PlainBillCongress, translated.Legislation. Context. Public interest.Placed on the Union Calendar, Calendar No. 781.
Congressional Research Service
Version 00 · Introduced in House · May 22, 2023
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.
Showing the opening paragraphs of the official summary.
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.
People & committees
Rep. Barr, Andy [R-KY-6] · R–KY
Legislative record
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Placed on the Union Calendar, Calendar No. 781.
Committee on Oversight and Accountability discharged.
Committee on Oversight and Accountability discharged.
House Committee on Oversight and Accountability Granted an extension for further consideration ending not later than Dec. 19, 2024.
Committee on Rules discharged.
Committee on Rules discharged.
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-793, Part I.
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-793, Part I.
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 26 - 22.
Committee Consideration and Mark-up Session Held
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.
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.
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.
Introduced in House
Introduced in House
Primary sources
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Source last updated: May 27, 2025. Consult Congress.gov for the current record.
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