118th Congress Finance and Financial Sector
H.R. 3556: Increasing Financial Regulatory Accountability and Transparency Act
Reported
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
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.
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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.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Mónica De La Cruz R-TXOriginal
- Scott Fitzgerald R-WIOriginal
- Young Kim R-CAOriginal
- Barry Loudermilk R-GAOriginal
Who scored on this bill
- 1Garland Barr SponsorIntroduced, reported, discharged3 events+44
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Introductions and cosponsorships count toward weekly caps and show no points.
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History
- Introduced in the House by Garland Barr.
Show the full action history (9 actions)
- Committee on Oversight and Accountability discharged.
- Placed on the Union Calendar, Calendar No. 781.
- Reported (Amended) by the Committee on Financial Services. H. Rept. 118-793, Part I.
- Committee on Rules discharged.
- House Committee on Oversight and Accountability Granted an extension for further consideration ending not later than Dec. 19, 2024.
- Committee Consideration and Mark-up Session Held
- Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 26 - 22.
- Introduced in House
- 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.