Federal Reserve Accountability and Transparency Act of 2014
Latest action · Jul 30, 2014 Ordered to be Reported (Amended) by the Yeas and Nays: 32 - 26.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJul 7, 2014
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Federal Reserve Accountability and Transparency Act of 2014 - Amends the Federal Reserve Act (FRA) to direct the Chairman of the Federal Open Market Committee (FOMC) to submit to the Comptroller General (GAO) and to certain congressional committees a Directive Policy Rule (DPR), including an identification of FOMC members who voted in its favor.
Defines DPR as a policy rule developed by the FOMC that meets specified requirements and provides the basis for the Open Market Operations Directive.
Directs GAO to study whether the DPR has materially changed, audit any materially changed DPR, and report to certain congressional committees on whether the ensuing DPR and the FOMC are in compliance with this Act.
Requires the Chairman of the Board of Governors of the Federal Reserve System (Federal Reserve Board) to testify before certain congressional committees as to why non-compliance with this Act, if any, exists.
Establishes a one-week blackout period during which permissible public communications by FOMC members and staff are restricted with respect to: (1) macroeconomic or financial developments; or (2) current, or prospective monetary policy issues.
Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) to direct the Federal Reserve Board to issue regulations, after public notice and comment, that provide for the at least three different sets of conditions (baseline, adverse, and severely adverse) and related methodologies required under current law for the evaluation of nonbank financial companies and certain bank holding companies with over $50 billion in assets.
Directs the Federal Reserve Board to disclose publicly the aggregate number of supervisory letters sent to such bank holding companies, including the aggregate number of such letters designated as either "Matters Requiring Attention" or "Matters Requiring Immediate Attention."
Increases from semi-annual to quarterly the number of times the Chairman of the Federal Reserve Board is required to give testimony to Congress.
Amends the FRA to require the Vice Chairman for Supervision to give written testimony on the status of all pending and anticipated rulemakings made by the Board.
Requires the Federal Reserve Board, before issuing any regulation, to assess the costs and benefits of available regulatory alternatives and choose the approach that maximizes net benefits and is tailored to impose the least impact on the availability of credit, economic growth, and the least burden on society.
Prescribes the contents of a post-adoption impact assessment plan the Board must develop whenever it adopts or amends a major rule.
Amends the FRA to prescribe ethics standards governing Federal Reserve Board members and employees, including requirements for disclosure of staff salaries and financial information.
Prescribes requirements for Federal Reserve Board negotiations with any foreign or multinational entity.
Amends the Federal Deposit Insurance Act to prescribe requirements for negotiations by the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) with any foreign or multinational entity.
Directs the Secretary of the Treasury, as a prerequisite to entering into negotiations with any foreign or multinational entity, to notify and consult with certain congressional committees regarding the nature of the agreement and its anticipated effects upon the economy.
Cosponsors 26
Members who signed on, in the order they did. Signatures ran from Jul 7, 2014 to Jul 28, 2014; 1 is an original cosponsor, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-NJ | Scott Garrett | Original | Jul 7, 2014 |
| R-KY | Andy Barr | Jul 14, 2014 | |
| R-IN | Luke Messer | Jul 14, 2014 | |
| R-IN | Marlin A. Stutzman | Jul 14, 2014 | |
| R-MN | Michele Bachmann | Jul 14, 2014 | |
| R-SC | Mick Mulvaney | Jul 14, 2014 | |
| R-IL | Randy Hultgren | Jul 14, 2014 | |
| R-UT | Rob Bishop | Jul 14, 2014 | |
| R-TX | Roger Williams | Jul 14, 2014 | |
| R-WI | Sean P. Duffy | Jul 14, 2014 | |
| R-TN | Stephen Lee Fincher | Jul 14, 2014 | |
| R-NM | Stevan Pearce | Jul 14, 2014 | |
| R-IA | Steve King | Jul 14, 2014 | |
| R-FL | Steve Southerland II | Jul 14, 2014 | |
| R-AZ | Trent Franks | Jul 14, 2014 | |
| R-FL | Bill Posey | Jul 17, 2014 | |
| R-WY | Cynthia M. Lummis | Jul 17, 2014 | |
| R-TN | David P. Roe | Jul 17, 2014 | |
| R-FL | David W. Jolly | Jul 17, 2014 | |
| R-LA | John Fleming | Jul 17, 2014 | |
| R-TX | Louie Gohmert | Jul 17, 2014 | |
| R-GA | Paul C. Broun | Jul 17, 2014 | |
| R-OH | Steve Chabot | Jul 17, 2014 | |
| R-AR | Tim Griffin | Jul 17, 2014 | |
| R-KS | Tim Huelskamp | Jul 17, 2014 | |
| R-ID | Raul R. Labrador | Jul 28, 2014 |
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Jul 7, 2014Hearings Jul 10, 2014Markup Jul 30, 2014 |
| House | Oversight and Government Reform Committee | Referred Jul 7, 2014 |
Actions 5
Everything that happened, newest first.
- Jul 30, 2014Committee Consideration and Mark-up Session Held.
- Jul 30, 2014Ordered to be Reported (Amended) by the Yeas and Nays: 32 - 26.
- Jul 10, 2014Committee Hearings Held.
- Jul 7, 2014Introduced in House
- Jul 7, 2014Referred to the Committee on Financial Services, and in addition to the Committee on Oversight and Government Reform, 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.
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| House | Lists H5830H.R. 5018–5019 | — | Jul 7, 2014 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Congressional Budget Office cost estimate
- Sep 12, 2014H.R. 5018, Federal Reserve Accountability and Transparency Act of 2014As ordered reported by the House Committee on Financial Services on July 30, 2014
Constitutional authority
The sponsor’s statement, as printed in the page H5830.
Printed hearings 2
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 113-92 | MONETARY POLICY AND THE STATE OF THE ECONOMY155 pages | Financial Services Committee | Jul 16, 2014 |
| Serial No. 113-89 | LEGISLATION TO REFORM THE FEDERAL RESERVE ON ITS 100–YEAR ANNIVERSARY112 pages | Financial Services Committee | Jul 10, 2014 |
CRS reports 2
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 2
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R42079 | Federal Reserve: Oversight and Disclosure Issues Archived | Report | Mar 27, 2017 |
| IF10207 | Monetary Policy and the Taylor Rule Archived | Resource | Jul 9, 2014 |
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 1062 | SEC Regulatory Accountability Act | Related bill | May 20, 2013 |
| HR 3928 | Federal Reserve Accountability and Transparency Act of 2014 | Related bill | Jan 27, 2014 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Federal Reserve Act to establish requirements for policy rules and blackout periods of the Federal Open Market Committee, to establish requirements for certain activities of the Board of Governors of the Federal Reserve System, and for other purposes.
- Short Titles as Introduced
- Federal Reserve Accountability and Transparency Act of 2014
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative law and regulatory procedures
- Banking and financial institutions regulation
- Congressional oversight
- Economic performance and conditions
- Federal officials
- Federal Reserve System
- Finance and Financial Sector
- Financial services and investments
- Foreign and international banking
- Government employee pay, benefits, personnel management
- Government ethics and transparency, public corruption
- Government information and archives
- Government studies and investigations
- Inflation and prices
- Interest, dividends, interest rates
- International monetary system and foreign exchange
- International organizations and cooperation
- Monetary policy
Text 1
Each version as it was printed, newest first.
- Jul 7, 2014Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
