Financial Regulators Transparency Act of 2022

To provide greater transparency with respect to the financial regulatory agencies, and for other purposes. 1. Short title This Act may be cited as the Financial Regulators Transparency Act of 2022 2. Transparency of the Federal reserve banks The Federal Reserve Act is amended— (1) by redesignating sections 30 and 31 as sections 31 and 32, respectively; and (2) by inserting after section 29 ( 12 U.S.C. 504 30. Transparency of Federal reserve banks and Board of Governors (a) Application of FOIA and the Federal Records Act of 1950 to the Federal reserve banks (1) FOIA Each Federal reserve bank shall be considered an agency, as defined in subsection (f) of section 552 of title 5, United States Code (commonly known as the Freedom of Information Act (2) Federal Records Act of 1950 Each Federal reserve bank shall be considered a Federal agency for purposes of applying the requirements under chapter 31 Federal Records Act of 1950 (b) Congressional FOIA requests for information from Federal reserve banks (1) Definitions In this subsection— (A) the term committee confidential basis (B) the term confidential supervisory information (C) the term covered Member of Congress (i) the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate; (ii) the chair and ranking member of the Subcommittee on Economic Policy of the Committee on Banking, Housing, and Urban Affairs of the Senate; (iii) the chair and ranking member of the Subcommittee on Financial Institutions and Consumer Protection of the Committee on Banking, Housing, and Urban Affairs of the Senate; (iv) the chair and ranking member of the Committee on Financial Services of the House of Representatives; (v) the chair and ranking member of the Subcommittee on Consumer Protection and Financial Institutions of the Committee on Financial Services of the House of Representatives; and (vi) the chair and ranking member of the Subcommittee on National Security, International Development and Monetary Policy of the Committee on Financial Services of the House of Representatives; (D) the term Inspector General (E) the term personnel and medical files (i) means personnel and medical files and similar files that are exempt from disclosure under section 552(b)(6) of title 5, United States Code; and (ii) does not include— (I) financial disclosure forms; or (II) performance, disciplinary, or adverse action information. (2) Authority (A) In general Subject to subparagraph (B), section 552 of title 5, United States Code, is not authority for a Federal reserve bank to withhold information from Congress or any Member of Congress. (B) Rule of construction Nothing in subparagraph (A) shall be construed to affect the authority of a Federal reserve bank to withhold from an individual Member of Congress requesting information under section 552 of title 5, United States Code— (i) information relating to monetary policy deliberations that is exempt from disclosure under section 552(b)(5) of title 5, United States Code; and (ii) except as provided in paragraph (6)— (I) confidential supervisory information, as defined in section 261.2(b) of title 12, Code of Federal Regulations, or any successor regulation, that is exempt from disclosure under section 552(b)(8) of title 5, United States Code; and (II) personnel and medical files. (3) Priority of requests from Members of Congress Any request for information from a Federal reserve bank under section 552 of title 5, United States Code, made by a Member of Congress— (A) shall be prioritized ahead of requests for information made by persons other than Members of Congress; and (B) shall be processed without charging any fee to the Member of Congress. (4) Common law privileges Notwithstanding any other provision of law, a Federal reserve bank may not withhold information requested by a Member of Congress under section 552 of title 5, United States Code, on the basis that the information is privileged pursuant to a common law privilege, such as the deliberative process privilege, attorney-client privilege, or attorney work product privilege. (5) Maintenance and security of materials With respect to any materials that are received by or in the possession of a Member of Congress or any staff member of a Member of Congress in response to a request made by a Member of Congress under section 552 of title 5, United States Code, from a Federal reserve bank, the chief clerk of the Committee on Banking, Housing, and Urban Affairs of the Senate, with respect to the Senate, and the chief clerk of the Committee on Financial Services of the House of Representatives, with respect to the House of Representatives, shall— (A) have responsibility for the maintenance and security of those materials; and (B) ensure that— (i) the materials are stored in a safe with a combination lock by the chief clerk of the relevant committee in the offices of the relevant committee; (ii) the materials do not leave the relevant committee, except for a Member of Congress or any staff member of a Member of Congress to review the materials in a congressional office or to return the materials to the Federal reserve bank; (iii) a Member of Congress or any staff member of a Member of Congress shall review the materials in a congressional office; and (iv) a Member of Congress or any staff member of a Member of Congress shall keep the materials in their physical custody when reviewing them and keep the materials in the safe of the chief clerk of the relevant committee when not reviewing the materials. (6) Confidential supervisory information and personnel and medical files (A) Prohibition Notwithstanding subclauses (I) and (II) of paragraph (2)(B)(ii) or any other provision of law, a Federal reserve bank may not withhold information requested by a covered Member of Congress under section 552 of title 5, United States Code, on the basis that the information contains confidential supervisory information or personnel and medical files. (B) Access to information (i) In general Any covered Member of Congress and any staff member of a covered Member of Congress that receives information that contains confidential supervisory information or personnel and medical files pursuant to a request made under section 552 of title 5, United States Code, from a Federal reserve bank shall handle that information on a committee confidential basis according to the procedures described in clause (ii). (ii) Procedures (I) Maintenance and security of materials With respect to any materials containing confidential supervisory information or personnel and medical files that is received by or in the possession of a covered Member of Congress or any staff member of a covered Member of Congress under clause (i), the chief clerk of the relevant committee shall— (aa) have responsibility for the maintenance and security of those materials; and (bb) ensure that— (AA) the materials are stored in a safe with a combination lock by the chief clerk of the relevant committee in the offices of the relevant committee; (BB) the materials do not leave the relevant committee; (CC) a covered Member of Congress or any staff member of a covered Member of Congress shall keep the materials in their physical custody when reviewing them and keep the materials in the safe of the chief clerk of the relevant committee when not reviewing the materials; (DD) photocopying, scanning, or other reproduction of the materials is prohibited; and (EE) notes may be taken regarding the materials, but any notes shall be stored in safe of the chief clerk of the relevant committee and such notes shall not be taken or transmitted outside of the offices of the relevant committee. (II) Access Access to materials containing confidential supervisory information or personnel and medical files supplied to a covered Member of Congress shall be limited to those staff members of the relevant committee or subcommittee with a need-to-know, as determined by the Staff Director and Minority Staff Director of the committee. (III) Unauthorized disclosure Any disclosure of materials containing confidential supervisory information or personnel and medical files without the agreement of the chair and ranking member of the relevant committee or subcommittee of Congress to publicly disclose the information, or other violation of this subparagraph, shall constitute grounds for referral to the Select Committee on Ethics of the Senate or the Committee on Ethics of the House of Representatives, as applicable. (7) Standing Any Member of Congress who makes a request for information from a Federal reserve bank under section 552 of title 5, United States Code, has standing to file in the appropriate district court of the United States an action to enjoin the Federal reserve bank from withholding records of the Federal reserve bank and to order the production of any records of the Federal reserve bank improperly withheld from the Member of Congress in the same manner as any other person under that section. (c) Congressional FOIA requests for ethics-Related information from the Board of Governors and the Federal reserve banks (1) Ethics-Related information defined (A) In general Subject to subparagraph (B), in this subsection, the term ethics-related information (i) the activities of the ethics program of the Board or a Federal reserve bank; (ii) financial disclosure reports and related records; (iii) ethics agreements and related records; (iv) outside employment and activity of officers and employees of the Board or a Federal reserve bank; (v) referrals of violations of criminal conflict of interest statutes; (vi) ethics-related disciplinary records or adverse actions; (vii) ethics-related investigations, inquiries, or reviews; (viii) ethics-related materials, including ethics determinations issued by, ethics advice issued by, ethics consultation engaged in, and ethics training records of the Board or a Federal reserve bank; and (ix) any other ethics-related policies, procedures, practices, or program records of the Board or a Federal reserve bank, including— (I) any record relating to— (aa) ethics policies, procedures, practices, or program implementation, interpretation, counseling, management, development, review, or complaints; (bb) employee training and education related to any ethics-related policies, procedures, practices, or program; (cc) ethics waivers, authorizations, and approvals; (dd) non-Federally funded travel; (ee) any ethics-related annual questionnaires relating to the ethics program of the Board or a Federal reserve bank; and (ff) any other ethics-related policies, procedures, practices, or program of the Board or a Federal reserve bank; and (II) any other record described in the document entitled, General Records Schedule 2.8: Employee Ethics Records (B) Exclusion of certain ethics-related information Notwithstanding subparagraph (A), a record of advice and counseling provided by an ethics official to an individual officer or employee, except for a record that has operative legal effect such as a waiver, an authorization, an approval, or a determination that alters the ethical obligations of such officer or employee, shall not be included in the definition of the term ethics-related information (2) Disclosure of ethics-related information to Members of Congress (A) In general Section 552 of title 5, United States Code, is not authority for the Board or a Federal reserve bank to withhold ethics-related information from a Member of Congress, including any ethics-related information in a personnel file. (B) Rule of construction No provision of law, including title I of the Ethics in Government Act (5 U.S.C. App.), shall preclude or limit the disclosure of ethics-related information to a Member of Congress under subparagraph (A). (3) Priority of requests from Members of Congress Any request for ethics-related information from the Board or a Federal reserve bank under section 552 of title 5, United States Code, made by a Member of Congress— (A) shall be prioritized ahead of requests for information made by persons other than Members of Congress; and (B) shall be processed without charging any fee to the Member of Congress. (4) Common law privileges Notwithstanding any other provision of law, the Board or a Federal reserve bank may not withhold ethics-related information requested by a Member of Congress under section 552 of title 5, United States Code, on the basis that the information is privileged pursuant to a common law privilege, such as the deliberative process privilege, attorney-client privilege, or attorney work product privilege. (5) Maintenance and security of materials With respect to any materials related to ethics-related information that are received by or in the possession of a Member of Congress or any staff member of a Member of Congress in response to a request made by a Member of Congress under section 552 of title 5, United States Code, from the Board or a Federal reserve bank, the chief clerk of the Committee on Banking, Housing, and Urban Affairs of the Senate, with respect to the Senate, and the chief clerk of the Committee on Financial Services of the House of Representatives, with respect to the House of Representatives, shall— (A) have responsibility for the maintenance and security of those materials; and (B) ensure that— (i) the materials are stored in a safe with a combination lock by the chief clerk of the relevant committee in the offices of the relevant committee; (ii) the materials do not leave the relevant committee, except for a Member of Congress or any staff member of a Member of Congress to review the materials in a congressional office or to return the materials to the Board or the Federal reserve bank, as applicable; (iii) a Member of Congress or any staff member of a Member of Congress shall review the materials in a congressional office; and (iv) a Member of Congress or any staff member of a Member of Congress shall keep the materials in their physical custody when reviewing them and keep the materials in the safe of the chief clerk of the relevant committee when not reviewing the materials. (6) Standing Any Member of Congress who makes a request for ethics-related information from the Board or a Federal reserve bank under section 552 of title 5, United States Code, has standing to file in the appropriate district court of the United States an action to enjoin the Board or the Federal reserve bank, as applicable, from withholding records of the Board or the Federal reserve bank, as applicable, and to order the production of any records of the Board or the Federal reserve bank, as applicable, improperly withheld from the Member of Congress in the same manner as any other person under that section. . 3. Congressional FOIA requests for ethics-related information from other financial regulatory agencies (a) Bureau of Consumer Financial Protection Subtitle A of title X of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5491 et seq. 12 U.S.C. 5496b 1016C. Congressional FOIA requests for ethics-related information from the Bureau (a) Ethics-Related information defined (1) In general Subject to paragraph (2), in this section, the term ethics-related information (A) the activities of the ethics program of the Bureau; (B) financial disclosure reports and related records; (C) ethics agreements and related records; (D) outside employment and activity of officers and employees of the Bureau; (E) referrals of violations of criminal conflict of interest statutes; (F) ethics-related disciplinary records or adverse actions; (G) ethics-related investigations, inquiries, or reviews; (H) ethics-related materials, including ethics determinations issued by, ethics advice issued by, ethics consultation engaged in, and ethics training records of the Bureau; and (I) any other ethics-related policies, procedures, practices, or program records of the Bureau, including— (i) any record relating to— (I) ethics policies, procedures, practices, or program implementation, interpretation, counseling, management, development, review, or complaints; (II) employee training and education related to any ethics-related policies, procedures, practices, or program; (III) ethics waivers, authorizations, and approvals; (IV) non-Federally funded travel; (V) any ethics-related annual questionnaires relating to the ethics program of the Bureau; and (VI) any other ethics-related policies, procedures, practices, or program of the Bureau; and (ii) any other record described in the document entitled, General Records Schedule 2.8: Employee Ethics Records (2) Exclusion of certain ethics-related information Notwithstanding paragraph (1), a record of advice and counseling provided by an ethics official to an individual officer or employee, except for a record that has operative legal effect such as a waiver, an authorization, an approval, or a determination that alters the ethical obligations of such officer or employee, shall not be included in the definition of the term ethics-related information (b) Disclosure of ethics-Related information to Members of Congress (1) In general Section 552 of title 5, United States Code, is not authority for the Bureau to withhold ethics-related information from a Member of Congress, including any ethics-related information in a personnel file. (2) Rule of construction No provision of law, including title I of the Ethics in Government Act (5 U.S.C. App.), shall preclude or limit the disclosure of ethics-related information to a Member of Congress under paragraph (1). (c) Priority of requests from Members of Congress Any request for ethics-related information from the Bureau under section 552 of title 5, United States Code, made by a Member of Congress— (1) shall be prioritized ahead of requests for information made by persons other than Members of Congress; and (2) shall be processed without charging any fee to the Member of Congress. (d) Common law privileges Notwithstanding any other provision of law, the Bureau may not withhold ethics-related information requested by a Member of Congress under section 552 of title 5, United States Code, on the basis that the information is privileged pursuant to a common law privilege, such as the deliberative process privilege, attorney-client privilege, or attorney work product privilege. (e) Maintenance and security of materials With respect to any materials related to ethics-related information that are received by or in the possession of a Member of Congress or any staff member of a Member of Congress in response to a request made by a Member of Congress under section 552 of title 5, United States Code, from the Bureau, the chief clerk of the Committee on Banking, Housing, and Urban Affairs of the Senate, with respect to the Senate, and the chief clerk of the Committee on Financial Services of the House of Representatives, with respect to the House of Representatives, shall— (1) have responsibility for the maintenance and security of those materials; and (2) ensure that— (A) the materials are stored in a safe with a combination lock by the chief clerk of the relevant committee in the offices of the relevant committee; (B) the materials do not leave the relevant committee, except for a Member of Congress or any staff member of a Member of Congress to review the materials in a congressional office or to return the materials to the Bureau; (C) a Member of Congress or any staff member of a Member of Congress shall review the materials in a congressional office; and (D) a Member of Congress or any staff member of a Member of Congress shall keep the materials in their physical custody when reviewing them and keep the materials in the safe of the chief clerk of the relevant committee when not reviewing the materials. (f) Standing Any Member of Congress who makes a request for ethics-related information from the Bureau under section 552 of title 5, United States Code, has standing to file in the appropriate district court of the United States an action to enjoin the Bureau from withholding records of the Bureau and to order the production of any records of the Bureau improperly withheld from the Member of Congress in the same manner as any other person under that section. . (b) Federal Deposit Insurance Corporation The Federal Deposit Insurance Act ( 12 U.S.C. 1811 et seq. 52. Congressional FOIA requests for ethics-related information from the Corporation (a) Ethics-Related information defined (1) In general Subject to paragraph (2), in this section, the term ethics-related information (A) the activities of the ethics program of the Corporation; (B) financial disclosure reports and related records; (C) ethics agreements and related records; (D) outside employment and activity of officers and employees of the Corporation; (E) referrals of violations of criminal conflict of interest statutes; (F) ethics-related disciplinary records or adverse actions; (G) ethics-related investigations, inquiries, or reviews; (H) ethics-related materials, including ethics determinations issued by, ethics advice issued by, ethics consultation engaged in, and ethics training records of the Corporation; and (I) any other ethics-related policies, procedures, practices, or program records of the Corporation, including— (i) any record relating to— (I) ethics policies, procedures, practices, or program implementation, interpretation, counseling, management, development, review, or complaints; (II) employee training and education related to any ethics-related policies, procedures, practices, or program; (III) ethics waivers, authorizations, and approvals; (IV) non-Federally funded travel; (V) any ethics-related annual questionnaires relating to the ethics program of the Corporation; and (VI) any other ethics-related policies, procedures, practices, or program of the Corporation; and (ii) any other record described in the document entitled, General Records Schedule 2.8: Employee Ethics Records (2) Exclusion of certain ethics-related information Notwithstanding paragraph (1), a record of advice and counseling provided by an ethics official to an individual officer or employee, except for a record that has operative legal effect such as a waiver, an authorization, an approval, or a determination that alters the ethical obligations of such officer or employee, shall not be included in the definition of the term ethics-related information (b) Disclosure of ethics-Related information to Members of Congress (1) In general Section 552 of title 5, United States Code, is not authority for the Corporation to withhold ethics-related information from a Member of Congress, including any ethics-related information in a personnel file. (2) Rule of construction No provision of law, including title I of the Ethics in Government Act (5 U.S.C. App.), shall preclude or limit the disclosure of ethics-related information to a Member of Congress under paragraph (1). (c) Priority of requests from Members of Congress Any request for ethics-related information from the Corporation under section 552 of title 5, United States Code, made by a Member of Congress— (1) shall be prioritized ahead of requests for information made by persons other than Members of Congress; and (2) shall be processed without charging any fee to the Member of Congress. (d) Common law privileges Notwithstanding any other provision of law, the Corporation may not withhold ethics-related information requested by a Member of Congress under section 552 of title 5, United States Code, on the basis that the information is privileged pursuant to a common law privilege, such as the deliberative process privilege, attorney-client privilege, or attorney work product privilege. (e) Maintenance and security of materials With respect to any materials related to ethics-related information that are received by or in the possession of a Member of Congress or any staff member of a Member of Congress in response to a request made by a Member of Congress under section 552 of title 5, United States Code, from the Corporation, the chief clerk of the Committee on Banking, Housing, and Urban Affairs of the Senate, with respect to the Senate, and the chief clerk of the Committee on Financial Services of the House of Representatives, with respect to the House of Representatives, shall— (1) have responsibility for the maintenance and security of those materials; and (2) ensure that— (A) the materials are stored in a safe with a combination lock by the chief clerk of the relevant committee in the offices of the relevant committee; (B) the materials do not leave the relevant committee, except for a Member of Congress or any staff member of a Member of Congress to review the materials in a congressional office or to return the materials to the Corporation; (C) a Member of Congress or any staff member of a Member of Congress shall review the materials in a congressional office; and (D) a Member of Congress or any staff member of a Member of Congress shall keep the materials in their physical custody when reviewing them and keep the materials in the safe of the chief clerk of the relevant committee when not reviewing the materials. (f) Standing Any Member of Congress who makes a request for ethics-related information from the Corporation under section 552 of title 5, United States Code, has standing to file in the appropriate district court of the United States an action to enjoin the Corporation from withholding records of the Corporation and to order the production of any records of the Corporation improperly withheld from the Member of Congress in the same manner as any other person under that section. . (c) Securities and Exchange Commission The Securities Exchange Act of 1934 ( 12 U.S.C. 78a et seq. 12 U.S.C. 78d–5 4F. Congressional FOIA requests for ethics-related information from the Commission (a) Ethics-Related information defined (1) In general Subject to paragraph (2), in this section, the term ethics-related information (A) the activities of the ethics program of the Commission; (B) financial disclosure reports and related records; (C) ethics agreements and related records; (D) outside employment and activity of officers and employees of the Commission; (E) referrals of violations of criminal conflict of interest statutes; (F) ethics-related disciplinary records or adverse actions; (G) ethics-related investigations, inquiries, or reviews; (H) ethics-related materials, including ethics determinations issued by, ethics advice issued by, ethics consultation engaged in, and ethics training records of the Commission; and (I) any other ethics-related policies, procedures, practices, or program records of the Commission, including— (i) any record relating to— (I) ethics policies, procedures, practices, or program implementation, interpretation, counseling, management, development, review, or complaints; (II) employee training and education related to any ethics-related policies, procedures, practices, or program; (III) ethics waivers, authorizations, and approvals; (IV) non-Federally funded travel; (V) any ethics-related annual questionnaires relating to the ethics program of the Commission; and (VI) any other ethics-related policies, procedures, practices, or program of the Commission; and (ii) any other record described in the document entitled, General Records Schedule 2.8: Employee Ethics Records (2) Exclusion of certain ethics-related information Notwithstanding paragraph (1), a record of advice and counseling provided by an ethics official to an individual officer or employee, except for a record that has operative legal effect such as a waiver, an authorization, an approval, or a determination that alters the ethical obligations of such officer or employee, shall not be included in the definition of the term ethics-related information (b) Disclosure of ethics-Related information to Members of Congress (1) In general Section 552 of title 5, United States Code, is not authority for the Commission to withhold ethics-related information from a Member of Congress, including any ethics-related information in a personnel file. (2) Rule of construction No provision of law, including title I of the Ethics in Government Act (5 U.S.C. App.), shall preclude or limit the disclosure of ethics-related information to a Member of Congress under paragraph (1). (c) Priority of requests from Members of Congress Any request for ethics-related information from the Commission under section 552 of title 5, United States Code, made by a Member of Congress— (1) shall be prioritized ahead of requests for information made by persons other than Members of Congress; and (2) shall be processed without charging any fee to the Member of Congress. (d) Common law privileges Notwithstanding any other provision of law, the Commission may not withhold ethics-related information requested by a Member of Congress under section 552 of title 5, United States Code, on the basis that the information is privileged pursuant to a common law privilege, such as the deliberative process privilege, attorney-client privilege, or attorney work product privilege. (e) Maintenance and security of materials With respect to any materials related to ethics-related information that are received by or in the possession of a Member of Congress or any staff member of a Member of Congress in response to a request made by a Member of Congress under section 552 of title 5, United States Code, from the Commission, the chief clerk of the Committee on Banking, Housing, and Urban Affairs of the Senate, with respect to the Senate, and the chief clerk of the Committee on Financial Services of the House of Representatives, with respect to the House of Representatives, shall— (1) have responsibility for the maintenance and security of those materials; and (2) ensure that— (A) the materials are stored in a safe with a combination lock by the chief clerk of the relevant committee in the offices of the relevant committee; (B) the materials do not leave the relevant committee, except for a Member of Congress or any staff member of a Member of Congress to review the materials in a congressional office or to return the materials to the Commission; (C) a Member of Congress or any staff member of a Member of Congress shall review the materials in a congressional office; and (D) a Member of Congress or any staff member of a Member of Congress shall keep the materials in their physical custody when reviewing them and keep the materials in the safe of the chief clerk of the relevant committee when not reviewing the materials. (f) Standing Any Member of Congress who makes a request for ethics-related information from the Commission under section 552 of title 5, United States Code, has standing to file in the appropriate district court of the United States an action to enjoin the Commission from withholding records of the Commission and to order the production of any records of the Commission improperly withheld from the Member of Congress in the same manner as any other person under that section. . (d) National Credit Union Administration Title I of the Federal Credit Union Act ( 12 U.S.C. 1752 et seq. 132. Congressional FOIA requests for ethics-related information from the Administration (a) Ethics-Related information defined (1) In general Subject to paragraph (2), in this section, the term ethics-related information (A) the activities of the ethics program of the Administration; (B) financial disclosure reports and related records; (C) ethics agreements and related records; (D) outside employment and activity of officers and employees of the Administration; (E) referrals of violations of criminal conflict of interest statutes; (F) ethics-related disciplinary records or adverse actions; (G) ethics-related investigations, inquiries, or reviews; (H) ethics-related materials, including ethics determinations issued by, ethics advice issued by, ethics consultation engaged in, and ethics training records of the Administration; and (I) any other ethics-related policies, procedures, practices, or program records of the Administration, including— (i) any record relating to— (I) ethics policies, procedures, practices, or program implementation, interpretation, counseling, management, development, review, or complaints; (II) employee training and education related to any ethics-related policies, procedures, practices, or program; (III) ethics waivers, authorizations, and approvals; (IV) non-Federally funded travel; (V) any ethics-related annual questionnaires relating to the ethics program of the Administration; and (VI) any other ethics-related policies, procedures, practices, or program of the Administration; and (ii) any other record described in the document entitled, General Records Schedule 2.8: Employee Ethics Records (2) Exclusion of certain ethics-related information Notwithstanding paragraph (1), a record of advice and counseling provided by an ethics official to an individual officer or employee, except for a record that has operative legal effect such as a waiver, an authorization, an approval, or a determination that alters the ethical obligations of such officer or employee, shall not be included in the definition of the term ethics-related information (b) Disclosure of ethics-Related information to Members of Congress (1) In general Section 552 of title 5, United States Code, is not authority for the Administration to withhold ethics-related information from a Member of Congress, including any ethics-related information in a personnel file. (2) Rule of construction No provision of law, including title I of the Ethics in Government Act (5 U.S.C. App.), shall preclude or limit the disclosure of ethics-related information to a Member of Congress under paragraph (1). (c) Priority of requests from Members of Congress Any request for ethics-related information from the Administration under section 552 of title 5, United States Code, made by a Member of Congress— (1) shall be prioritized ahead of requests for information made by persons other than Members of Congress; and (2) shall be processed without charging any fee to the Member of Congress. (d) Common law privileges Notwithstanding any other provision of law, the Administration may not withhold ethics-related information requested by a Member of Congress under section 552 of title 5, United States Code, on the basis that the information is privileged pursuant to a common law privilege, such as the deliberative process privilege, attorney-client privilege, or attorney work product privilege. (e) Maintenance and security of materials With respect to any materials related to ethics-related information that are received by or in the possession of a Member of Congress or any staff member of a Member of Congress in response to a request made by a Member of Congress under section 552 of title 5, United States Code, from the Administration, the chief clerk of the Committee on Banking, Housing, and Urban Affairs of the Senate, with respect to the Senate, and the chief clerk of the Committee on Financial Services of the House of Representatives, with respect to the House of Representatives, shall— (1) have responsibility for the maintenance and security of those materials; and (2) ensure that— (A) the materials are stored in a safe with a combination lock by the chief clerk of the relevant committee in the offices of the relevant committee; (B) the materials do not leave the relevant committee, except for a Member of Congress or any staff member of a Member of Congress to review the materials in a congressional office or to return the materials to the Administration; (C) a Member of Congress or any staff member of a Member of Congress shall review the materials in a congressional office; and (D) a Member of Congress or any staff member of a Member of Congress shall keep the materials in their physical custody when reviewing them and keep the materials in the safe of the chief clerk of the relevant committee when not reviewing the materials. (f) Standing Any Member of Congress who makes a request for ethics-related information from the Administration under section 552 of title 5, United States Code, has standing to file in the appropriate district court of the United States an action to enjoin the Administration from withholding records of the Administration and to order the production of any records of the Administration improperly withheld from the Member of Congress in the same manner as any other person under that section. . (e) Office of the Comptroller of the Currency The Revised Statutes of the United States is amended by inserting after section 333 ( 12 U.S.C. 14 334. Congressional FOIA requests for ethics-related information from the Office of the Comptroller of the Currency (a) Ethics-Related information defined (1) In general Subject to paragraph (2), in this section, the term ethics-related information (A) the activities of the ethics program of the Office of the Comptroller of the Currency (in this section referred to as the Office (B) financial disclosure reports and related records; (C) ethics agreements and related records; (D) outside employment and activity of officers and employees of the Office; (E) referrals of violations of criminal conflict of interest statutes; (F) ethics-related disciplinary records or adverse actions; (G) ethics-related investigations, inquiries, or reviews; (H) ethics-related materials, including ethics determinations issued by, ethics advice issued by, ethics consultation engaged in, and ethics training records of the Office; and (I) any other ethics-related policies, procedures, practices, or program records of the Office, including— (i) any record relating to— (I) ethics policies, procedures, practices, or program implementation, interpretation, counseling, management, development, review, or complaints; (II) employee training and education related to any ethics-related policies, procedures, practices, or program; (III) ethics waivers, authorizations, and approvals; (IV) non-Federally funded travel; (V) any ethics-related annual questionnaires relating to the ethics program of the Office; and (VI) any other ethics-related policies, procedures, practices, or program of the Office; and (ii) any other record described in the document entitled, General Records Schedule 2.8: Employee Ethics Records (2) Exclusion of certain ethics-related information Notwithstanding paragraph (1), a record of advice and counseling provided by an ethics official to an individual officer or employee, except for a record that has operative legal effect such as a waiver, an authorization, an approval, or a determination that alters the ethical obligations of such officer or employee, shall not be included in the definition of the term ethics-related information (b) Disclosure of ethics-Related information to Members of Congress (1) In general Section 552 of title 5, United States Code, is not authority for the Office to withhold ethics-related information from a Member of Congress, including any ethics-related information in a personnel file. (2) Rule of construction No provision of law, including title I of the Ethics in Government Act (5 U.S.C. App.), shall preclude or limit the disclosure of ethics-related information to a Member of Congress under paragraph (1). (c) Priority of requests from Members of Congress Any request for ethics-related information from the Office under section 552 of title 5, United States Code, made by a Member of Congress— (1) shall be prioritized ahead of requests for information made by persons other than Members of Congress; and (2) shall be processed without charging any fee to the Member of Congress. (d) Common law privileges Notwithstanding any other provision of law, the Office may not withhold ethics-related information requested by a Member of Congress under section 552 of title 5, United States Code, on the basis that the information is privileged pursuant to a common law privilege, such as the deliberative process privilege, attorney-client privilege, or attorney work product privilege. (e) Maintenance and security of materials With respect to any materials related to ethics-related information that are received by or in the possession of a Member of Congress or any staff member of a Member of Congress in response to a request made by a Member of Congress under section 552 of title 5, United States Code, from the Office, the chief clerk of the Committee on Banking, Housing, and Urban Affairs of the Senate, with respect to the Senate, and the chief clerk of the Committee on Financial Services of the House of Representatives, with respect to the House of Representatives, shall— (1) have responsibility for the maintenance and security of those materials; and (2) ensure that— (A) the materials are stored in a safe with a combination lock by the chief clerk of the relevant committee in the offices of the relevant committee; (B) the materials do not leave the relevant committee, except for a Member of Congress or any staff member of a Member of Congress to review the materials in a congressional office or to return the materials to the Office; (C) a Member of Congress or any staff member of a Member of Congress shall review the materials in a congressional office; and (D) a Member of Congress or any staff member of a Member of Congress shall keep the materials in their physical custody when reviewing them and keep the materials in the safe of the chief clerk of the relevant committee when not reviewing the materials. (f) Standing Any Member of Congress who makes a request for ethics-related information from the Office under section 552 of title 5, United States Code, has standing to file in the appropriate district court of the United States an action to enjoin the Office from withholding records of the Office and to order the production of any records of the Office improperly withheld from the Member of Congress in the same manner as any other person under that section. . (f) Federal Housing Finance Agency Part 1 of subtitle A of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4511 et seq. 1319H. Congressional FOIA requests for ethics-related information from the Agency (a) Ethics-Related information defined (1) In general Subject to paragraph (2), in this section, the term ethics-related information (A) the activities of the ethics program of the Agency; (B) financial disclosure reports and related records; (C) ethics agreements and related records; (D) outside employment and activity of officers and employees of the Agency; (E) referrals of violations of criminal conflict of interest statutes; (F) ethics-related disciplinary records or adverse actions; (G) ethics-related investigations, inquiries, or reviews; (H) ethics-related materials, including ethics determinations issued by, ethics advice issued by, ethics consultation engaged in, and ethics training records of the Agency; and (I) any other ethics-related policies, procedures, practices, or program records of the Agency, including— (i) any record relating to— (I) ethics policies, procedures, practices, or program implementation, interpretation, counseling, management, development, review, or complaints; (II) employee training and education related to any ethics-related policies, procedures, practices, or program; (III) ethics waivers, authorizations, and approvals; (IV) non-Federally funded travel; (V) any ethics-related annual questionnaires relating to the ethics program of the Agency; and (VI) any other ethics-related policies, procedures, practices, or program of the Agency; and (ii) any other record described in the document entitled, General Records Schedule 2.8: Employee Ethics Records (2) Exclusion of certain ethics-related information Notwithstanding paragraph (1), a record of advice and counseling provided by an ethics official to an individual officer or employee, except for a record that has operative legal effect such as a waiver, an authorization, an approval, or a determination that alters the ethical obligations of such officer or employee, shall not be included in the definition of the term ethics-related information (b) Disclosure of ethics-Related information to Members of Congress (1) In general Section 552 of title 5, United States Code, is not authority for the Agency to withhold ethics-related information from a Member of Congress, including any ethics-related information in a personnel file. (2) Rule of construction No provision of law, including title I of the Ethics in Government Act (5 U.S.C. App.), shall preclude or limit the disclosure of ethics-related information to a Member of Congress under paragraph (1). (c) Priority of requests from Members of Congress Any request for ethics-related information from the Agency under section 552 of title 5, United States Code, made by a Member of Congress— (1) shall be prioritized ahead of requests for information made by persons other than Members of Congress; and (2) shall be processed without charging any fee to the Member of Congress. (d) Common law privileges Notwithstanding any other provision of law, the Agency may not withhold ethics-related information requested by a Member of Congress under section 552 of title 5, United States Code, on the basis that the information is privileged pursuant to a common law privilege, such as the deliberative process privilege, attorney-client privilege, or attorney work product privilege. (e) Maintenance and security of materials With respect to any materials related to ethics-related information that are received by or in the possession of a Member of Congress or any staff member of a Member of Congress in response to a request made by a Member of Congress under section 552 of title 5, United States Code, from the Agency, the chief clerk of the Committee on Banking, Housing, and Urban Affairs of the Senate, with respect to the Senate, and the chief clerk of the Committee on Financial Services of the House of Representatives, with respect to the House of Representatives, shall— (1) have responsibility for the maintenance and security of those materials; and (2) ensure that— (A) the materials are stored in a safe with a combination lock by the chief clerk of the relevant committee in the offices of the relevant committee; (B) the materials do not leave the relevant committee, except for a Member of Congress or any staff member of a Member of Congress to review the materials in a congressional office or to return the materials to the Agency; (C) a Member of Congress or any staff member of a Member of Congress shall review the materials in a congressional office; and (D) a Member of Congress or any staff member of a Member of Congress shall keep the materials in their physical custody when reviewing them and keep the materials in the safe of the chief clerk of the relevant committee when not reviewing the materials. (f) Standing Any Member of Congress who makes a request for ethics-related information from the Agency under section 552 of title 5, United States Code, has standing to file in the appropriate district court of the United States an action to enjoin the Agency from withholding records of the Agency and to order the production of any records of the Agency improperly withheld from the Member of Congress in the same manner as any other person under that section. . 4. Presidential appointment of Inspector General of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection (a) Amendments to the Inspector General Act of 1978 The Inspector General Act of 1978 (5 U.S.C. App.) is amended— (1) in section 8G— (A) in subsection (a)(2), by striking the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection, (B) in subsection (c), by striking the third and fourth sentences; and (C) in subsection (g)— (i) by striking paragraph (3); and (ii) by redesignating paragraph (4) as paragraph (3); (2) in section 8J, by striking or 8N 8K, or 8N (3) by inserting after section 8J the following: 8K. Special provisions concerning the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection (a) In general The Inspector General of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection shall have all of the authorities and responsibilities provided by this Act— (1) with respect to the Bureau of Consumer Financial Protection, as if the Bureau were part of the Board of Governors of the Federal Reserve System; and (2) with respect to a Federal reserve bank without the permission of the Federal reserve bank. (b) Relationship to Department of Treasury The provisions of subsection (a) of section 8D (other than the provisions of subparagraphs (A), (B), (C), and (E) of subsection (a)(1)) shall apply to the Inspector General of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection and the Chairman of the Board of Governors of the Federal Reserve System in the same manner as such provisions apply to the Inspector General of the Department of the Treasury and the Secretary of the Treasury, respectively. ; and (4) in section 12— (A) in paragraph (1), by inserting the Chairman of the Board of Governors of the Federal Reserve System; National Security Agency; (B) in paragraph (2), by inserting the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection, National Security Agency,

Summary: Financial Regulators Transparency Act of 2022 This bill makes certain disclosure and ethics requirements applicable to the Federal Reserve banks and financial regulators. For example, the bill makes Federal Reserve banks subject to Freedom of Information Act requests and makes financial regulators subject to congressional ethics inquiries.