Supervision Reform Act of 2023

Bill: 118-hr-4630
Sponsor: full_name: Rep. Ogles, Andrew [R-TN-5]
Introduced: 2023-07-13
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-07-13
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2023-07-13
action_desc: Introduced in House
text: <p><b>Supervision Reform Act of 2023 </b></p> <p>This bill eliminates the designation of Vice Chairman for Supervision from the Board of Governors of the Federal Reserve System. Currently, the Vice Chairman for Supervision develops policy recommendations for depository institution holding companies and other entities and oversees the supervision and regulation of these entities. </p>

tv_txt: I 118th CONGRESS 1st Session H. R. 4630 IN THE HOUSE OF REPRESENTATIVES July 13, 2023 Mr. Ogles introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Federal Reserve Act to remove the designation of one of the members of the Board of Governors of the Federal Reserve System as the Vice Chairman for Supervision , and for other purposes.

1. Short title This Act may be cited as the Supervision Reform Act of 2023 . 2. Removal of the Vice Chairman for Supervision designation (a) In general The second undesignated paragraph of section 10 of the Federal Reserve Act ( 12 U.S.C. 242 ) (relating to the Chairman and Vice Chairman of the Board) is amended by striking and 2 shall be designated by the President, by and with the advice and consent of the Senate, to serve as Vice Chairmen of the Board, each for a term of 4 years, 1 of whom shall serve in the absence of the Chairman, as provided in the fourth undesignated paragraph of this section, and 1 of whom shall be designated Vice Chairman for Supervision. The Vice Chairman for Supervision shall develop policy recommendations for the Board regarding supervision and regulation of depository institution holding companies and other financial firms supervised by the Board, and shall oversee the supervision and regulation of such firms. and inserting and 1 shall be designated by the President, by and with the consent of the Senate, to serve as Vice Chairman of the Board for a term of 4 years. . (b) Conforming amendment Section 10 of the Federal Reserve Act ( 12 U.S.C. 241 et seq. ) is amended by striking paragraph (12).