding companies, or savings and loan holding companies.
Finally, the bill requires specified financial agencies to testify in front of and report to the appropriate congressional committees semi-annually regarding the efforts, activities, objectives, and plans for the supervision and regulation of entities under their supervision.
[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3556 Introduced in House (IH)]
<DOC>
118th CONGRESS
1st Session
H. R. 3556
To amend the Federal financial laws to increase financial regulatory
accountability and transparency, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 22, 2023
Mr. Barr (for himself, Mr. Loudermilk, Mr. Fitzgerald, Ms. De La Cruz,
and Mrs. Kim of California) introduced the following bill; which was
referred to the Committee on Financial Services, and in addition to the
Committees on Oversight and Accountability, and Rules, for a period to
be subsequently determined by the Speaker, in each case for
consideration of such provisions as fall within the jurisdiction of the
committee concerned
_______________________________________________________________________
A BILL
To amend the Federal financial laws to increase financial regulatory
accountability and transparency, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``Increasing
Financial Regulatory Accountability and Transparency Act''.
(b) Table of Contents.--The table of contents for this Act is as
follows:
Sec. 1. Short title; table of contents.
TITLE I--ENHANCING FDIC TRANSPARENCY
Sec. 101. Federal Deposit Insurance Corporation transparency.
TITLE II--ENHANCING FEDERAL RESERVE TRANSPARENCY
Sec. 201. Federal Reserve transparency.
TITLE III--ENHANCING FINANCIAL STABILITY OVERSIGHT COUNCIL TRANSPARENCY
Sec. 301. FSOC transparency.
TITLE IV--ESTABLISHING FEDERAL RESERVE VICE CHAIR FOR SUPERVISION
EXPERIENCE REQUIREMENT
Sec. 401. Establishment of requirements to be Vice Chairman for
Supervision.
TITLE V--BANKING REGULATOR ACCOUNTABILITY
Sec. 501. Reports and testimony to Congress on supervision.
TITLE I--ENHANCING FDIC TRANSPARENCY
SEC. 101. FEDERAL DEPOSIT INSURANCE CORPORATION TRANSPARENCY.
Section 13(c) of the Federal Deposit Insurance Act (12 U.S.C. 1823)
is amended--
(1) in paragraph (1)(C), by inserting after ``taken'' the
following: ``after notification to the Committee on Financial
Services of the House of Representatives and the Committee on
Banking, Housing, and Urban Affairs of the Senate and'';
(2) in paragraph (4)--
(A) in subparagraph (B)(i)(I), by striking ``a
present-value'' and inserting ``an expected present-
value''; and
(B) in subparagraph (G)--
(i) in clause (i)--
(I) by inserting ``after
notification to the Committee on
Financial Services of the House of
Representatives and the Committee on
Banking, Housing, and Urban Affairs of
the Senate and'' before ``upon the'';
and
(II) in subclause (II), by striking
``would'' and inserting ``that can be
shown to'';
(ii) in clause (iii)(I), by inserting
before the semicolon the following: ``,
including documentation of factors, empirical
analyses, and data that gave rise to the
determination''; and
(iii) by adding at the end the following:
``(vi) Additional reports to congress on
emergency determinations.--
``(I) In general.--With respect to
each determination under clause (i),
the Board of Directors, the Board of
Governors of the Federal Reserve
System, and the Secretary of the
Treasury shall each provide to the
Committee on Financial Services of the
House of Representatives and the
Committee on Banking, Housing, and
Urban Affairs of the Senate--
``(aa) not later than 3
days after such determination,
all documentation related to
such determination, including
staff analyses and memoranda;
and
``(bb) not later than 30
days after such determination,
any analyses undertaken to
justify such determination,
including data, metrics used,
and quantitative analyses
undertaken.
``(II) Information requested by
committees.--The Secretary of the
Treasury shall provide the Committee on
Financial Services of the House of
Representatives and the Committee on
Banking, Housing, and Urban Affairs of
the Senate with such additional
information related to a determination
under clause (i) as the committees may
request. The Secretary of the Treasury
may submit, with such information, a
written request and justification for
the committees to treat the information
confidentially.''; and
(3) in paragraph (8)(B), after ``in writing'' by inserting
``, shall include details of factors that led to the
determination and analyses of those factors and their
implications''.
TITLE II--ENHANCING FEDERAL RESERVE TRANSPARENCY
SEC. 201. FEDERAL RESERVE TRANSPARENCY.
(a) Federal Reserve Act.--The Federal Reserve Act (12 U.S.C. 221 et
seq.) is amended--
(1) in section 13(3), by adding at the end the following:
``(F) Congressional access to information.--
``(i) In general.--The Board shall make
available to the Committee on Financial
Services of the House of Representatives and
the Committee on Banking, Housing, and Urban
Affairs of the Senate information requested by
such committees related to any credit facility
established by or on behalf of the Federal
Reserve System or a Federal reserve bank and
authorized by the Board under this paragraph.
``(ii) Confidentiality.--With respect to a
request described under clause (i), if the
Chairman of the Board determines that any part
of the requested information needs to remain
confidential and provides written notice of
such determination to the committee making such
request, the Board shall only make that part of
the requested information available to the
chair and ranking member of the committee.'';
and
(2) in the first subsection (s) (related to ``Federal
Reserve Transparency'') of section 11--
(A) in paragraph (2)(B), by striking ``eighth'' and
inserting ``fourth'';
(B) in paragraph (5), by striking ``24-month'' and
inserting ``12-month''; and
(C) in paragraph (7)--
(i) by striking ``This subsection'' and
inserting the following:
``(A) In general.--This subsection'';
(ii) by inserting ``public'' before
``disclosure''; and
(iii) by adding at the end the following:
``(B) Congressional access to information.--
``(i) In general.--The Board shall, upon
request, make the nonpublic personal
information described under subparagraph (A)
available to the Committee on Financial
Services of the House of Representatives and
the Committee on Banking, Housing, and Urban
Affairs of the Senate.
``(ii) Confidentiality.--With respect to a
request described under clause (i), if the
Chairman of the Board determines that any part
of the requested information needs to remain
confidential and provides written notice of
such determination to the committee making such
request, the Board shall only make that part of
the requested information available to the
chair and ranking member of the committee.''.
(b) Dodd-Frank Wall Street Reform and Consumer Protection Act.--
Title XI of the Dodd-Frank Wall Street Reform and Consumer Protection
Act is amended--
(1) in section 1104 (12 U.S.C. 5611)--
(A) in subsection (a)(2)--
(i) in subparagraph (A), by striking
``and'' at the end;
(ii) by redesignating subparagraph (B) as
subparagraph (C); and
(iii) by inserting after subparagraph (A)
the following:
``(B) be transmitted to the chair and ranking
member of the Committee on Financial Services of the
House of Representatives and the chair and ranking
member of the Committee on Banking, Housing, and Urban
Affairs of the Senate; and'';
(B) in subsection (b), by inserting after ``consent
of the Secretary'' the following: ``and notification to
Congress'';
(C) in subsection (c)(2), in the heading, by
inserting ``Congressional review and'' before ``GAO'';
and
(D) by striking subsection (d);
(2) in section 1105 (12 U.S.C. 5612)--
(A) in subsection (c)--
(i) in paragraph (1)--
(I) by inserting ``and upon
notification to Congress'' after ``with
the President'';
(II) by striking ``President may''
and inserting ``President shall''; and
(III) by striking ``amount and a
request'' and inserting ``amount, and
include in such report the expected
cost to taxpayers and a detailed
description of the assumptions made and
analytical tools used to calculate such
expected cost, and a request''; and
(ii) in paragraph (2), by inserting ``and
upon notification to Congress'' after ``with
the President''; and
(B) in subsection (g), by amending paragraph (3) to
read as follows:
``(3) Liquidity event.--The term `liquidity event' shall
have the definition given such term, jointly, by the Board of
Governors, the Corporation, and the Secretary, by rule pursuant
to notice and comment.''.
(c) Title 31.--Section 714(f)(3) of title 31, United States Code,
is amended--
(1) in subparagraph (B), by striking ``legislative or'';
and
(2) in subparagraph (C)(i), by striking ``, including to
Congress,''.
TITLE III--ENHANCING FINANCIAL STABILITY OVERSIGHT COUNCIL TRANSPARENCY
SEC. 301. FSOC TRANSPARENCY.
(a) Financial Stability Act of 2010.--The Financial Stability Act
of 2010 (12 U.S.C. 5311 et seq.) is amended--
(1) in section 111--
(A) in subsection (b)(1)--
(i) in subparagraph (I), by striking
``and'' at the end;
(ii) in subparagraph (J), by striking the
period at the end and inserting ``; and''; and
(iii) by adding at the end the following:
``(K) an independent member appointed by the
President, by and with the advice and consent of the
Senate, and not of the same political party as the
President.'';
(B) in subsection (c)--
(i) in paragraph (1), by striking
``independent member'' and inserting
``independent members''; and
(ii) in paragraph (4)--
(I) in the heading, by striking
``independent member'' and inserting
``independent members''; and
(II) by striking ``subsection
(b)(1)(J)'' and inserting
``subparagraph (J) or (K) of subsection
(b)(1)'';
(C) by striking subsection (d);
(D) by redesignating subsections (e) through (j) as
subsections (d) through (i), respectively;
(E) in subsection (d), as so redesignated, by
adding at the end the following:
``(3) Notice to congress.--The Chairperson shall notify the
chair and ranking members of the Committee on Financial
Services of the House of Representatives and the chair and
ranking members of the Committee on Banking, Housing, and Urban
Affairs of the Senate of a meeting at the same time as the
meeting participants are notified.'';
(F) in subsection (f), as so redesignated, by
striking ``, or to any special advisory, technical, or
professional committee appointed by the Council, except
that, if an advisory, technical, or professional
committee has one or more members who are not employees
of or affiliated with the United States Government, the
Council shall publish a list of the names of the
members of such committee'';
(G) in subsection (g), as so redesignated, by
inserting before the period at the end the following:
``, but if such services, funds, facilities, staff, or
other support services are provided with respect to any
Council program or activity that has, or is planned to
have, duration of greater than 90 days, the Council
shall notify Congress of such provision''; and
(H) in subsection (i), as so redesignated, by
adding at the end the following: ``The Council shall
report on such detailed employees on a monthly basis to
Congress.'';
(2) in section 112--
(A) in subsection (a)(2)--
(i) in subparagraph (A), by inserting after
``system'' the following: ``and only after
notifying Congress'';
(ii) by striking subparagraphs (D) and (I);
(iii) by redesignating subparagraphs (E),
(F), (G), (H), (J), (K), (L), (M), and (N) as
subparagraphs (D) through (L), respectively;
(iv) in subparagraph (D), as so
redesignated, by striking ``agencies and'' and
inserting ``agencies, Congress, and'';
(v) in subparagraph (E), as so
redesignated, by inserting after ``to the
member agencies'' the following: ``, the chair
and ranking member of the Committee on
Financial Services of the House of
Representatives and the chair and ranking
member of the Committee on Banking, Housing,
and Urban Affairs of the Senate'';
(vi) in subparagraph (G), as so
redesignated, by striking ``may'';
(vii) in subparagraph (H), as so
redesignated, by inserting before the semicolon
the following: ``, and notify the chair and
ranking member of the Committee on Financial
Services of the House of Representatives and
the chair and ranking member of the Committee
on Banking, Housing, and Urban Affairs of the
Senate of such identifications'';
(viii) in subparagraph (I), as so
redesignated, by inserting after ``primary
financial regulatory agencies to apply'' the
following: ``primary financial regulatory
agencies, the chair and ranking member of the
Committee on Financial Services of the House of
Representatives, and the chair and ranking
member of the Committee on Banking, Housing,
and Urban Affairs of the Senate on the costs
and benefits of applying''; and
(ix) in subparagraph (J), as so
redesignated, by inserting ``the Congress and''
before ``the Commission'';
(B) in subsection (c), by inserting ``no later than
60 days'' after ``hearing,''; and
(C) in subsection (d)--
(i) in paragraph (1)--
(I) by striking ``as necessary''
and all that follows through ``to
monitor'' and inserting ``as necessary
to monitor'';
(II) by striking ``; or'' and
inserting a period; and
(III) by striking subparagraph (B);
(ii) in paragraph (2), by inserting before
the period at the end the following: ``and to
Congress'';
(iii) in paragraph (3), by adding at the
end the following:
``(D) Congressional notification.--The Council may
not require the submission of periodic and other
reports under this paragraph until 30 days after the
Council has notified the chair and ranking member of
the Committee on Financial Services of the House of
Representatives and the chair and ranking member of the
Committee on Banking, Housing, and Urban Affairs of the
Senate of the Council's intention to require such
submission.'';
(iv) in paragraph (4), by inserting after
``Council may'' the following: ``, after
notifying the chair and ranking member of the
Committee on Financial Services of the House of
Representatives and the chair and ranking
member of the Committee on Banking, Housing,
and Urban Affairs of the Senate,''; and
(v) in paragraph (5)(A), by inserting
before the period at the end the following: ``,
except that Congress may request any such
confidential data, information, or reports'';
(3) in section 113--
(A) in subsection (a)(2)--
(i) in subparagraph (I), by adding ``and''
at the end;
(ii) in subparagraph (J), by striking ``;
and'' and inserting a period; and
(iii) by striking subparagraph (K);
(B) in subsection (b)(2)--
(i) in subparagraph (I), by adding ``and''
at the end;
(ii) in subparagraph (J), by striking ``;
and'' and inserting a period; and
(iii) by striking subparagraph (K);
(C) by striking subsection (f);
(D) by redesignating subsections (g), (h), and (i)
as subsections (f), (g), and (h), respectively;
(E) in subsection (g), as so redesignated, by
striking ``subsection (d)(2), (e)(3), or (f)(5)'' and
inserting ``subsection (d)(2) or (e)(3)''; and
(F) by adding at the end the following:
``(i) Congressional Review.--
``(1) Notification.--If the Council makes a determination
under this section, the Council shall immediately notify
Congress of such determination.
``(2) Effectiveness of determination.--A determination made
by the Council under this section--
``(A) may not take effect until the end of the 60-
day period beginning on the date that the Council
notifies the Congress of such determination; and
``(B) shall have no force or effect if disapproved,
as provided under this subsection.
``(3) Congressional disapproval procedure.--
``(A) Joint resolution defined.--For purposes of
this paragraph, the term `joint resolution' means only
a joint resolution introduced during the 60-day period
described under paragraph (2)(A), the matter after the
resolving clause of which is as follows: `That Congress
disapproves the determination of the Financial
Stability Oversight Council submitted in a notification
to Congress on ___, and such determination shall have
no force or effect.' (The blank space being filled in
with the appropriate date.).
``(B) Treatment in senate.--
``(i) In the Senate, if the committee to
which is referred a joint resolution has not
reported such joint resolution (or an identical
joint resolution) at the end of the 20-day
period beginning on the date Congress is
notified of a determination, such committee may
be discharged from further consideration of
such joint resolution upon a petition supported
in writing by 30 Members of the Senate, and
such joint resolution shall be placed on the
calendar.
``(ii) In the Senate, when the committee to
which a joint resolution is referred has
reported, or when a committee is discharged
(under clause (i)) from further consideration
of a joint resolution, it is at any time
thereafter in order (even though a previous
motion to the same effect has been disagreed
to) for a motion to proceed to the
consideration of the joint resolution, and all
points of order against the joint resolution
(and against consideration of the joint
resolution) are waived. The motion is not
subject to amendment, or to a motion to
postpone, or to a motion to proceed to the
consideration of other business. A motion to
reconsider the vote by which the motion is
agreed to or disagreed to shall not be in
order. If a motion to proceed to the
consideration of the joint resolution is agreed
to, the joint resolution shall remain the
unfinished business of the Senate until
disposed of.
``(iii) In the Senate, debate on the joint
resolution, and on all debatable motions and
appeals in connection therewith, shall be
limited to not more than 10 hours, which shall
be divided equally between those favoring and
those opposing the joint resolution. A motion
further to limit debate is in order and not
debatable. An amendment to, or a motion to
postpone, or a motion to proceed to the
consideration of other business, or a motion to
recommit the joint resolution is not in order.
``(iv) In the Senate, immediately following
the conclusion of the debate on a joint
resolution, and a single quorum call at the
conclusion of the debate if requested in
accordance with the rules of the Senate, the
vote on final passage of the joint resolution
shall occur.
``(v) In the Senate, appeals from the
decisions of the Chair relating to the
application of the rules of the Senate to the
procedure relating to a joint resolution shall
be decided without debate.
``(vi) In the Senate, the procedure
specified in this subparagraph shall not apply
to the consideration of a joint resolution
after the end of the 60-day period described
under paragraph (2)(A).
``(4) Treatment of joint resolution received from the other
house.--If, before the passage by one House of a joint
resolution of that House, that House receives from the other
House a joint resolution, then the following procedures shall
apply:
``(A) The joint resolution of the other House shall
not be referred to a committee.
``(B) With respect to a joint resolution of the
House receiving the joint resolution--
``(i) the procedure in that House shall be
the same as if no joint resolution had been
received from the other House; but
``(ii) the vote on final passage shall be
on the joint resolution of the other House.
``(5) Treatment of this paragraph.--This paragraph is
enacted by Congress--
``(A) as an exercise of the rulemaking power of the
Senate and House of Representatives, respectively, and
as such it is deemed a part of the rules of each House,
respectively, but applicable only with respect to the
procedure to be followed in that House in the case of a
joint resolution, and it supersedes other rules only to
the extent that it is inconsistent with such rules; and
``(B) with full recognition of the constitutional
right of either House to change the rules (so far as
relating to the procedure of that House) at any time,
in the same manner, and to the same extent as in the
case of any other rule of that House.'';
(4) in section 115--
(A) in subsection (a)(1), by inserting after
``recommendations to'' the following: ``the chair and
ranking member of the Committee on Financial Services
of the House of Representatives, the chair and ranking
member of the Committee on Banking, Housing, and Urban
Affairs of the Senate, and'';
(B) in subsection (c)(3), by inserting after
``recommendations to'' the following: ``the chair and
ranking member of the Committee on Financial Services
of the House of Representatives, the chair and ranking
member of the Committee on Banking, Housing, and Urban
Affairs of the Senate, and'';
(C) in subsection (d)--
(i) in paragraph (1), by inserting after
``make recommendations to the Board of
Governors'' the following: ``, if the chair and
ranking member of the Committee on Financial
Services of the House of Representatives and
the chair and ranking member of the Committee
on Banking, Housing, and Urban Affairs of the
Senate are notified of such recommendations,'';
and
(ii) in paragraph (2), by inserting after
``make recommendations to the Board of
Governors'' the following: ``, if the chair and
ranking member of the Committee on Financial
Services of the House of Representatives and
the chair and ranking member of the Committee
on Banking, Housing, and Urban Affairs of the
Senate are notified of such recommendations,'';
(D) in subsection (e), by inserting after ``make
recommendations to the Board of Governors'' the
following: ``, if the chair and ranking member of the
Committee on Financial Services of the House of
Representatives and the chair and ranking member of the
Committee on Banking, Housing, and Urban Affairs of the
Senate are notified of such recommendations,'';
(E) in subsection (f), by inserting after ``make
recommendations to the Board of Governors'' the
following: ``, if the chair and ranking member of the
Committee on Financial Services of the House of
Representatives and the chair and ranking member of the
Committee on Banking, Housing, and Urban Affairs of the
Senate are notified of such recommendations,''; and
(F) in subsection (g), by inserting after ``make
recommendations to the Board of Governors'' the
following: ``, if the chair and ranking member of the
Committee on Financial Services of the House of
Representatives and the chair and ranking member of the
Committee on Banking, Housing, and Urban Affairs of the
Senate are notified of such recommendations,'';
(5) in section 116(a), by inserting after ``may'' the
following: ``, after notifying the chair and ranking member of
the Committee on Financial Services of the House of
Representatives and the chair and ranking member of the
Committee on Banking, Housing, and Urban Affairs of the
Senate,'';
(6) in section 120--
(A) in subsection (a), by inserting after
``regulatory agencies'' the following: ``, if the chair
and ranking member of the Committee on Financial
Services of the House of Representatives and the chair
and ranking member of the Committee on Banking,
Housing, and Urban Affairs of the Senate are notified
of such recommendations,'';
(B) in subsection (b)--
(i) in paragraph (1), by inserting after
``to the public'' the following: ``and
Congress''; and
(ii) in paragraph (2)(A), by inserting
before the semicolon the following: ``, and the
notice required under paragraph (1) shall
contain data, methodology, and analysis
detailing such costs'';
(C) in subsection (c)(2), by inserting after
``recommended by the Council'' the following: ``, after
notifying the chair and ranking member of the Committee
on Financial Services of the House of Representatives
and the chair and ranking member of the Committee on
Banking, Housing, and Urban Affairs of the Senate of
such imposition,'';
(D) in subsection (e)(2)(A), by inserting before
the period at the end the following: ``, and notify the
chair and ranking member of the Committee on Financial
Services of the House of Representatives and the chair
and ranking member of the Committee on Banking,
Housing, and Urban Affairs of the Senate of such
determination and the factors, data, and analysis
leading to such determination''; and
(E) by adding at the end the following:
``(f) Delay in Implementation.--A primary financial regulatory
agency may not implement a recommendation made by the Council under
subsection (a) until the end of the 90-day period beginning on the date
such recommendation is issued.'';
(7) in section 121--
(A) in subsection (d), by inserting after
``Governors may'' the following: ``, after notifying
the chair and ranking member of the Committee on
Financial Services of the House of Representatives and
the chair and ranking member of the Committee on
Banking, Housing, and Urban Affairs of the Senate,'';
and
(B) by adding at the end the following:
``(e) Notice to Congress; Delay in Implementation.--The Board of
Governors--
``(1) shall notify the chair and ranking member of the
Committee on Financial Services of the House of Representatives
and the chair and ranking member of the Committee on Banking,
Housing, and Urban Affairs of the Senate of an intention to
take an action described under paragraph (1) through (5) of
subsection (a); and
``(2) may not take such an action until the end of the 60-
day period beginning on the date of such notification.'';
(8) in section 122--
(A) in subsection (a), by striking ``may audit''
and inserting ``shall annually audit''; and
(B) in subsection (b)(2)--
(i) by striking ``The Comptroller'' and
inserting ``The chair and ranking member of the
Committee on Financial Services of the House of
Representatives, the chair and ranking member
of the Committee on Banking, Housing, and Urban
Affairs of the Senate, and the Comptroller'';
and
(ii) by striking ``as the Comptroller
General'' and inserting ``as the chair, ranking
member, or Comptroller General, as
applicable'';
(9) in section 152(e), by adding at the end the following:
``The Office shall report on such detailed employees on a
monthly basis to Congress.'';
(10) in section 153--
(A) in subsection (a)--
(i) in paragraph (3), by striking
``essential'';
(ii) by striking paragraph (5);
(iii) by redesignating paragraphs (6) and
(7) as paragraphs (5) and (6), respectively;
and
(iv) in paragraph (5), as so redesignated,
by inserting before the semicolon the
following: ``, the chair and ranking member of
the Committee on Financial Services of the
House of Representatives, and the chair and
ranking member of the Committee on Banking,
Housing, and Urban Affairs of the Senate'';
(B) in subsection (b)--
(i) in paragraph (1)--
(I) by inserting after ``with the
Council,'' the following: ``the chair
and ranking member of the Committee on
Financial Services of the House of
Representatives, the chair and ranking
member of the Committee on Banking,
Housing, and Urban Affairs of the
Senate,''; and
(II) in subparagraph (B), by
inserting before the semicolon the
following: ``and without prior notice
of such sharing being provided to the
chair and ranking member of the
Committee on Financial Services of the
House of Representatives and the chair
and ranking member of the Committee on
Banking, Housing, and Urban Affairs of
the Senate'';
(ii) in paragraph (2), by inserting before
the semicolon the following: ``, after
providing notice to the chair and ranking
member of the Committee on Financial Services
of the House of Representatives and the chair
and ranking member of the Committee on Banking,
Housing, and Urban Affairs of the Senate of
such research projects'';
(iii) in paragraph (3), by inserting before
the period at the end the following: ``, after
providing notice to the chair and ranking
member of the Committee on Financial Services
of the House of Representatives and the chair
and ranking member of the Committee on Banking,
Housing, and Urban Affairs of the Senate of
such assistance''; and
(C) in subsection (f)(1), by striking ``but only''
and inserting ``but not earlier than 60 days after the
Director notifies the Committee on Financial Services
of the House of Representatives and the Committee on
Banking, Housing, and Urban Affairs of the Senate of
the requirement to produce such data and only'';
(11) in section 154--
(A) in subsection (b)--
(i) in paragraph (1)(B)(i), by inserting
after ``by the Council,'' the following:
``after notifying the chair and ranking member
of the Committee on Financial Services of the
House of Representatives and the chair and
ranking member of the Committee on Banking,
Housing, and Urban Affairs of the Senate,'';
and
(ii) in paragraph (2), by adding at the end
the following:
``(C) Review and report on the cost of the
databases.--The Data Center shall review and report to
the Committee on Financial Services of the House of
Representatives and the Committee on Banking, Housing,
and Urban Affairs of the Senate annually on the cost to
the Government and the cost to private sector entities
of maintaining the financial company reference database
and the financial instrument reference database,
relative to a detailed quantification of benefits.'';
(B) in subsection (c)(1)(E), by inserting before
the semicolon the following: ``or Congress''; and
(C) in subsection (d)(2)--
(i) in subparagraph (B), by striking
``and'' at the end;
(ii) in subparagraph (C), by striking the
period at the end and inserting ``; and''; and
(iii) by adding at the end the following:
``(D) evidence of inefficient, ineffective, or
burdensome regulations.''; and
(12) in section 155(d)--
(A) by striking ``Beginning'' and inserting the
following:
``(1) In general.--Beginning''; and
(B) by adding at the end the following:
``(2) Maximum assessment amount.--The aggregate amount of
assessments collected pursuant to paragraph (1) may not exceed
the aggregate amount of assessments collected in the most
recently completed fiscal year ending before the date of
enactment of this paragraph, as such aggregate amount is
adjusted annually by the Director of the Office to reflect the
change in the Consumer Price Index for All Urban Consumers
published by the Bureau of Labor Statistics of the Department
of Labor.''.
(b) Conforming Amendments.--
(1) Title 5.--Section 5314 of title 5, United States Code,
is amended by striking ``Independent Member of the Financial
Stability Oversight Council (1)'' and inserting ``Independent
Members of the Financial Stability Oversight Council (2)''.
(2) Dodd-frank wall street reform and consumer protection
act.--The table of contents in section 1(b) of the Dodd-Frank
Wall Street Reform and Consumer Protection Act is amended by
inserting after the item relating to section 176 the following:
``Sec. 177. Congressional notice.''.
TITLE IV--ESTABLISHING FEDERAL RESERVE VICE CHAIR FOR SUPERVISION
EXPERIENCE REQUIREMENT
SEC. 401. ESTABLISHMENT OF REQUIREMENTS TO BE VICE CHAIRMAN FOR
SUPERVISION.
(a) In General.--The second undesignated paragraph of section 10 of
the Federal Reserve Act (12 U.S.C. 242) is amended--
(1) by inserting the following after the third sentence:
``In designating the Vice Chairman for Supervision, the
President shall designate an individual with demonstrated
primary experience working in, or supervising, insured
depository institutions, bank holding companies, or savings and
loan holding companies.''; and
(2) in the fourth sentence--
(A) by inserting after ``supervised by the Board''
the following: ``(with any such recommendations being
provided to the Board with ample and sufficient time
for review prior to the Vice Chairman making the
recommendation public)''; and
(B) by inserting after ``regulation of such firms''
the following: ``, subject to such oversight and
control of the Board as the Board determines necessary
and appropriate''.
(b) Rule of Application.--The amendment made by subsection (a)
shall apply to individuals who are designated by the President on or
after the date of enactment of this Act to serve as the Vice Chairman
for Supervision.
TITLE V--BANKING REGULATOR ACCOUNTABILITY
SEC. 501. REPORTS AND TESTIMONY TO CONGRESS ON SUPERVISION.
(a) Testimony and Reports to Congress on Federal Reserve System
Supervision.--Section 2B of the Federal Reserve Act (12 U.S.C. 225b) is
amended by adding at the end the following:
``(d) Semi-Annual Testimony and Report to Congress on
Supervision.--
``(1) In general.--The Vice Chairman for Supervision shall
submit a semi-annual report to the Committee on Banking,
Housing, and Urban Affairs of the Senate and the Committee on
Financial Services of the House of Representatives regarding
the efforts, activities, objectives, and plans of the Board
with respect to the conduct of supervision and regulation of
depository institution holding companies and other financial
firms supervised by the Board.
``(2) Minimum contents.--At a minimum, each report under
paragraph (1) shall include--
``(A) conditions of financial firms, including
examination or inspection ratings, on an aggregate
basis by firm asset size;
``(B) granular data on outstanding material
supervisory determinations by type of determination,
including the types of risks covered, on an aggregate
basis by firm asset size;
``(C) changes in the number and types of
outstanding material supervisory determinations over
the previous 5 years;
``(D) aggregate data on the ratings of financial
firms over the previous 3 years;
``(E) the number of informal and formal enforcement
actions, by type of enforcement order and showing
changes in the last 3 years, against supervised
financial firms on an aggregate basis by firm asset
size; and
``(F) a description of the organization of the
supervisory functions of the Board with respect to
financial firms, including information on roles,
responsibilities, accountability, and talent
management.
``(3) Confidential report.--Concurrent with each report
under paragraph (1), the Vice Chairman for Supervision shall
submit a confidential report to the chair and ranking member of
each committee described under paragraph (1) identifying--
``(A) each supervised financial firm with less than
satisfactory examination or inspection ratings; and
``(B) each supervised financial firm with an active
formal or informal enforcement action, and the status
of each provision of each enforcement action.''.
(b) Testimony and Reports to Congress on Federal Deposit Insurance
Corporation Supervision.--Section 17 of the Federal Deposit Insurance
Act (12 U.S.C. 1827) is amended by adding at the end the following:
``(h) Semi-Annual Testimony and Report to Congress on
Supervision.--
``(1) Appearances before congress.--The Chairman of the
Corporation shall appear before the Committee on Banking,
Housing, and Urban Affairs of the Senate and the Committee on
Financial Services of the House of Representatives at semi-
annual hearings regarding the efforts, activities, objectives,
and plans of the Corporation with respect to the conduct of
supervision and regulation of depository institutions
supervised by the Corporation.
``(2) Report to congress.--
``(A) In general.--The Chairman of the Corporation
shall transmit to the Committee on Banking, Housing,
and Urban Affairs of the Senate and the Committee on
Financial Services of the House of Representatives
semi-annual reports regarding the efforts, activities,
objectives, and plans of the Corporation with respect
to the conduct of supervision and regulation of
depository institutions supervised by the Corporation.
``(B) Minimum contents.--At a minimum, each report
under subparagraph (A) shall include--
``(i) conditions of depository
institutions, including examination or
inspection ratings, on an aggregate basis by
institution asset size;
``(ii) granular data on outstanding
material supervisory determinations by type of
determination, including the types of risks
covered, on an aggregate basis by institution
asset size;
``(iii) changes in the number and types of
outstanding material supervisory determinations
over the previous 5 years;
``(iv) aggregate data on the ratings of
depository institutions over the previous 3
years;
``(v) the number of informal and formal
enforcement actions, by type of enforcement
order and showing changes in the last 3 years,
against supervised depository institutions on
an aggregate basis by institution asset size;
and
``(vi) a description of the organization of
the supervisory functions of the Corporation
with respect to depository institutions,
including information on roles,
responsibilities, accountability, and talent
management.
``(C) Confidential report.--Concurrent with each
report under subparagraph (A), the Chairman of the
Corporation shall submit a confidential report to the
chair and ranking member of each committee described
under subparagraph (A) identifying--
``(i) each supervised depository
institution with less than satisfactory
examination or inspection ratings; and
``(ii) each supervised depository
institution with an active formal or informal
enforcement action, and the status of each
provision of each enforcement action.''.
(c) Testimony and Reports to Congress on Comptroller of the
Currency Supervision.--The second section 333 of the Revised Statutes
of the United States (12 U.S.C. 14; relating to the annual report) is
amended--
(1) by striking ``The Comptroller'' and inserting the
following:
``(a) Annual Report.--The Comptroller''; and
(2) by adding at the end the following:
``(b) Semi-Annual Testimony and Report to Congress on
Supervision.--
``(1) Appearances before congress.--The Comptroller of the
Currency shall appear before the Committee on Banking, Housing,
and Urban Affairs of the Senate and the Committee on Financial
Services of the House of Representatives at semi-annual
hearings regarding the efforts, activities, objectives, and
plans of the Office of the Comptroller of the Currency with
respect to the conduct of supervision and regulation of
national banks and other financial firms supervised by the
Office of the Comptroller of the Currency.
``(2) Report to congress.--
``(A) In general.--The Comptroller of the Currency
shall transmit to the Committee on Banking, Housing,
and Urban Affairs of the Senate and the Committee on
Financial Services of the House of Representatives
semi-annual reports regarding the efforts, activities,
objectives, and plans of the Office of the Comptroller
of the Currency with respect to the conduct of
supervision and regulation of national banks and other
financial firms supervised by the Office of the
Comptroller of the Currency.
``(B) Minimum contents.--At a minimum, each report
under subparagraph (A) shall include--
``(i) conditions of national banks and
other financial firms, including examination or
inspection ratings, on an aggregate basis by
asset size;
``(ii) granular data on outstanding
material supervisory determinations by type of
determination, including the types of risks
covered, on an aggregate basis by asset size;
``(iii) changes in the number and types of
outstanding material supervisory determinations
over the previous 5 years;
``(iv) aggregate data on the ratings of
national banks and other financial firms over
the previous 3 years;
``(v) the number of informal and formal
enforcement actions, by type of enforcement
order and showing changes in the last 3 years,
against supervised national banks and other
financial firms on an aggregate basis by firm
asset size; and
``(vi) a description of the organization of
the supervisory functions of the Office of the
Comptroller of the Currency with respect to
national banks and other financial firms,
including information on roles,
responsibilities, accountability, and talent
management.
``(C) Confidential report.--Concurrent with each
report under subparagraph (A), the Comptroller of the
Currency shall submit a confidential report to the
chair and ranking member of each committee described
under subparagraph (A) identifying--
``(i) each supervised national bank or
other financial firms with less than
satisfactory examination or inspection ratings;
and
``(ii) each supervised national bank or
other financial firms with an active formal or
informal enforcement action, and the status of
each provision of each enforcement action.''.
(d) Testimony and Reports to Congress on National Credit Union
Administration Supervision.--Section 102 of the Federal Credit Union
Act (12 U.S.C. 1752a) is amended by adding at the end the following:
``(g) Semi-Annual Testimony and Report to Congress on
Supervision.--
``(1) Appearances before congress.--The Chairman of the
Board shall appear before the Committee on Banking, Housing,
and Urban Affairs of the Senate and the Committee on Financial
Services of the House of Representatives at semi-annual
hearings regarding the efforts, activities, objectives, and
plans of the Administration with respect to the conduct of
supervision and regulation of credit unions supervised by the
Administration.
``(2) Report to congress.--
``(A) In general.--The Chairman of the Board shall
transmit to the Committee on Banking, Housing, and
Urban Affairs of the Senate and the Committee on
Financial Services of the House of Representatives
semi-annual reports regarding the efforts, activities,
objectives, and plans of the Administration with
respect to the conduct of supervision and regulation of
credit unions supervised by the Administration.
``(B) Minimum contents.--At a minimum, each report
under subparagraph (A) shall include--
``(i) conditions of credit unions,
including examination or inspection ratings, on
an aggregate basis by credit union asset size;
``(ii) granular data on outstanding
material supervisory determinations by type of
determination, including the types of risks
covered, on an aggregate basis by credit union
asset size;
``(iii) changes in the number and types of
outstanding material supervisory determinations
over the previous 5 years;
``(iv) aggregate data on the ratings of
credit unions over the previous 3 years;
``(v) the number of informal and formal
enforcement actions, by type of enforcement
order and showing changes in the last 3 years,
against supervised credit unions on an
aggregate basis by credit union asset size; and
``(vi) a description of the organization of
the supervisory functions of the Board with
respect to credit unions, including information
on roles, responsibilities, accountability, and
talent management.
``(C) Confidential report.--Concurrent with each
report under subparagraph (A), the Chairman of the
Board shall submit a confidential report to the chair
and ranking member of each committee described under
subparagraph (A) identifying--
``(i) each supervised credit union with
less than satisfactory examination or
inspection ratings; and
``(ii) each supervised credit union with an
active formal or informal enforcement action,
and the status of each provision of each
enforcement action.''.
<all>
Introduced in House
Introduced in House
Referred to the Committee on Financial Services, and in addition to the Committees on Oversight and Accountability, and Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Financial Services, and in addition to the Committees on Oversight and Accountability, and Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Financial Services, and in addition to the Committees on Oversight and Accountability, and Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Committee Consideration and Mark-up Session Held
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 26 - 22.
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-793, Part I.
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-793, Part I.
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Committee on Rules discharged.
Committee on Rules discharged.
House Committee on Oversight and Accountability Granted an extension for further consideration ending not later than Dec. 19, 2024.
Committee on Oversight and Accountability discharged.
Committee on Oversight and Accountability discharged.
Placed on the Union Calendar, Calendar No. 781.