Increasing Financial Regulatory Accountability and Transparency Act
Latest action · Dec 19, 2024 Placed on the Union Calendar, Calendar No. 781.
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.
- IntroducedMay 22, 2023
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Increasing Financial Regulatory Accountability and Transparency Act
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.
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.
Cosponsors 4
Members who signed on, in the order they did. All signed on May 22, 2023.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-GA | Barry Loudermilk | Original | May 22, 2023 |
| R-TX | Monica De La Cruz | Original | May 22, 2023 |
| R-WI | Scott Fitzgerald | Original | May 22, 2023 |
| R-CA | Young Kim | Original | May 22, 2023 |
Actions 9
Everything that happened, newest first.
- Dec 19, 2024Committee on Oversight and Accountability discharged.
- Dec 19, 2024Placed on the Union Calendar, Calendar No. 781.
- Dec 4, 2024Committee on Rules discharged.
- Dec 4, 2024House Committee on Oversight and Accountability Granted an extension for further consideration ending not later than Dec. 19, 2024.
- Dec 4, 2024Reported (Amended) by the Committee on Financial Services. H. Rept. 118-793, Part I.
Related bills 5
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 3465 | To enhance Federal Deposit Insurance Corporation transparency. | Related bill | May 18, 2023 |
| HR 3466 | To enhance Financial Stability Oversight Council transparency. | Related bill | May 18, 2023 |
| HR 3467 | To enhance Federal Reserve transparency. | Related bill | May 18, 2023 |
| HR 3555 | Banking Regulator Accountability Act | Related bill | May 22, 2023 |
| HR 3558 | Vice Chair of Supervision Banking Experience Requirement Act | Related bill | May 22, 2023 |
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative law and regulatory procedures
- Advisory bodies
- Banking and financial institutions regulation
- Congressional oversight
- Congressional-executive branch relations
- Federal Deposit Insurance Corporation (FDIC)
- Federal officials
- Finance and Financial Sector
- Government ethics and transparency, public corruption
- Legislative rules and procedure
Text 2
Each version as it was printed, newest first.
- Dec 19, 2024Reported in House
- May 22, 2023Introduced 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.
