H.R. 3467 · 118th Congress
To enhance Federal Reserve transparency.
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
BarrSponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill requires the Federal Reserve Board to disclose on a more frequent basis information about emergency credit facilities, discount window lending programs, and open market operations. It also moves up the termination date of board-authorized credit facilities.
What it does: CRS summary · Introduced in House · May 18, 2023
This bill requires the Federal Reserve Board to disclose on a more frequent basis information about emergency credit facilities, discount window lending programs, and open market operations. It also moves up the termination date of board-authorized credit facilities. The bill requires certain nonpublic data related to credit facilities be made available, with some limitations, to the appropriate congressional committees.
The bill revises the definition of a liquidity event. Currently, a liquidity event is defined as (1) an exceptional and broad reduction in the ability of financial market participants to sell financial assets without an unusual and significant discount or to borrow using financial assets as collateral without an unusual and significant increase in margin, or (2) an unusual and significant reduction in the ability of financial market participants to obtain unsecured credit. The bill eliminates this definition and instead requires the board, the Federal Deposit Insurance Corporation (FDIC), and the Department of the Treasury to define the term through a joint rulemaking.
Under the bill, Congress must be notified when the board or the FDIC makes a determination as to whether a liquidity event exists that warrants the use of a guarantee program (a program to guarantee obligations of insured depository institutions or holding companies during times of severe economic distress). The bill also requires congressional notification of the cost to the taxpayer of such guarantee program.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: To enhance Federal Reserve transparency.
Latest action (May 18, 2023): Referred to the Committee on Financial Services, and in addition to the Committee on Oversight and Accountability, 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.
Policy area: Finance and Financial Sector · Origin: House · Introduced: May 18, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.