IB 
Union Calendar No. 781 
118TH CONGRESS 
2D SESSION 
H. R. 3556 
[Report No. 118–793, Part I] 
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 
DECEMBER 4, 2024 
Reported from the Committee on Financial Services with an amendment 
[Strike out all after the enacting clause and insert the part printed in italic] 
DECEMBER 4, 2024 
Committee on Rules discharged 
DECEMBER 4, 2024 
Referral to the Committee on Oversight and Accountability extended for a 
period ending not later than December 19, 2024 
DECEMBER 19, 2024 
Committee on Oversight and Accountability discharged; committed to the 
Committee of the Whole House on the State of the Union and ordered 
to be printed 
[For text of introduced bill, see copy of bill as introduced on May 22, 2023] 
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A BILL 
To amend the Federal financial laws to increase financial 
regulatory accountability and transparency, and for other 
purposes. 
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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 ‘‘In-
creasing Financial Regulatory Accountability and Trans-
parency Act’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
TITLE I—ENHANCING FDIC TRANSPARENCY 
Sec. 101. Federal Deposit Insurance Corporation transparency. 
TITLE II—ENHANCING FEDERAL RESERVE TRANSPARENCY 
Sec. 201. Federal Reserve transparency. 
TITLE III—ENHANCING FINANCIAL STABILITY OVERSIGHT COUNCIL 
TRANSPARENCY 
Sec. 301. FSOC transparency. 
TITLE IV—ESTABLISHING FEDERAL RESERVE VICE CHAIR FOR 
SUPERVISION EXPERIENCE REQUIREMENT 
Sec. 401. Establishment of requirements to be Vice Chairman for Supervision. 
TITLE V—BANKING REGULATOR ACCOUNTABILITY 
Sec. 501. Reports and testimony to Congress on supervision. 
TITLE I—ENHANCING FDIC 
TRANSPARENCY 
SEC. 101. FEDERAL DEPOSIT INSURANCE CORPORATION 
TRANSPARENCY. 
Section 13(c) of the Federal Deposit Insurance Act (12 
U.S.C. 1823) is amended— 
(1) in paragraph (1)(C), by inserting after 
‘‘taken’’ the following: ‘‘after notification to the Com-
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mittee on Financial Services of the House of Rep-
resentatives and the Committee on Banking, Housing, 
and Urban Affairs of the Senate and’’; 
(2) in paragraph (4)— 
(A) in subparagraph (B)(i)(I), by striking 
‘‘a present-value’’ and inserting ‘‘an expected 
present-value’’; and 
(B) in subparagraph (G)— 
(i) in clause (i)— 
(I) by inserting ‘‘after notification 
to the Committee on Financial Services 
of the House of Representatives and the 
Committee on Banking, Housing, and 
Urban Affairs of the Senate and’’ be-
fore ‘‘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: 
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‘‘(vi) ADDITIONAL
REPORTS
TO
CON-
GRESS ON EMERGENCY DETERMINATIONS.— 
‘‘(I) IN
GENERAL.—With respect 
to each determination under clause (i), 
the Board of Directors, the Board of 
Governors of the Federal Reserve Sys-
tem, 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 docu-
mentation 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 
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Treasury shall provide the Committee 
on Financial Services of the House of 
Representatives and the Committee on 
Banking, Housing, and Urban Affairs 
of the Senate with such additional in-
formation related to a determination 
under clause (i) as the committees may 
request. The Secretary of the Treasury 
may submit, with such information, a 
written request and justification for 
the committees to treat the information 
confidentially.’’; and 
(3) in paragraph (8)(B), after ‘‘in writing’’ by 
inserting ‘‘, shall include details of factors that led to 
the determination and analyses of those factors and 
their implications’’. 
TITLE II—ENHANCING FEDERAL 
RESERVE TRANSPARENCY 
SEC. 201. FEDERAL RESERVE TRANSPARENCY. 
(a) FEDERAL RESERVE ACT.—The Federal Reserve 
Act (12 U.S.C. 221 et seq.) is amended— 
(1) in section 11— 
(A) in the first subsection (s) (related to 
‘‘Federal Reserve Transparency’’)— 
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(i) in paragraph (2)(B), by striking 
‘‘eighth’’ and inserting ‘‘fourth’’; 
(ii) in paragraph (5), by striking ‘‘24- 
month’’ and inserting ‘‘12-month’’; and 
(iii) in paragraph (7)— 
(I) by striking ‘‘This subsection’’ 
and inserting the following: 
‘‘(A) IN GENERAL.—This subsection’’; 
(II) by inserting ‘‘public’’ before 
‘‘disclosure’’; and 
(III) by adding at the end the fol-
lowing: 
‘‘(B) CONGRESSIONAL ACCESS TO INFORMA-
TION.— 
‘‘(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 Representatives 
and the Committee on Banking, Housing, 
and Urban Affairs of the Senate. 
‘‘(ii) CONFIDENTIALITY.—With respect 
to a request described under clause (i), if 
the Chairman of the Board determines that 
any part of the requested information needs 
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to remain confidential and provides written 
notice of such determination to the com-
mittee making such request, the Board shall 
only make that part of the requested infor-
mation available to the chair and ranking 
member of the committee.’’; and 
(B) by redesignating the second subsection 
(s) (relating to ‘‘Assessments, Fees, and Other 
Charges’’) as subsection (t); and 
(2) in section 13(3), by adding at the end the fol-
lowing: 
‘‘(F) CONGRESSIONAL ACCESS TO INFORMA-
TION.— 
‘‘(i) IN
GENERAL.—The Board shall 
make available to the Committee on Finan-
cial Services of the House of Representatives 
and the Committee on Banking, Housing, 
and Urban Affairs of the Senate informa-
tion requested by such committees related to 
any credit facility established by or on be-
half of the Federal Reserve System or a 
Federal reserve bank and authorized by the 
Board under this paragraph. 
‘‘(ii) CONFIDENTIALITY.—With respect 
to a request described under clause (i), if 
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the Chairman of the Board determines that 
any part of the requested information needs 
to remain confidential and provides written 
notice of such determination to the com-
mittee making such request, the Board shall 
only make that part of the requested infor-
mation available to the chair and ranking 
member of the committee.’’. 
(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 amend-
ed— 
(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 Serv-
ices of the House of Representatives and the 
chair and ranking member of the Committee on 
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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, joint-
ly, by the Board of Governors, the Corporation, and 
the Secretary, by rule pursuant to notice and com-
ment.’’. 
(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 Finan-
cial Stability Act of 2010 (12 U.S.C. 5311 et seq.) is amend-
ed— 
(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 ‘‘inde-
pendent 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); 
(D) by redesignating subsections (e) through 
(j) as subsections (d) through (i), respectively; 
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(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 Rep-
resentatives and the chair and ranking members of 
the Committee on Banking, Housing, and Urban Af-
fairs of the Senate of a meeting at the same time as 
the meeting participants are notified.’’; 
(F) in subsection (f), as so redesignated, by 
striking ‘‘, or to any special advisory, technical, 
or professional committee appointed by the 
Council, except that, if an advisory, technical, or 
professional committee has one or more members 
who are not employees of or affiliated with the 
United States Government, the Council shall 
publish a list of the names of the members of 
such committee’’; 
(G) in subsection (g), as so redesignated, by 
inserting before the period at the end the fol-
lowing: ‘‘, but if such services, funds, facilities, 
staff, or other support services are provided with 
respect to any Council program or activity that 
has, or is planned to have, duration of greater 
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than 90 days, the Council shall notify Congress 
of such provision’’; and 
(H) in subsection (i), as so redesignated, by 
adding at the end the following: ‘‘The Council 
shall report on such detailed employees on a 
monthly basis to Congress.’’; 
(2) in section 112— 
(A) in subsection (a)(2)— 
(i) in subparagraph (A), by inserting 
after ‘‘system’’ the following: ‘‘and only 
after notifying Congress’’; 
(ii) by striking subparagraphs (D) and 
(I); 
(iii) by redesignating subparagraphs 
(E), (F), (G), (H), (J), (K), (L), (M), and 
(N) as subparagraphs (D) through (L), 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 redesig-
nated, by inserting after ‘‘to the member 
agencies’’ the following: ‘‘, the chair and 
ranking member of the Committee on Fi-
nancial Services of the House of Representa-
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tives and the chair and ranking member of 
the Committee on Banking, Housing, and 
Urban Affairs of the Senate’’; 
(vi) in subparagraph (G), as so redes-
ignated, by striking ‘‘may’’; 
(vii) in subparagraph (H), as so redes-
ignated, by inserting before the semicolon 
the following: ‘‘, and notify the chair and 
ranking member of the Committee on Fi-
nancial 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 such identi-
fications’’; 
(viii) in subparagraph (I), as so redes-
ignated, by inserting after ‘‘primary finan-
cial regulatory agencies to apply’’ the fol-
lowing: 
‘‘primary 
financial 
regulatory 
agencies, the chair and ranking member of 
the Committee on Financial Services of the 
House of Representatives, and the chair and 
ranking member of the Committee on Bank-
ing, Housing, and Urban Affairs of the 
Senate on the costs and benefits of apply-
ing’’; and 
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(ix) in subparagraph (J), as so redes-
ignated, by inserting ‘‘the Congress and’’ be-
fore ‘‘the Commission’’; 
(B) in subsection (c), by inserting ‘‘no later 
than 60 days’’ after ‘‘hearing,’’; and 
(C) in subsection (d)— 
(i) in paragraph (1)— 
(I) by striking ‘‘as necessary’’ and 
all that follows through ‘‘to monitor’’ 
and inserting ‘‘as necessary to mon-
itor’’; 
(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 peri-
odic and other reports under this paragraph 
until 30 days after the Council has notified the 
chair and ranking member of the Committee on 
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Financial Services of the House of Representa-
tives and the chair and ranking member of the 
Committee on Banking, Housing, and Urban Af-
fairs 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 Bank-
ing, Housing, and Urban Affairs of the 
Senate,’’; and 
(v) in paragraph (5)(A), by inserting 
before the period at the end the following: ‘‘, 
except that Congress may request any such 
confidential data, information, or reports’’; 
(3) in section 113— 
(A) in subsection (a)(2)— 
(i) in subparagraph (I), by adding 
‘‘and’’ at the end; 
(ii) in subparagraph (J), by striking 
‘‘; and’’ and inserting a period; and 
(iii) by striking subparagraph (K); 
(B) in subsection (b)(2)— 
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‘‘(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 reso-
lution’ means only a joint resolution introduced 
during the 60-day period described under para-
graph (2)(A), the matter after the resolving 
clause of which is as follows: ‘That Congress dis-
approves the determination of the Financial Sta-
bility Oversight Council submitted in a notifica-
tion to Congress on lll, and such determina-
tion 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- 
day period beginning on the date Congress 
is notified of a determination, such com-
mittee may be discharged from further con-
sideration of such joint resolution upon a 
petition supported in writing by 30 Mem-
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bers of the Senate, and such joint resolution 
shall be placed on the calendar. 
‘‘(ii) In the Senate, when the com-
mittee to which a joint resolution is referred 
has reported, or when a committee is dis-
charged (under clause (i)) from further con-
sideration of a joint resolution, it is at any 
time thereafter in order (even though a pre-
vious motion to the same effect has been dis-
agreed to) for a motion to proceed to the 
consideration of the joint resolution, and all 
points of order against the joint resolution 
(and against consideration of the joint reso-
lution) are waived. The motion is not sub-
ject to amendment, or to a motion to post-
pone, or to a motion to proceed to the con-
sideration of other business. A motion to re-
consider the vote by which the motion is 
agreed to or disagreed to shall not be in 
order. If a motion to proceed to the consid-
eration of the joint resolution is agreed to, 
the joint resolution shall remain the unfin-
ished business of the Senate until disposed 
of. 
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‘‘(iii) In the Senate, debate on the joint 
resolution, and on all debatable motions 
and appeals in connection therewith, shall 
be limited to not more than 10 hours, which 
shall be divided equally between those favor-
ing and those opposing the joint resolution. 
A motion further to limit debate is in order 
and not debatable. An amendment to, or a 
motion to postpone, or a motion to proceed 
to the consideration of other business, or a 
motion to recommit the joint resolution is 
not in order. 
‘‘(iv) In the Senate, immediately 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 resolution 
shall occur. 
‘‘(v) In the Senate, appeals from the 
decisions of the Chair relating to the appli-
cation of the rules of the Senate to the pro-
cedure relating to a joint resolution shall be 
decided without debate. 
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‘‘(vi) In the Senate, the procedure spec-
ified in this subparagraph shall not apply 
to the consideration of a joint resolution 
after the end of the 60-day period described 
under paragraph (2)(A). 
‘‘(4) TREATMENT
OF
JOINT
RESOLUTION
RE-
CEIVED FROM THE OTHER HOUSE.—If, before the pas-
sage by one House of a joint resolution of that House, 
that House receives from the other House a joint reso-
lution, then the following procedures shall apply: 
‘‘(A) The joint resolution of the other House 
shall not be referred to a committee. 
‘‘(B) With respect to a joint resolution of 
the House receiving the joint resolution— 
‘‘(i) the procedure in that House shall 
be the same as if no joint resolution had 
been received from the other House; but 
‘‘(ii) the vote on final passage shall be 
on the joint resolution of the other House. 
‘‘(5) TREATMENT
OF
THIS
PARAGRAPH.—This 
paragraph is enacted by Congress— 
‘‘(A) as an exercise of the rulemaking power 
of the Senate and House of Representatives, re-
spectively, and as such it is deemed a part of the 
rules of each House, respectively, but applicable 
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only with respect to the procedure to be followed 
in that House in the case of a joint resolution, 
and it supersedes other rules only to the extent 
that it is inconsistent with such rules; and 
‘‘(B) with full recognition of the 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 Representatives, 
the chair and ranking member of the Committee 
on Banking, Housing, and Urban Affairs of the 
Senate, and’’; 
(B) in subsection (c)(3), by inserting after 
‘‘recommendations to’’ the following: ‘‘the chair 
and ranking member of the Committee on Fi-
nancial Services of the House of Representatives, 
the chair and ranking member of the Committee 
on Banking, Housing, and Urban Affairs of the 
Senate, and’’; 
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(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 Fi-
nancial 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 recommendations,’’; and 
(ii) in paragraph (2), by inserting 
after ‘‘make recommendations to the Board 
of Governors’’ the following: ‘‘, if the chair 
and ranking member of the Committee on 
Financial Services of the House of 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,’’; 
(D) in subsection (e), by inserting after 
‘‘make recommendations to the Board of Gov-
ernors’’ the following: ‘‘, if the chair and ranking 
member of the Committee on Financial Services 
of the House of Representatives and the chair 
and ranking member of the Committee on Bank-
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ing, Housing, and Urban Affairs of the Senate 
are notified of such recommendations,’’; 
(E) in subsection (f), by inserting after 
‘‘make recommendations to the Board of Gov-
ernors’’ the following: ‘‘, if the chair and ranking 
member of the Committee on Financial Services 
of the House of Representatives and the chair 
and ranking member of the Committee on Bank-
ing, Housing, and Urban Affairs of the Senate 
are notified of such recommendations,’’; and 
(F) in subsection (g), by inserting after 
‘‘make recommendations to the Board of Gov-
ernors’’ the following: ‘‘, if the chair and ranking 
member of the Committee on Financial Services 
of the House of Representatives and the chair 
and ranking member of the Committee on Bank-
ing, Housing, and Urban Affairs of the Senate 
are notified of such recommendations,’’; 
(5) in section 116(a), by inserting after ‘‘may’’ 
the following: ‘‘, after notifying the chair and ranking 
member of the Committee on Financial Services of the 
House of Representatives and the chair and ranking 
member of the Committee on Banking, Housing, and 
Urban Affairs of the Senate,’’; 
(6) in section 120— 
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(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 Af-
fairs 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) 
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,’’; 
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(D) in subsection (e)(2)(A), by inserting be-
fore 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 mem-
ber of the Committee on Banking, Housing, and 
Urban Affairs of the Senate of such determina-
tion and the factors, data, and analysis leading 
to such determination’’; and 
(E) by adding at the end the following: 
‘‘(f) DELAY IN IMPLEMENTATION.—A primary 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.’’; 
(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 Com-
mittee 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,’’; and 
(B) by adding at the end the following: 
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‘‘(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 member 
of the Committee on Banking, Housing, and Urban 
Affairs of the Senate of an intention to take an action 
described under paragraph (1) through (5) of sub-
section (a); and 
‘‘(2) may not take such an action until the end 
of the 60-day period beginning on the date of such no-
tification.’’; 
(8) in section 122— 
(A) in subsection (a), by striking ‘‘may 
audit’’ and inserting ‘‘shall annually audit’’; 
and 
(B) in subsection (b)(2)— 
(i) by striking ‘‘The Comptroller’’ and 
inserting ‘‘The chair and ranking member 
of the Committee on Financial Services of 
the House of Representatives, the chair and 
ranking member of the Committee on Bank-
ing, Housing, and Urban Affairs of the 
Senate, and the Comptroller’’; and 
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(ii) by striking ‘‘as the Comptroller 
General’’ and inserting ‘‘as the chair, rank-
ing member, or Comptroller General, as ap-
plicable’’; 
(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 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)— 
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(I) by inserting after ‘‘with the 
Council,’’ the following: ‘‘the chair and 
ranking member of the Committee on 
Financial Services of the House of 
Representatives, the chair and ranking 
member of the Committee on Banking, 
Housing, and Urban Affairs of the 
Senate,’’; and 
(II) in subparagraph (B), by 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 Com-
mittee on Financial Services of the 
House of Representatives and the chair 
and ranking member of the Committee 
on Banking, Housing, and Urban Af-
fairs 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 Com-
mittee on Banking, Housing, and Urban 
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the chair and ranking member of the Com-
mittee on Banking, Housing, and Urban 
Affairs of the Senate,’’; and 
(ii) in paragraph (2), by adding at the 
end the following: 
‘‘(C) REVIEW AND REPORT ON THE COST OF 
THE DATABASES.—The Data Center shall review 
and report to the Committee on Financial Serv-
ices of the House of Representatives and the 
Committee on Banking, Housing, and Urban Af-
fairs of the Senate annually on the cost to the 
Government and the cost to private sector enti-
ties of maintaining the financial company ref-
erence database and the financial instrument ref-
erence database, relative to a detailed quantifica-
tion of benefits.’’; 
(B) in subsection (c)(1)(E), by inserting be-
fore the semicolon the following: ‘‘or Congress’’; 
and 
(C) in subsection (d)(2)— 
(i) in subparagraph (B), by striking 
‘‘and’’ at the end; 
(ii) in subparagraph (C), by striking 
the period at the end and inserting ‘‘; and’’; 
and 
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(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 ag-
gregate amount of assessments collected pursuant to 
paragraph (1) may not exceed the aggregate amount 
of assessments collected in the most recently completed 
fiscal year ending before the date of enactment of this 
paragraph, as such aggregate amount is adjusted an-
nually 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 Statis-
tics of the Department of Labor.’’. 
(b) CONFORMING AMENDMENT.—Section 5314 of title 
5, United States Code, is amended by striking ‘‘Independent 
Member of the Financial Stability Oversight Council (1)’’ 
and inserting ‘‘Independent Members of the Financial Sta-
bility Oversight Council (2)’’. 
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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 sen-
tence: ‘‘In designating the Vice Chairman for Super-
vision, 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 pub-
lic)’’; and 
(B) by inserting after ‘‘regulation of such 
firms’’ the following: ‘‘, subject to such oversight 
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and control of the Board as the Board deter-
mines necessary and appropriate’’. 
(b) RULE OF APPLICATION.—The amendment made by 
subsection (a) shall apply to individuals who are designated 
by the President on or after the date of enactment of this 
Act to serve as the Vice Chairman for Supervision. 
TITLE V—BANKING REGULATOR 
ACCOUNTABILITY 
SEC. 501. REPORTS AND TESTIMONY TO CONGRESS ON SU-
PERVISION. 
(a) TESTIMONY AND REPORTS TO CONGRESS ON FED-
ERAL 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 CON-
GRESS 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 ef-
forts, activities, objectives, and plans of the Board 
with respect to the conduct of supervision and regula-
tion 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 finan-
cial firms over the previous 3 years; 
‘‘(E) the number of informal and formal en-
forcement actions, by type of enforcement order 
and showing changes in the last 3 years, against 
supervised financial firms on an aggregate basis 
by firm asset size; and 
‘‘(F) a description of the organization of the 
supervisory functions of the Board with respect 
to financial firms, including information on 
roles, responsibilities, accountability, and talent 
management. 
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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 action, 
and the status of each provision of each enforce-
ment action.’’. 
(b) TESTIMONY AND REPORTS TO CONGRESS ON FED-
ERAL DEPOSIT INSURANCE CORPORATION SUPERVISION.— 
Section 17 of the Federal Deposit Insurance Act (12 U.S.C. 
1827) is amended by adding at the end the following: 
‘‘(h) SEMI-ANNUAL TESTIMONY AND REPORT TO CON-
GRESS 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, 
and plans of the Corporation with respect to the con-
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duct of supervision and regulation of depository insti-
tutions supervised by the Corporation. 
‘‘(2) REPORT TO CONGRESS.— 
‘‘(A) IN GENERAL.—The Chairman of the 
Corporation shall transmit to the Committee on 
Banking, Housing, and Urban Affairs of the 
Senate and the Committee on Financial Services 
of the House of Representatives semi-annual re-
ports regarding the efforts, activities, objectives, 
and plans of the Corporation with respect to the 
conduct of supervision and regulation of deposi-
tory institutions supervised by the Corporation. 
‘‘(B) MINIMUM CONTENTS.—At a minimum, 
each report under subparagraph (A) shall in-
clude— 
‘‘(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 
of risks covered, on an aggregate basis by 
institution asset size; 
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‘‘(iii) changes in the number and types 
of outstanding material supervisory deter-
minations 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 enforce-
ment order and showing changes in the last 
3 years, against supervised depository insti-
tutions on an aggregate basis by institution 
asset size; and 
‘‘(vi) a description of the organization 
of the supervisory functions of the Corpora-
tion with respect to depository institutions, 
including information on roles, responsibil-
ities, accountability, and talent manage-
ment. 
‘‘(C) CONFIDENTIAL
REPORT.—Concurrent 
with each report under subparagraph (A), the 
Chairman of the Corporation shall submit a con-
fidential report to the chair and ranking member 
of each committee described under subparagraph 
(A) identifying— 
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‘‘(i) each supervised depository institu-
tion with less than satisfactory examination 
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 COMP-
TROLLER 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 ‘‘Sec. 333.’’ and all that follows 
through ‘‘The Comptroller’’ and inserting the fol-
lowing: 
‘‘SEC. 333. REPORT OF COMPTROLLER. 
‘‘(a) ANNUAL REPORT.—The Comptroller’’; and 
(2) by adding at the end the following: 
‘‘(b) SEMI-ANNUAL TESTIMONY AND REPORT TO CON-
GRESS 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 
hearings regarding the efforts, activities, objectives, 
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and plans of the Office of the Comptroller of the Cur-
rency with respect to the conduct of supervision and 
regulation of national banks and other financial 
firms supervised by the Office of the Comptroller of 
the Currency. 
‘‘(2) REPORT TO CONGRESS.— 
‘‘(A) IN GENERAL.—The Comptroller of the 
Currency shall transmit to the Committee on 
Banking, Housing, and Urban Affairs of the 
Senate and the Committee on Financial Services 
of the House of Representatives semi-annual re-
ports regarding the efforts, activities, objectives, 
and plans of the Office of the Comptroller of the 
Currency with respect to the conduct of super-
vision and regulation of national banks and 
other financial firms supervised by the Office of 
the Comptroller of the Currency. 
‘‘(B) MINIMUM CONTENTS.—At a minimum, 
each report under subparagraph (A) shall in-
clude— 
‘‘(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 deter-
minations 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 enforce-
ment order and showing changes in the last 
3 years, against supervised national banks 
and other financial firms on an aggregate 
basis by firm asset size; and 
‘‘(vi) a description of the organization 
of the supervisory functions of the Office of 
the Comptroller of the Currency with 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 member 
of each committee described under subparagraph 
(A) identifying— 
‘‘(i) each supervised national bank or 
other financial firms with less than satisfac-
tory examination or inspection ratings; and 
‘‘(ii) each supervised national bank or 
other financial firms with an active formal 
or informal enforcement action, and the sta-
tus of each provision of each enforcement 
action.’’. 
(d) TESTIMONY AND REPORTS TO CONGRESS ON NA-
TIONAL CREDIT UNION ADMINISTRATION SUPERVISION.— 
Section 102 of the Federal Credit Union Act (12 U.S.C. 
1752a) is amended by adding at the end the following: 
‘‘(g) SEMI-ANNUAL TESTIMONY AND REPORT TO CON-
GRESS ON SUPERVISION.— 
‘‘(1) APPEARANCES
BEFORE
CONGRESS.—The 
Chairman of the Board shall appear before the Com-
mittee on Banking, Housing, and Urban Affairs of 
the Senate and the Committee on Financial Services 
of the House of Representatives at semi-annual hear-
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ings regarding the efforts, activities, objectives, and 
plans of the Administration with respect to the con-
duct 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 Bank-
ing, Housing, and Urban Affairs of the Senate 
and the Committee on Financial Services of the 
House of Representatives semi-annual reports re-
garding the efforts, activities, objectives, and 
plans of the Administration with respect to the 
conduct of supervision and regulation of credit 
unions supervised by the Administration. 
‘‘(B) MINIMUM CONTENTS.—At a minimum, 
each report under subparagraph (A) shall in-
clude— 
‘‘(i) conditions of credit unions, in-
cluding examination or inspection ratings, 
on an aggregate basis by credit union asset 
size; 
‘‘(ii) granular data on outstanding 
material supervisory determinations by 
type of determination, including the types 
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of risks covered, on an aggregate basis by 
credit union asset size; 
‘‘(iii) changes in the number and types 
of outstanding material supervisory deter-
minations 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 enforce-
ment 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, account-
ability, 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 
each committee described under subparagraph 
(A) identifying— 
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‘‘(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.’’. 
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Union Calendar No. 781 
118TH CONGRESS 
2D SESSION 
H. R. 3556 
[Report No. 118–793, Part I] 
A BILL 
To amend the Federal financial laws to increase fi-
nancial regulatory accountability and trans-
parency, and for other purposes. 
DECEMBER 19, 2024 
Committee on Oversight and Accountability discharged; 
committed to the Committee of the Whole House on 
the State of the Union and ordered to be printed 
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