Increasing Financial Regulatory Accountability and Transparency Act

Subjects: Finance and Financial Sector


<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3556 Introduced in House (IH)]

&lt;DOC&gt;






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.''.
                                 &lt;all&gt;
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