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HOUSE 3556118th CongressPlaced on the Union Calendar, Calendar No. 781.

Increasing Financial Regulatory Accountability and Transparency Act

Last Action
12/19/2024

Actions

  • 2024-12-19Placed on the Union Calendar, Calendar No. 781.
  • 2024-12-19Committee on Oversight and Accountability discharged.
  • 2024-12-19Committee on Oversight and Accountability discharged.
  • 2024-12-04House Committee on Oversight and Accountability Granted an extension for further consideration ending not later than Dec. 19, 2024.
  • 2024-12-04Committee on Rules discharged.
  • 2024-12-04Committee on Rules discharged.
  • 2024-12-04Reported (Amended) by the Committee on Financial Services. H. Rept. 118-793, Part I.
  • 2024-12-04Reported (Amended) by the Committee on Financial Services. H. Rept. 118-793, Part I.
  • 2023-05-24Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 26 - 22.
  • 2023-05-24Committee Consideration and Mark-up Session Held
  • 2023-05-22Referred 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.
  • 2023-05-22Referred 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.
  • 2023-05-22Referred 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.
  • 2023-05-22Introduced in House
  • 2023-05-22Introduced in House

CRS Summary

As of 2023-05-22 (00)

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.

Cosponsors (4)

  • Barry Loudermilk (R-GA)
  • Scott Fitzgerald (R-WI)
  • Monica De La Cruz (R-TX)
  • Young Kim (R-CA)

Subjects

  • Administrative law and regulatory procedures
  • Advisory bodies
  • Banking and financial institutions regulation
  • Congressional oversight
  • Congressional-executive branch relations
  • Federal Deposit Insurance Corporation (FDIC)
  • Federal officials
  • Government ethics and transparency, public corruption
  • Legislative rules and procedure
Read on Congress.gov

Sourced from Congress.gov (public domain).

This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.