Increasing Financial Regulatory Accountability and Transparency Act

Bill: 118-hr-3556
Sponsor: Rep. Barr, Andy [R-KY-6]
Introduced: 2023-05-22 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures
Advisory bodies
Banking and financial institutions regulation
Congressional oversight
Congressional-executive branch relations
Federal Deposit Insurance Corporation (FDIC)
Federal officials
Government ethics and transparency, public corruption
Legislative rules and procedure

Summary:
action_date: 2023-05-22
text: 

Increasing Financial Regulatory Accountability and Transparency Act 

 
This bill establishes new disclosure, approval, and notification requirements for financial regulators, including the Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System, and the Financial Stability Oversight Council (FSOC). 
 
For example, FDIC must notify Congress prior to taking action or providing certain assistance to an insured depository institution in receivership that risks serious adverse effects on economic conditions or financial stability. Further, the board must disclose on a more frequent basis information about emergency credit facilities, discount window lending programs, and open market operations. 
 
The bill requires congressional approval before subjecting a nonbank financial company to enhanced prudential supervision. Currently, the FSOC makes this determination upon an evaluation and vote that requires two-thirds of the council's approval. The bill also eliminates the emergency exception to this authority that allows the FSOC to waive or modify certain requirements. 
 
The bill establishes qualification requirements for the Vice Chairman for Supervision of the Board of Governors of the Federal Reserve System. Specifically, an individual must have primary experience working in or supervising insured depository institutions, bank holding companies, or savings and loan holding companies. 
 
Finally, the bill requires specified financial agencies to testify in front of and report to the appropriate congressional committees semi-annually regarding the efforts, activities, objectives, and plans for the supervision and regulation of entities under their supervision. 


Legislative actions:
action_date: 2024-12-19
text: Placed on the Union Calendar, Calendar No. 781.
action_date: 2024-12-19
text: Committee on Oversight and Accountability discharged.
action_date: 2024-12-19
text: Committee on Oversight and Accountability discharged.
action_date: 2024-12-04
text: House Committee on Oversight and Accountability Granted an extension for further consideration ending not later than Dec. 19, 2024.
action_date: 2024-12-04
text: Committee on Rules discharged.
action_date: 2024-12-04
text: Committee on Rules discharged.
action_date: 2024-12-04
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 118-793, Part I.
action_date: 2024-12-04
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 118-793, Part I.
action_date: 2023-05-24
text: Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 26 - 22.
action_date: 2023-05-24
text: Committee Consideration and Mark-up Session Held
action_date: 2023-05-22
text: Referred to the Committee on Financial Services, and in addition to the Committees on Oversight and Accountability, and Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2023-05-22
text: Referred to the Committee on Financial Services, and in addition to the Committees on Oversight and Accountability, and Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2023-05-22
text: Referred to the Committee on Financial Services, and in addition to the Committees on Oversight and Accountability, and Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2023-05-22
text: Introduced in House
action_date: 2023-05-22
text: Introduced in House