I 
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 consider-
ation 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 Representa-
tives 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’’. 
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(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)— 
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(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 notifica-
tion to the Committee on Financial 
Services of the House of Representa-
tives 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 be-
fore the semicolon the following: ‘‘, includ-
ing documentation of factors, empirical 
analyses, and data that gave rise to the de-
termination’’; and 
(iii) by adding at the end the fol-
lowing: 
‘‘(vi) ADDITIONAL REPORTS TO CON-
GRESS
ON
EMERGENCY
DETERMINA-
TIONS.— 
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‘‘(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 doc-
umentation related to such deter-
mination, 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 quan-
titative analyses undertaken. 
‘‘(II) INFORMATION REQUESTED 
BY
COMMITTEES.—The Secretary of 
the Treasury shall provide the Com-
mittee on Financial Services of the 
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House of Representatives and the 
Committee on Banking, Housing, and 
Urban Affairs of the Senate with such 
additional information related to a de-
termination under clause (i) as the 
committees may request. The Sec-
retary of the Treasury may submit, 
with such information, a written re-
quest and justification for the com-
mittees to treat the information con-
fidentially.’’; 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 INFOR-
MATION.— 
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‘‘(i) IN GENERAL.—The Board shall 
make available to the Committee on Finan-
cial Services of the House of Representa-
tives 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 
re-
spect to a request described under clause 
(i), if the Chairman of the Board deter-
mines that any part of the requested infor-
mation needs to remain confidential and 
provides written notice of such determina-
tion 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 com-
mittee.’’; and 
(2) in the first subsection (s) (related to ‘‘Fed-
eral Reserve Transparency’’) of section 11— 
(A) in paragraph (2)(B), by striking 
‘‘eighth’’ and inserting ‘‘fourth’’; 
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(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 ‘‘dis-
closure’’; and 
(iii) by adding at the end the fol-
lowing: 
‘‘(B) CONGRESSIONAL ACCESS TO INFOR-
MATION.— 
‘‘(i) IN GENERAL.—The Board shall, 
upon request, make the nonpublic personal 
information described under subparagraph 
(A) available to the Committee on Finan-
cial Services of the House of Representa-
tives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate. 
‘‘(ii) 
CONFIDENTIALITY.—With 
re-
spect to a request described under clause 
(i), if the Chairman of the Board deter-
mines that any part of the requested infor-
mation needs to remain confidential and 
provides written notice of such determina-
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tion 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 com-
mittee.’’. 
(b) DODD-FRANK WALL STREET REFORM AND CON-
SUMER 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 rank-
ing member of the Committee on Financial 
Services of the House of Representatives and 
the chair and ranking member of the Com-
mittee on Banking, Housing, and Urban Affairs 
of the Senate; and’’; 
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(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’’ be-
fore ‘‘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 notifi-
cation 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 de-
scription of the assumptions made 
and analytical tools used to calculate 
such expected cost, and a request’’; 
and 
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(ii) in paragraph (2), by inserting 
‘‘and upon notification to Congress’’ after 
‘‘with the President’’; and 
(B) in subsection (g), by amending para-
graph (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 ‘‘, in-
cluding to Congress,’’. 
TITLE III—ENHANCING FINAN-
CIAL STABILITY OVERSIGHT 
COUNCIL TRANSPARENCY 
SEC. 301. FSOC TRANSPARENCY. 
(a) FINANCIAL STABILITY ACT OF 2010.—The Fi-
nancial Stability Act of 2010 (12 U.S.C. 5311 et seq.) 
is amended— 
(1) in section 111— 
(A) in subsection (b)(1)— 
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(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 fol-
lowing: 
‘‘(K) an independent member appointed by 
the President, by and with the advice and con-
sent 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 insert-
ing ‘‘INDEPENDENT MEMBERS’’; and 
(II) 
by 
striking 
‘‘subsection 
(b)(1)(J)’’ and inserting ‘‘subpara-
graph (J) or (K) of subsection 
(b)(1)’’; 
(C) by striking subsection (d); 
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(D) 
by 
redesignating 
subsections 
(e) 
through (j) as subsections (d) through (i), re-
spectively; 
(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, tech-
nical, or professional committee appointed by 
the Council, except that, if an advisory, tech-
nical, or professional committee has one or 
more members who are not employees of or af-
filiated 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, facili-
ties, staff, or other support services are pro-
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vided with respect to any Council program or 
activity that has, or is planned to have, dura-
tion 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 Coun-
cil 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), re-
spectively; 
(iv) in subparagraph (D), as so redes-
ignated, by striking ‘‘agencies and’’ and in-
serting ‘‘agencies, Congress, and’’; 
(v) in subparagraph (E), as so redes-
ignated, by inserting after ‘‘to the member 
agencies’’ the following: ‘‘, the chair and 
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ranking member of the Committee on Fi-
nancial Services of the House of Rep-
resentatives and the chair and ranking 
member of the Committee on Banking, 
Housing, and Urban Affairs of the Sen-
ate’’; 
(vi) in subparagraph (G), as so redes-
ignated, by striking ‘‘may’’; 
(vii) in subparagraph (H), as so re-
designated, by inserting before the semi-
colon the following: ‘‘, and notify the chair 
and ranking member of the Committee on 
Financial Services of the House of Rep-
resentatives 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 redes-
ignated, by inserting after ‘‘primary finan-
cial regulatory agencies to apply’’ the fol-
lowing: ‘‘primary financial regulatory agen-
cies, 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 
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Banking, Housing, and Urban Affairs of 
the Senate on the costs and benefits of ap-
plying’’; and 
(ix) in subparagraph (J), as so redes-
ignated, 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 mon-
itor’’ and inserting ‘‘as necessary to 
monitor’’; 
(II) by striking ‘‘; or’’ and insert-
ing a period; and 
(III) by striking subparagraph 
(B); 
(ii) in paragraph (2), by inserting be-
fore 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 
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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 Representa-
tives 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 re-
ports’’; 
(3) in section 113— 
(A) in subsection (a)(2)— 
(i) in subparagraph (I), by adding 
‘‘and’’ at the end; 
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(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), respec-
tively; 
(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 sec-
tion— 
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‘‘(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 deter-
mination; and 
‘‘(B) shall have no force or effect if dis-
approved, as provided under this subsection. 
‘‘(3) CONGRESSIONAL
DISAPPROVAL
PROCE-
DURE.— 
‘‘(A) JOINT RESOLUTION DEFINED.—For 
purposes of this paragraph, the term ‘joint res-
olution’ means only a joint resolution intro-
duced 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 noti-
fication to Congress on lll, and such deter-
mination 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 iden-
tical joint resolution) at the end of the 20- 
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day period beginning on the date Congress 
is notified of a determination, such com-
mittee may be discharged from further 
consideration of such joint resolution upon 
a petition supported in writing by 30 Mem-
bers of the Senate, and such joint resolu-
tion shall be placed on the calendar. 
‘‘(ii) In the Senate, when the com-
mittee to which a joint resolution is re-
ferred has reported, or when a committee 
is discharged (under clause (i)) from fur-
ther consideration of a joint resolution, it 
is at any time thereafter in order (even 
though a previous motion to the same ef-
fect 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 consider-
ation 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 dis-
agreed to shall not be in order. If a motion 
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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 mo-
tions 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 de-
bate 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 fol-
lowing 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 reso-
lution shall occur. 
‘‘(v) In the Senate, appeals from the 
decisions of the Chair relating to the appli-
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cation 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 resolu-
tion after the end of the 60-day period de-
scribed under paragraph (2)(A). 
‘‘(4) TREATMENT OF JOINT RESOLUTION RE-
CEIVED 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— 
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‘‘(A) as an exercise of the rulemaking 
power of the Senate and House of Representa-
tives, respectively, and as such it is deemed a 
part of the rules of each House, respectively, 
but applicable only with respect to the proce-
dure 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 constitu-
tional 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 Fi-
nancial Services of the House of Representa-
tives, 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 
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and ranking member of the Committee on Fi-
nancial Services of the House of Representa-
tives, 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 Rep-
resentatives 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 Com-
mittee on Financial Services of the House 
of Representatives and the chair and rank-
ing member of the Committee on Banking, 
Housing, and Urban Affairs of the Senate 
are notified of such recommendations,’’; 
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(D) in subsection (e), by inserting after 
‘‘make recommendations to the Board of Gov-
ernors’’ the following: ‘‘, if the chair and rank-
ing member of the Committee on Financial 
Services of the House of Representatives and 
the chair and ranking member of the Com-
mittee on Banking, Housing, and Urban Affairs 
of the Senate are notified of such recommenda-
tions,’’; 
(E) in subsection (f), by inserting after 
‘‘make recommendations to the Board of Gov-
ernors’’ the following: ‘‘, if the chair and rank-
ing member of the Committee on Financial 
Services of the House of Representatives and 
the chair and ranking member of the Com-
mittee on Banking, Housing, and Urban Affairs 
of the Senate are notified of such recommenda-
tions,’’; and 
(F) in subsection (g), by inserting after 
‘‘make recommendations to the Board of Gov-
ernors’’ the following: ‘‘, if the chair and rank-
ing member of the Committee on Financial 
Services of the House of Representatives and 
the chair and ranking member of the Com-
mittee on Banking, Housing, and Urban Affairs 
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of the Senate are notified of such recommenda-
tions,’’; 
(5) in section 116(a), by inserting after ‘‘may’’ 
the following: ‘‘, after notifying the chair and rank-
ing 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 Representa-
tives and the chair and ranking member of the 
Committee on Banking, Housing, and Urban 
Affairs of the Senate are notified of such rec-
ommendations,’’; 
(B) in subsection (b)— 
(i) in paragraph (1), by inserting after 
‘‘to the public’’ the following: ‘‘and Con-
gress’’; and 
(ii) in paragraph (2)(A), by inserting 
before the semicolon the following: ‘‘, and 
the notice required under paragraph (1) 
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shall contain data, methodology, and anal-
ysis 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, Hous-
ing, and Urban Affairs of the Senate of such 
determination and the factors, data, and anal-
ysis leading to such determination’’; and 
(E) by adding at the end the following: 
‘‘(f) DELAY IN IMPLEMENTATION.—A primary finan-
cial regulatory agency may not implement a recommenda-
tion made by the Council under subsection (a) until the 
end of the 90-day period beginning on the date such rec-
ommendation is issued.’’; 
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(7) in section 121— 
(A) in subsection (d), by inserting after 
‘‘Governors may’’ the following: ‘‘, after noti-
fying 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, Hous-
ing, and Urban Affairs of the Senate,’’; and 
(B) by adding at the end the following: 
‘‘(e) NOTICE TO CONGRESS; DELAY IN IMPLEMENTA-
TION.—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 mem-
ber 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 
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(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 ‘‘es-
sential’’; 
(ii) by striking paragraph (5); 
(iii) by redesignating paragraphs (6) 
and (7) as paragraphs (5) and (6), respec-
tively; and 
(iv) in paragraph (5), as so redesig-
nated, by inserting before the semicolon 
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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 Com-
mittee on Financial Services of the 
House of Representatives, the chair 
and ranking member of the Com-
mittee on Banking, Housing, and 
Urban Affairs of the Senate,’’; and 
(II) in subparagraph (B), by in-
serting before the semicolon the fol-
lowing: ‘‘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 
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Committee on Banking, Housing, and 
Urban Affairs of the Senate’’; 
(ii) in paragraph (2), by inserting be-
fore 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 re-
search projects’’; 
(iii) in paragraph (3), by inserting be-
fore the period at the end the following: ‘‘, 
after providing notice to the chair and 
ranking member of the Committee on Fi-
nancial Services of the House of Rep-
resentatives 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 Rep-
resentatives and the Committee on Banking, 
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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 insert-
ing 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 Finan-
cial 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 com-
pany reference database and the financial in-
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strument reference database, relative to a de-
tailed quantification of benefits.’’; 
(B) in subsection (c)(1)(E), by inserting 
before the semicolon the following: ‘‘or Con-
gress’’; 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 fol-
lowing: 
‘‘(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 en-
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actment 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 Fi-
nancial 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 Re-
form and Consumer Protection Act is amended by 
inserting after the item relating to section 176 the 
following: 
‘‘Sec. 177. Congressional notice.’’. 
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TITLE IV—ESTABLISHING FED-
ERAL RESERVE VICE CHAIR 
FOR 
SUPERVISION 
EXPERI-
ENCE REQUIREMENT 
SEC. 401. ESTABLISHMENT OF REQUIREMENTS TO BE VICE 
CHAIRMAN FOR SUPERVISION. 
(a) IN GENERAL.—The second undesignated para-
graph 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 Su-
pervision, 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 com-
panies.’’; and 
(2) in the fourth sentence— 
(A) by inserting after ‘‘supervised by the 
Board’’ the following: ‘‘(with any such rec-
ommendations 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 over-
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sight and control of the Board as the Board de-
termines necessary and appropriate’’. 
(b) RULE OF APPLICATION.—The amendment made 
by subsection (a) shall apply to individuals who are des-
ignated 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 SU-
PERVISION. 
(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 Su-
pervision shall submit a semi-annual report to the 
Committee on Banking, Housing, and Urban Affairs 
of the Senate and the Committee on Financial Serv-
ices of the House of Representatives regarding the 
efforts, activities, objectives, and plans of the Board 
with respect to the conduct of supervision and regu-
lation of depository institution holding companies 
and other financial firms supervised by the Board. 
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‘‘(2) MINIMUM
CONTENTS.—At a minimum, 
each report under paragraph (1) shall include— 
‘‘(A) conditions of financial firms, includ-
ing examination or inspection ratings, on an ag-
gregate basis by firm asset size; 
‘‘(B) granular data on outstanding mate-
rial supervisory determinations by type of deter-
mination, 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 fi-
nancial 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 aggre-
gate basis by firm asset size; and 
‘‘(F) a description of the organization of 
the supervisory functions of the Board with re-
spect to financial firms, including information 
on roles, responsibilities, accountability, and tal-
ent management. 
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‘‘(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 de-
scribed 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 ac-
tion, and the status of each provision of each 
enforcement action.’’. 
(b) TESTIMONY AND REPORTS TO CONGRESS ON 
FEDERAL DEPOSIT INSURANCE CORPORATION SUPER-
VISION.—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 Serv-
ices of the House of Representatives at semi-annual 
hearings regarding the efforts, activities, objectives, 
VerDate Sep 11 2014 
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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 Serv-
ices of the House of Representatives semi-an-
nual reports regarding the efforts, activities, ob-
jectives, and plans of the Corporation with re-
spect to the conduct of supervision and regula-
tion of depository institutions supervised by the 
Corporation. 
‘‘(B) MINIMUM
CONTENTS.—At a min-
imum, each report under subparagraph (A) 
shall include— 
‘‘(i) conditions of depository institu-
tions, including examination or inspection 
ratings, on an aggregate basis by institu-
tion asset size; 
‘‘(ii) granular data on outstanding 
material supervisory determinations by 
type of determination, including the types 
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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 for-
mal enforcement actions, by type of en-
forcement order and showing changes in 
the last 3 years, against supervised deposi-
tory institutions on an aggregate basis by 
institution asset size; and 
‘‘(vi) a description of the organization 
of the supervisory functions of the Cor-
poration with respect to depository institu-
tions, including information on roles, re-
sponsibilities, 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 
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member of each committee described under sub-
paragraph (A) identifying— 
‘‘(i) each supervised depository insti-
tution with less than satisfactory examina-
tion or inspection ratings; and 
‘‘(ii) each supervised depository insti-
tution 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 Serv-
ices of the House of Representatives at semi-annual 
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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 Serv-
ices of the House of Representatives semi-an-
nual reports regarding the efforts, activities, ob-
jectives, and plans of the Office of the Comp-
troller of the Currency with respect to the con-
duct 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 min-
imum, each report under subparagraph (A) 
shall include— 
‘‘(i) conditions of national banks and 
other financial firms, including examina-
tion or inspection ratings, on an aggregate 
basis by asset size; 
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‘‘(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 for-
mal enforcement actions, by type of en-
forcement order and showing changes in 
the last 3 years, against supervised na-
tional 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 re-
spect to national banks and other financial 
firms, including information on roles, re-
sponsibilities, accountability, and talent 
management. 
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‘‘(C) CONFIDENTIAL REPORT.—Concurrent 
with each report under subparagraph (A), the 
Comptroller of the Currency shall submit a con-
fidential report to the chair and ranking mem-
ber of each committee described under subpara-
graph (A) identifying— 
‘‘(i) each supervised national bank or 
other financial firms with less than satis-
factory 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 enforce-
ment action.’’. 
(d) TESTIMONY AND REPORTS TO CONGRESS ON NA-
TIONAL
CREDIT
UNION
ADMINISTRATION
SUPER-
VISION.—Section 102 of the Federal Credit Union Act (12 
U.S.C. 1752a) is amended by adding at the end the fol-
lowing: 
‘‘(g) SEMI-ANNUAL TESTIMONY
AND REPORT
TO 
CONGRESS ON SUPERVISION.— 
‘‘(1) APPEARANCES BEFORE CONGRESS.—The 
Chairman of the Board shall appear before the Com-
mittee on Banking, Housing, and Urban Affairs of 
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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 Serv-
ices of the House of Representatives semi-an-
nual reports regarding the efforts, activities, ob-
jectives, and plans of the Administration with 
respect to the conduct of supervision and regu-
lation of credit unions supervised by the Admin-
istration. 
‘‘(B) MINIMUM
CONTENTS.—At a min-
imum, each report under subparagraph (A) 
shall include— 
‘‘(i) conditions of credit unions, in-
cluding examination or inspection ratings, 
on an aggregate basis by credit union asset 
size; 
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‘‘(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 for-
mal enforcement actions, by type of en-
forcement 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 in-
formation on roles, responsibilities, ac-
countability, and talent management. 
‘‘(C) CONFIDENTIAL REPORT.—Concurrent 
with each report under subparagraph (A), the 
Chairman of the Board shall submit a confiden-
tial report to the chair and ranking member of 
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each committee described under subparagraph 
(A) identifying— 
‘‘(i) each supervised credit union with 
less than satisfactory examination or in-
spection 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.’’. 
Æ 
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