I 

111TH CONGRESS 

1ST SESSION H. R. 2727 

To provide for the implementation of a system under which each financial 

institution will report on the financial condition of the institution to 

the public, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JUNE 4, 2009 

Mr. JONES introduced the following bill; which was referred to the Committee 

on Financial Services, and in addition to the Committee on Agriculture, 

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 provide for the implementation of a system under which 

each financial institution will report on the financial condition of the institution to the public, and for other 

purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Financial Trans5 parency Restoration Act’’. 

6 SEC. 2. FINDINGS. 

7 The Congress finds as follows: 


rfrederick on PROD1PC67 with BILLS
2 

•HR 2727 IH

1 (1) For approximately 70 years, national banks 

2 were required by an Act of Congress to publish 

3 statements of condition in newspapers where they 

4 ‘‘did business’’. 

5 (2) In 1994, this requirement was repealed by 

6 an Act of Congress with no public hearing or expla7 nation. 

8 (3) The public ought to have access to the 

9 statements of financial condition of all financial in10 stitutions. 

11 SEC. 3. RESTORATION OF FINANCIAL TRANSPARENCY. 

12 (a) DEFINITIONS.—For purposes of this Act, the fol13 lowing definitions shall apply: 

14 (1) FEDERAL FUNCTIONAL REGULATOR.—The 

15 term ‘‘Federal functional regulator’’ has the same 

16 meaning as in section 509(2) of the Gramm-Leach17 Bliley Act, except that such term includes— 

18 (A) the Commodity Futures Trading Com19 mission, with regard to any person or entity de20 scribed in section 509(3)(B) of such Act; and 

21 (B) the Board of Governors of the Federal 

22 Reserve System, with regard to any financial 

23 institution which does not otherwise have a 

24 Federal functional regulator under section 

25 509(2) of such Act. 


rfrederick on PROD1PC67 with BILLS
3 

•HR 2727 IH

1 (2) FINANCIAL INSTITUTION.—The term ‘‘fi2 nancial institution’’ has the same meaning as in sec3 tion 509(3) of the Gramm-Leach-Bliley Act, without 

4 regard to any exclusions under any subparagraph of 

5 such section. 

6 (b) PUBLICATION OF A STATEMENT OF CONDITION

7 REQUIRED.—Within 30 days after the end of each fiscal 

8 quarter of any financial institution, the financial institu9 tion shall publish a statement of financial condition of the 

10 financial institution in a newspaper of general paid cir11 culation published in a city or county within each market 

12 area in which the financial institution is located, or if no 

13 newspaper of general paid circulation is published in such 

14 city or county, then the newspaper of general paid circula15 tion published nearest such city or county. 

16 (c) OATH OR AFFIRMATION OF PRESIDENT OR DES17 IGNATED OFFICER.—Each publication by a financial insti18 tution of a statement of financial condition in accordance 

19 with subsection (b) shall include a written verification of 

20 the accuracy of the statement, under oath or by affirma21 tion, by the president of the financial institution or an22 other officer designated by the board of directors of such 

23 institution. 

24 (d) FORM.—In accordance with the joint regulations 

25 prescribed under subsection (e), the Federal functional 


rfrederick on PROD1PC67 with BILLS
4 

•HR 2727 IH

1 regulator for any type of financial institution shall pre2 scribe the form and content of the statement of financial 

3 condition for such type of institution. 

4 (e) REGULATIONS.—The Federal functional regu5 lators shall jointly prescribe regulations appropriate to 

6 carry out the requirements of this section and ensure com7 pliance with such requirements. 

8 (f) EFFECTIVE DATE.—This section shall apply so as 

9 to require each financial institution to publish a written 

10 statement of financial condition after the end of each fiscal 

11 quarter of the institution that begins not less than 30 days 

12 after the date of the enactment of this Act. 

Æ 


rfrederick on PROD1PC67 with BILLS