To enhance Federal Deposit Insurance Corporation transparency.

Bill: 118-hr-3465
Sponsor: full_name: Rep. Barr, Andy [R-KY-6]
Introduced: 2023-05-18
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-05-18
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2023-05-18
action_desc: Introduced in House
text: <p>This bill requires additional notice and reporting by agencies when providing assistance to an insured depository institution. First, the Federal Deposit Insurance Corporation (FDIC) must notify the appropriate congressional committees prior to taking action or providing assistance for the purpose of winding up an institution in receivership that presents the risk for serious adverse effects on economic conditions or financial stability. The bill also revises the basis for determining the least costly approach to satisfy the FDIC's obligations to depositors. </p> <p>The Department of the Treasury must preserve specified information that documents a determination of an institution's potential to cause serious adverse effects on economic conditions or financial stability. </p> <p>The Board of Directors of the FDIC, Treasury, and Board of Governors of the Federal Reserve System must report to the appropriate congressional committees additional information on emergency determinations. </p>

tv_txt: I 118th CONGRESS 1st Session H. R. 3465 IN THE HOUSE OF REPRESENTATIVES May 18, 2023 Mr. Barr (for himself and Mr. Loudermilk ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To enhance Federal Deposit Insurance Corporation transparency.

1. 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)— (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 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 before the semicolon the following: , including documentation of factors, empirical analyses, and data that gave rise to the determination ; and (iii) by adding at the end the following: (vi) Additional reports to Congress 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 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 documentation related to such determination, 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 quantitative analyses undertaken. (II) Information requested by committees The Secretary of the 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 information 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 .