I 
118TH CONGRESS 
1ST SESSION H. R. 4737 
To require Federal banking regulators to report on the implementation of 
recommendations from the FSOC Chairperson and Executive Orders, 
and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 19, 2023 
Mr. FLOOD introduced the following bill; which was referred to the Committee 
on Financial Services 
A BILL 
To require Federal banking regulators to report on the im-
plementation of recommendations from the FSOC Chair-
person and Executive Orders, 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. 
This Act may be cited as the ‘‘Stop Executive Cap-
ture of Banking Regulators Act’’. 
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SEC. 2. REPORT ON THE IMPLEMENTATION OF REC-
OMMENDATIONS FROM THE FSOC CHAIR-
PERSON AND EXECUTIVE ORDERS. 
(a) BOARD OF GOVERNORS OF THE FEDERAL RE-
SERVE SYSTEM.—Section 10 of the Federal Reserve Act 
(12 U.S.C. 247b) is amended by inserting after paragraph 
(10) the following: 
‘‘(11) REPORT ON THE IMPLEMENTATION OF 
RECOMMENDATIONS FROM THE FSOC CHAIRPERSON 
AND EXECUTIVE ORDERS.—The Board of Governors 
of the Federal Reserve System may not implement 
a non-binding recommendation made by the Chair-
person of the Financial Stability Oversight Council 
or contained in an Executive Order unless the Board 
of Governors first provides the Committee on Finan-
cial Services of the House of Representatives and 
the Committee on Banking, Housing, and Urban Af-
fairs of the Senate with— 
‘‘(A) notice that the Board of Governors 
intends to implement such recommendation; 
‘‘(B) a report containing the proposed im-
plementation by the Board of Governors and a 
justification for such implementation; and 
‘‘(C) upon request, not later than the end 
of the 120-day period beginning on the date of 
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the notice under subparagraph (A), testimony 
on such proposed implementation.’’. 
(b) OFFICE OF THE COMPTROLLER OF THE CUR-
RENCY.—Section 324 of the Revised Statutes of the 
United States (12 U.S.C. 1) is amended by adding at the 
end the following: 
‘‘(c) REPORT ON THE IMPLEMENTATION OF REC-
OMMENDATIONS FROM THE FSOC CHAIRPERSON AND 
EXECUTIVE ORDERS.—The Comptroller of the Currency 
may not implement a non-binding recommendation made 
by the Chairperson of the Financial Stability Oversight 
Council or contained in an Executive Order unless the 
Comptroller of the Currency first provides the Committee 
on Financial Services of the House of Representatives and 
the Committee on Banking, Housing, and Urban Affairs 
of the Senate with— 
‘‘(1) notice that the Comptroller of the Cur-
rency intends to implement such recommendation; 
‘‘(2) a report containing the proposed imple-
mentation by the Comptroller of the Currency and 
a justification for such implementation; and 
‘‘(3) upon request, not later than the end of the 
120-day period beginning on the date of the notice 
under paragraph (1), testimony on such proposed 
implementation.’’. 
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(c) FEDERAL DEPOSIT INSURANCE CORPORATION.— 
Section 2 of the Federal Deposit Insurance Act (12 U.S.C. 
1812) is amended by inserting after subsection (f) the fol-
lowing: 
‘‘(g) REPORT ON THE IMPLEMENTATION OF REC-
OMMENDATIONS FROM THE FSOC CHAIRPERSON AND 
EXECUTIVE ORDERS.—The Board of Directors of the 
Corporation may not implement a non-binding rec-
ommendation made by the Chairperson of the Financial 
Stability Oversight Council or contained in an Executive 
Order unless the Board of Directors first provides the 
Committee on Financial Services of the House of Rep-
resentatives and the Committee on Banking, Housing, and 
Urban Affairs of the Senate with— 
‘‘(1) notice that the Board of Directors intends 
to implement such recommendation; 
‘‘(2) a report containing the proposed imple-
mentation by the Board of Directors and a justifica-
tion for such implementation; and 
‘‘(3) upon request, not later than the end of the 
120-day period beginning on the date of the notice 
under paragraph (1), testimony on such proposed 
implementation.’’. 
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(d) NATIONAL CREDIT UNION ADMINISTRATION.— 
Section 102 of the Federal Credit Union Act (12 U.S.C. 
1752a) is amended by adding at the end the following: 
‘‘(g) REPORT ON THE IMPLEMENTATION OF REC-
OMMENDATIONS FROM THE FSOC CHAIRPERSON AND 
EXECUTIVE ORDERS.—The Board may not implement a 
non-binding recommendation made by the Chairperson of 
the Financial Stability Oversight Council or contained in 
an Executive Order unless the Board first provides the 
Committee on Financial Services of the House of Rep-
resentatives and the Committee on Banking, Housing, and 
Urban Affairs of the Senate with— 
‘‘(1) notice that the Board intends to imple-
ment such recommendation; 
‘‘(2) a report containing the proposed imple-
mentation by the Board and a justification for such 
implementation; and 
‘‘(3) upon request, not later than the end of the 
120-day period beginning on the date of the notice 
under paragraph (1), testimony on such proposed 
implementation.’’. 
(e) FEDERAL
HOUSING
FINANCE
ADMINISTRA-
TION.—Section 1311 of the Housing and Community De-
velopment Act of 1992 (12 U.S.C. 4511) is amended by 
adding at the end the following: 
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‘‘(d) REPORT ON THE IMPLEMENTATION OF REC-
OMMENDATIONS FROM THE FSOC CHAIRPERSON AND 
EXECUTIVE ORDERS.—The Director may not implement 
a non-binding recommendation made by the Chairperson 
of the Financial Stability Oversight Council or contained 
in an Executive Order unless the Director first provides 
the Committee on Financial Services of the House of Rep-
resentatives and the Committee on Banking, Housing, and 
Urban Affairs of the Senate with— 
‘‘(1) notice that the Director intends to imple-
ment such recommendation; 
‘‘(2) a report containing the proposed imple-
mentation by the Director and a justification for 
such implementation; and 
‘‘(3) upon request, not later than the end of the 
120-day period beginning on the date of the notice 
under paragraph (1), testimony on such proposed 
implementation.’’. 
Æ 
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