Vice Chair of Supervision Banking Experience Requirement Act

Bill: 118-hr-3558
Sponsor: full_name: Rep. Fitzgerald, Scott [R-WI-5]
Introduced: 2023-05-22
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-05-22
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2023-05-22
action_desc: Introduced in House
text: <p><b>Vice Chair of Supervision Banking Experience Requirement Act </b></p> <p>This bill establishes 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. Additionally, any recommendations provided by the Vice Chairman to the board regarding regulation and supervision must be provided to the board before the recommendation is made public. </p>

tv_txt: I 118th CONGRESS 1st Session H. R. 3558 IN THE HOUSE OF REPRESENTATIVES May 22, 2023 Mr. Fitzgerald (for himself and Mr. Barr ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To establish experience requirements for the Federal Reserve Vice Chair for Supervision.

1. Short title This Act may be cited as the Vice Chair of Supervision Banking Experience Requirement Act . 2. Establishment of requirements to be Vice Chairman for Supervision (a) In general The second undesignated paragraph of section 10 of the Federal Reserve Act ( 12 U.S.C. 242 ) is amended— (1) by inserting the following after the third sentence: In designating the Vice Chairman for Supervision, 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 companies. ; and (2) in the fourth sentence— (A) by inserting after supervised by the Board the following: (with any such recommendations being provided to the Board with ample and sufficient time for review prior to the Vice Chairman making the recommendation public) ; and (B) by inserting after regulation of such firms the following: , subject to such oversight and control of the Board as the Board determines 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.