H.R. 3556 · 118th Congress
Increasing Financial Regulatory Accountability and Transparency Act
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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
BarrSponsor4 cosponsors · 4 R
4 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Increasing Financial Regulatory Accountability and Transparency Act
What it does: CRS summary · Introduced in House · May 22, 2023
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Increasing Financial Regulatory Accountability and Transparency Act
Latest action (Dec 19, 2024): Placed on the Union Calendar, Calendar No. 781.
Policy area: Finance and Financial Sector · Origin: House · Introduced: May 22, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.