118 HR 3556 RH: Increasing Financial Regulatory Accountability and Transparency Act
U.S. House of Representatives
2024-12-19
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
1.Short title; table of contents(a)This Act may be cited as the Increasing Financial Regulatory Accountability and Transparency Act
.(b)The table of contents for this Act is as follows:Sec. 1. Short title; table of contents.Title I—Enhancing FDIC Transparency Sec. 101. Federal Deposit Insurance Corporation transparency.Title II—Enhancing Federal Reserve Transparency Sec. 201. Federal Reserve transparency.Title III—Enhancing Financial Stability Oversight Council Transparency Sec. 301. FSOC transparency.Title IV—Establishing Federal Reserve Vice Chair for Supervision Experience RequirementSec. 401. Establishment of requirements to be Vice Chairman for Supervision.Title V—Banking Regulator AccountabilitySec. 501. Reports and testimony to Congress on supervision.<enum>I</enum><header>Enhancing FDIC Transparency </header><section id="HA9058CFF38D74A349A1D2C111799E6B6" section-type="subsequent-section"><enum>101.</enum><header>Federal Deposit Insurance Corporation transparency</header><text display-inline="no-display-inline">Section 13(c) of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1823">12 U.S.C. 1823</external-xref>) is amended—</text><paragraph id="H4B10E2787AD74FFB9130C26281F5059E"><enum>(1)</enum><text>in paragraph (1)(C), by inserting after <quote>taken</quote> the following: <quote>after notification to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate and</quote>;</text></paragraph><paragraph id="HB3EBB30CB19D4738845654B1F52C766A"><enum>(2)</enum><text>in paragraph (4)—</text><subparagraph id="HDAABC8D5ED72404EA1E3695E034AD791"><enum>(A)</enum><text>in subparagraph (B)(i)(I), by striking <quote>a present-value</quote> and inserting <quote>an expected present-value</quote>; and</text></subparagraph><subparagraph id="H6FB9AF96BFA64F128685EBAAB77FE4FB"><enum>(B)</enum><text>in subparagraph (G)—</text><clause id="H87C7C4C5F88245F09F38C0117038C957"><enum>(i)</enum><text>in clause (i)—</text><subclause id="HFA1199E01AD54844B9ACC9C6FEAB558F"><enum>(I)</enum><text>by inserting <quote>after notification to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate and</quote> before <quote>upon the</quote>; and</text></subclause><subclause id="H1463553FC6E445078E921E7B4A242223"><enum>(II)</enum><text>in subclause (II), by striking <quote>would</quote> and inserting <quote>that can be shown to</quote>;</text></subclause></clause><clause id="HEB047E73682744029AA1521AC9DBFBD4"><enum>(ii)</enum><text>in clause (iii)(I), by inserting before the semicolon the following: <quote>, including documentation of factors, empirical analyses, and data that gave rise to the determination</quote>; and</text></clause><clause id="H2EEF9FAA8DCA409BB4BB6C28ACB8FC87"><enum>(iii)</enum><text>by adding at the end the following:</text><quoted-block style="OLC" id="HB9937FD5F61146A3BB046405D500BA97" display-inline="no-display-inline" changed="added" reported-display-style="italic" committee-id="HBA00"><clause id="HA1221853D4FF497596AA9EF0597955E5"><enum>(vi)</enum><header>Additional reports to Congress on emergency determinations</header><subclause id="H9BAD1269B82F442EBEF435131A38B4F7"><enum>(I)</enum><header>In general</header><text display-inline="yes-display-inline">With respect to each determination under clause (i), the Board of Directors, the Board of Governors of the Federal Reserve System, and the Secretary of the Treasury shall each provide to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate—</text><item id="HCBD84B8F18EA49AB9DA45F23FF39BB03"><enum>(aa)</enum><text display-inline="yes-display-inline">not later than 3 days after such determination, all documentation related to such determination, including staff analyses and memoranda; and</text></item><item id="H384A28E867D74C508D617D834DC5D593"><enum>(bb)</enum><text display-inline="yes-display-inline">not later than 30 days after such determination, any analyses undertaken to justify such determination, including data, metrics used, and quantitative analyses undertaken.</text></item></subclause><subclause id="HBE2A8E6AC3B7471F9EB8BA6A5E14C47F"><enum>(II)</enum><header>Information requested by committees</header><text display-inline="yes-display-inline">The Secretary of the Treasury shall provide the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate with such additional information related to a determination under clause (i) as the committees may request. The Secretary of the Treasury may submit, with such information, a written request and justification for the committees to treat the information confidentially.</text></subclause></clause><after-quoted-block>; and</after-quoted-block></quoted-block></clause></subparagraph></paragraph><paragraph id="H17778F2C08624837883153CCBB5A3D96"><enum>(3)</enum><text>in paragraph (8)(B), after <quote>in writing</quote> by inserting <quote>, shall include details of factors that led to the determination and analyses of those factors and their implications</quote>.</text></paragraph></section><enum>II</enum><header>Enhancing Federal Reserve Transparency </header><section id="H395316DCD75C4A5CB6C37BFFC57577F9" section-type="subsequent-section"><enum>201.</enum><header>Federal Reserve transparency</header><subsection id="H9B16E2530918423C961497B8D447ACAB"><enum>(a)</enum><header>Federal Reserve Act</header><text display-inline="yes-display-inline">The Federal Reserve Act (<external-xref legal-doc="usc" parsable-cite="usc/12/221">12 U.S.C. 221 et seq.</external-xref>) is amended—</text><paragraph id="HF69B03D29CCB4FBBAA65718D6FCB2CF7"><enum>(1)</enum><text display-inline="yes-display-inline">in section 11—</text><subparagraph id="H837B0E2347FA4241B37BD3D96C5C2AD9"><enum>(A)</enum><text>in the first subsection (s) (related to <quote>Federal Reserve Transparency</quote>)—</text><clause id="H894234B23DC745839FA8C1124E8C0DA2"><enum>(i)</enum><text display-inline="yes-display-inline">in paragraph (2)(B), by striking <quote>eighth</quote> and inserting <quote>fourth</quote>;</text></clause><clause id="H62A037ACB23A4813996F31CBA6569EC8"><enum>(ii)</enum><text>in paragraph (5), by striking <quote>24-month</quote> and inserting <quote>12-month</quote>; and</text></clause><clause id="H8456AE84C63F4E518EB4C39F00442EB4"><enum>(iii)</enum><text>in paragraph (7)—</text><subclause id="H40C218259ADE4461ADACFD3924C83F70"><enum>(I)</enum><text>by striking <quote>This subsection</quote> and inserting the following: </text><quoted-block style="OLC" id="H5A337F87822A4D97B55F4043765269BD" display-inline="no-display-inline" changed="added" reported-display-style="italic" committee-id="HBA00"><subparagraph id="H1A8A9589E7D9452583758C7EC68B2AEA"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">This subsection</text></subparagraph><after-quoted-block>;</after-quoted-block></quoted-block></subclause><subclause id="H16CAB50110244116890D2E7B6139C61B"><enum>(II)</enum><text>by inserting <quote>public</quote> before <quote>disclosure</quote>; and</text></subclause><subclause id="H62C33FCCF8DB4BEE8EF98F43C6DE2CC5"><enum>(III)</enum><text>by adding at the end the following: </text><quoted-block style="OLC" id="H9A4B8BDD0F7748348EA5208880A44075" display-inline="no-display-inline" changed="added" reported-display-style="italic" committee-id="HBA00"><subparagraph id="HCE2929837A824FDF97DC3C8A35F37F7C"><enum>(B)</enum><header>Congressional access to information</header><clause id="HE4F4F3A27C764D70867655236EF02476"><enum>(i)</enum><header>In general</header><text display-inline="yes-display-inline">The Board shall, upon request, make the nonpublic personal information described under subparagraph (A) available to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate.</text></clause><clause id="H127477E061D542958E2B69E36545875B"><enum>(ii)</enum><header>Confidentiality</header><text display-inline="yes-display-inline">With respect to a request described under clause (i), if the Chairman of the Board determines that any part of the requested information needs to remain confidential and provides written notice of such determination to the committee making such request, the Board shall only make that part of the requested information available to the chair and ranking member of the committee.</text></clause></subparagraph><after-quoted-block>; and</after-quoted-block></quoted-block></subclause></clause></subparagraph><subparagraph id="HA9E8BA49C879492BB7F528250BBB885C"><enum>(B)</enum><text>by redesignating the second subsection (s) (relating to <quote>Assessments, Fees, and Other Charges</quote>) as subsection (t); and </text></subparagraph></paragraph><paragraph id="HD9EF98C59AC14C25BA428CC1D4FA8F91"><enum>(2)</enum><text>in section 13(3), by adding at the end the following:</text><quoted-block style="OLC" id="H5B3A25457FD04DCCB1B64E10EA40ECF6" display-inline="no-display-inline" changed="added" reported-display-style="italic" committee-id="HBA00"><subparagraph id="HB9F25F3FBE3447EC9CBDB4D402018C25"><enum>(F)</enum><header>Congressional access to information</header><clause id="HBEA9B144B0DF4BADA5A723DBE47A4BEC"><enum>(i)</enum><header>In general</header><text display-inline="yes-display-inline">The Board shall make available to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate information requested by such committees related to any credit facility established by or on behalf of the Federal Reserve System or a Federal reserve bank and authorized by the Board under this paragraph.</text></clause><clause id="HE2F582596DA1411C865F6323D8B9E358"><enum>(ii)</enum><header>Confidentiality</header><text>With respect to a request described under clause (i), if the Chairman of the Board determines that any part of the requested information needs to remain confidential and provides written notice of such determination to the committee making such request, the Board shall only make that part of the requested information available to the chair and ranking member of the committee.</text></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></subsection><subsection id="H1E1BF37DAF5F4E3B9BF07A2FCB944349"><enum>(b)</enum><header>Dodd-Frank Wall Street Reform and Consumer Protection Act</header><text display-inline="yes-display-inline">Title XI of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended—</text><paragraph id="H51955C0D431B4E8E94BA95093C3D3B16"><enum>(1)</enum><text>in section 1104 (<external-xref legal-doc="usc" parsable-cite="usc/12/5611">12 U.S.C. 5611</external-xref>)—</text><subparagraph id="HAA08DEC37A544ACBB02B6E29D8C0B716"><enum>(A)</enum><text>in subsection (a)(2)—</text><clause id="H9A81F89B7834426CBBAB6E65E8048ABE"><enum>(i)</enum><text>in subparagraph (A), by striking <quote>and</quote> at the end;</text></clause><clause id="H725EC24B405640FCA92B5FFA6373E90F"><enum>(ii)</enum><text>by redesignating subparagraph (B) as subparagraph (C); and</text></clause><clause id="HD15C1FEBD36346DFAC2E72C981DFCC94"><enum>(iii)</enum><text>by inserting after subparagraph (A) the following:</text><quoted-block style="OLC" id="H11E5AC5895A145D68A2995AE9E831FED" display-inline="no-display-inline" changed="added" reported-display-style="italic" committee-id="HBA00"><subparagraph id="HCAEF004FF32D47958439AAEEFCA73117"><enum>(B)</enum><text display-inline="yes-display-inline">be transmitted to the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate; and</text></subparagraph><after-quoted-block>;</after-quoted-block></quoted-block></clause></subparagraph><subparagraph id="H22F23C6A8AA04879A8A636F88FA72875"><enum>(B)</enum><text>in subsection (b), by inserting after <quote>consent of the Secretary</quote> the following: <quote>and notification to Congress</quote>;</text></subparagraph><subparagraph id="H3F840316E5D645319C7A708718246DDB"><enum>(C)</enum><text>in subsection (c)(2), in the heading, by striking <quote><header-in-text level="paragraph" style="OLC">GOA</header-in-text></quote> inserting <quote><header-in-text level="paragraph" style="OLC">Congressional review and gao</header-in-text></quote>; and</text></subparagraph><subparagraph id="HB311F492A1584C05ADB51F678928F5C1"><enum>(D)</enum><text>by striking subsection (d);</text></subparagraph></paragraph><paragraph id="H40371B9A31EC409F8DDBA8E50A45D213"><enum>(2)</enum><text>in section 1105 (<external-xref legal-doc="usc" parsable-cite="usc/12/5612">12 U.S.C. 5612</external-xref>)—</text><subparagraph id="H029D2846A9E2413CB79B99AB38838F91"><enum>(A)</enum><text>in subsection (c)—</text><clause id="HCA6461B175FC4A218A4FEE7109D8BF54"><enum>(i)</enum><text>in paragraph (1)—</text><subclause id="HA5C7864ED62F4F1FA401C100DFF2CB3A"><enum>(I)</enum><text>by inserting <quote>and upon notification to Congress</quote> after <quote>with the President</quote>;</text></subclause><subclause id="HD768D3F99DED45299570B8025400148F"><enum>(II)</enum><text>by striking <quote>President may</quote> and inserting <quote>President shall</quote>; and</text></subclause><subclause id="H3FD647E22ADE432681E0878F2DCD0186"><enum>(III)</enum><text>by striking <quote>amount and a request</quote> and inserting <quote>amount, and include in such report the expected cost to taxpayers and a detailed description of the assumptions made and analytical tools used to calculate such expected cost, and a request</quote>; and</text></subclause></clause><clause id="H9989142AE74E4774ABFB5DC76D10A474"><enum>(ii)</enum><text>in paragraph (2), by inserting <quote>and upon notification to Congress</quote> after <quote>with the President</quote>; and</text></clause></subparagraph><subparagraph id="HF836728EC9FF4E7C9F11AC1063E32817"><enum>(B)</enum><text>in subsection (g), by amending paragraph (3) to read as follows:</text><quoted-block style="OLC" id="H652AD5D2D287496CB524D1B88DC7F4AF" display-inline="no-display-inline" changed="added" reported-display-style="italic" committee-id="HBA00"><paragraph id="H9F52FE0376124364B996ED64441B49AF"><enum>(3)</enum><header>Liquidity event</header><text display-inline="yes-display-inline">The term <quote>liquidity event</quote> shall have the definition given such term, jointly, by the Board of Governors, the Corporation, and the Secretary, by rule pursuant to notice and comment.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></subparagraph></paragraph></subsection><subsection id="HC4B8BC1BFCA240599D7A6386E4C983F9"><enum>(c)</enum><header>Title 31</header><text display-inline="yes-display-inline">Section 714(f)(3) of title 31, United States Code, is amended—</text><paragraph id="H4B664AF275CB4719B6B4BE6A28E9B1A0"><enum>(1)</enum><text>in subparagraph (B), by striking <quote>legislative or</quote>; and</text></paragraph><paragraph id="H5B6AE27ED888479AAEDBFFAFDC12890E"><enum>(2)</enum><text display-inline="yes-display-inline">in subparagraph (C)(i), by striking <quote>, including to Congress,</quote>.</text></paragraph></subsection></section><enum>III</enum><header>Enhancing Financial Stability Oversight Council Transparency </header><section id="H509F9E6C11914A8BB0DA4FBCDD267AF6" section-type="subsequent-section"><enum>301.</enum><header>FSOC transparency</header><subsection id="HB56454076D3A482D96BD50FF90D84701"><enum>(a)</enum><header>Financial Stability Act of 2010</header><text display-inline="yes-display-inline">The Financial Stability Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5311">12 U.S.C. 5311 et seq.</external-xref>) is amended—</text><paragraph id="H719047A10B9E4DEDAC0DBCE4905A1221"><enum>(1)</enum><text display-inline="yes-display-inline">in section 111—</text><subparagraph id="H0E23E7619D004A54BBA52317298D39B5"><enum>(A)</enum><text>in subsection (b)(1)—</text><clause id="H1A743BE7C2724E27906D37EF350D5D5C"><enum>(i)</enum><text>in subparagraph (I), by striking <quote>and</quote> at the end;</text></clause><clause id="HBEA8966178CF4750A8981C65B0759A76"><enum>(ii)</enum><text>in subparagraph (J), by striking the period at the end and inserting <quote>; and</quote>; and </text></clause><clause id="H65656E62D98346968F74B42B7E7C855C"><enum>(iii)</enum><text>by adding at the end the following:</text><quoted-block style="OLC" id="HEA72940BA7E744709B21922AA29D9E08" display-inline="no-display-inline" changed="added" reported-display-style="italic" committee-id="HBA00"><subparagraph id="H18F0B06B493C427B8CED2A271CF21CF6"><enum>(K)</enum><text display-inline="yes-display-inline">an independent member appointed by the President, by and with the advice and consent of the Senate, and not of the same political party as the President.</text></subparagraph><after-quoted-block>;</after-quoted-block></quoted-block></clause></subparagraph><subparagraph id="H7D6D49CE4B2C4F03AF7376A3D2460647"><enum>(B)</enum><text>in subsection (c)—</text><clause id="H9393A8A20584440A9CF61FB40FD869BE"><enum>(i)</enum><text>in paragraph (1), by striking <quote>independent member</quote> and inserting <quote>independent members</quote>; and</text></clause><clause id="HA7DFEB02655E42C9BA76991AC777CD49"><enum>(ii)</enum><text>in paragraph (4)—</text><subclause id="H931C54A4D219478586036B27AD8CA4F6"><enum>(I)</enum><text>in the heading, by striking <quote><header-in-text level="paragraph" style="OLC">independent member</header-in-text></quote> and inserting <quote><header-in-text level="paragraph" style="OLC">independent members</header-in-text></quote>; and</text></subclause><subclause id="H80AF709964AF4553A50BB20FB6BC0A8F"><enum>(II)</enum><text>by striking <quote>subsection (b)(1)(J)</quote> and inserting <quote>subparagraph (J) or (K) of subsection (b)(1)</quote>;</text></subclause></clause></subparagraph><subparagraph id="HF6E9CD60D0C44AEDBD565EECD098F782"><enum>(C)</enum><text>by striking subsection (d);</text></subparagraph><subparagraph id="H7E3EBF42630B4FB28AAA0323D2F4706A"><enum>(D)</enum><text>by redesignating subsections (e) through (j) as subsections (d) through (i), respectively;</text></subparagraph><subparagraph id="H314DF81250E84F6D8A96336F1BB62592"><enum>(E)</enum><text>in subsection (d), as so redesignated, by adding at the end the following:</text><quoted-block style="OLC" id="HAF8BC91DE2CD4E5DAEC2A3098075FB0E" display-inline="no-display-inline" changed="added" reported-display-style="italic" committee-id="HBA00"><paragraph id="HAE250D66D199449BB27CBFD0F0F762AE"><enum>(3)</enum><header>Notice to Congress</header><text display-inline="yes-display-inline">The Chairperson shall notify the chair and ranking members of the Committee on Financial Services of the House of Representatives and the chair and ranking members of the Committee on Banking, Housing, and Urban Affairs of the Senate of a meeting at the same time as the meeting participants are notified.</text></paragraph><after-quoted-block>;</after-quoted-block></quoted-block></subparagraph><subparagraph id="HA183DCBE7F774BB0AC8893C5755664D2"><enum>(F)</enum><text>in subsection (f), as so redesignated, by striking <quote>, or to any special advisory, technical, or professional committee appointed by the Council, except that, if an advisory, technical, or professional committee has one or more members who are not employees of or affiliated with the United States Government, the Council shall publish a list of the names of the members of such committee</quote>;</text></subparagraph><subparagraph id="H8C3C667426F14536B9F142798D51F76A"><enum>(G)</enum><text>in subsection (g), as so redesignated, by inserting before the period at the end the following: <quote>, but if such services, funds, facilities, staff, or other support services are provided with respect to any Council program or activity that has, or is planned to have, duration of greater than 90 days, the Council shall notify Congress of such provision</quote>; and</text></subparagraph><subparagraph id="HAB36AE1726874E84BC39671F55F55777"><enum>(H)</enum><text display-inline="yes-display-inline">in subsection (i), as so redesignated, by adding at the end the following: <quote>The Council shall report on such detailed employees on a monthly basis to Congress.</quote>;</text></subparagraph></paragraph><paragraph id="HCDD38369B1E9458AA9F8268BE1B39234"><enum>(2)</enum><text>in section 112—</text><subparagraph id="H70A99499B00C495497B0E609B9284E55"><enum>(A)</enum><text>in subsection (a)(2)—</text><clause id="HE3F3242086C94B3F93B32EBCB3AFEA9E"><enum>(i)</enum><text>in subparagraph (A), by inserting after <quote>system</quote> the following: <quote>and only after notifying Congress</quote>;</text></clause><clause id="HF88B33A81CE14D4DB96C4F4D2B79E2EA"><enum>(ii)</enum><text>by striking subparagraphs (D) and (I);</text></clause><clause id="H19A0F7DB17914289A301C733A369236D"><enum>(iii)</enum><text>by redesignating subparagraphs (E), (F), (G), (H), (J), (K), (L), (M), and (N) as subparagraphs (D) through (L), respectively;</text></clause><clause id="H86A17B43881643CBB56CDDD92634F773"><enum>(iv)</enum><text>in subparagraph (D), as so redesignated, by striking <quote>agencies and</quote> and inserting <quote>agencies, Congress, and</quote>;</text></clause><clause id="H86CCE62E12B74983B225FA0C2C2129AA"><enum>(v)</enum><text>in subparagraph (E), as so redesignated, by inserting after <quote>to the member agencies</quote> the following: <quote>, the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate</quote>;</text></clause><clause id="H5A21021DA29E492B93AB9E76C65A6C1C"><enum>(vi)</enum><text>in subparagraph (G), as so redesignated, by striking <quote>may</quote>;</text></clause><clause id="H1B5C6F5A2309411F98F8A229A3ECCB0D"><enum>(vii)</enum><text display-inline="yes-display-inline">in subparagraph (H), as so redesignated, by inserting before the semicolon the following: <quote>, and notify the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate of such identifications</quote>;</text></clause><clause id="HD5104D7EC0944234B1A08BA8A52F8D24"><enum>(viii)</enum><text display-inline="yes-display-inline">in subparagraph (I), as so redesignated, by inserting after <quote>primary financial regulatory agencies to apply</quote> the following: <quote>primary financial regulatory agencies, the chair and ranking member of the Committee on Financial Services of the House of Representatives, and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate on the costs and benefits of applying</quote>; and</text></clause><clause id="H5EF7FBA9890C48A4AECF105C9B32C299"><enum>(ix)</enum><text display-inline="yes-display-inline">in subparagraph (J), as so redesignated, by inserting <quote>the Congress and</quote> before <quote>the Commission</quote>;</text></clause></subparagraph><subparagraph id="H9C55F47EC17D455C9410225EA7B08815"><enum>(B)</enum><text display-inline="yes-display-inline">in subsection (c), by inserting <quote>no later than 60 days</quote> after <quote>hearing,</quote>; and</text></subparagraph><subparagraph id="H541B5B33B33E48E9B38CAE8E66C1EC0D"><enum>(C)</enum><text>in subsection (d)—</text><clause id="H00D7B491FEE14C38BB87E4DA745CC32B"><enum>(i)</enum><text>in paragraph (1)—</text><subclause id="HCFE40E9AAE214E42A4A2AB782FFB3BAC"><enum>(I)</enum><text>by striking <quote>as necessary</quote> and all that follows through <quote>to monitor</quote> and inserting <quote>as necessary to monitor</quote>;</text></subclause><subclause id="HC266CA3C6DEB448CB994397251CA4F50"><enum>(II)</enum><text display-inline="yes-display-inline">by striking <quote>; or</quote> and inserting a period; and</text></subclause><subclause id="H283D0D968BD84541B7C569766C2AD5EF"><enum>(III)</enum><text>by striking subparagraph (B);</text></subclause></clause><clause id="H9F83880C2BFF429B8BDAB1EC16BEBD94"><enum>(ii)</enum><text>in paragraph (2), by inserting before the period at the end the following: <quote>and to Congress</quote>;</text></clause><clause id="H243AE2A018EC48568C95091C327110D0"><enum>(iii)</enum><text>in paragraph (3), by adding at the end the following:</text><quoted-block style="OLC" id="H990AA4E2B0CE4AEEA9367A8F1F6CD64A" display-inline="no-display-inline" changed="added" reported-display-style="italic" committee-id="HBA00"><subparagraph id="H9B77E2A51C46455FB7BAABDA350387D6"><enum>(D</enum><header>Congressional notification</header><text display-inline="yes-display-inline">The Council may not require the submission of periodic and other reports under this paragraph until 30 days after the Council has notified the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate of the Council’s intention to require such submission.</text></subparagraph><after-quoted-block>;</after-quoted-block></quoted-block></clause><clause id="H7E1646807AB042EEAC6B8B8806971031"><enum>(iv)</enum><text>in paragraph (4), by inserting after <quote>Council may</quote> the following: <quote>, after notifying the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate,</quote>; and</text></clause><clause id="H72089A8DCC294F19B4BF9A1089519431"><enum>(v)</enum><text>in paragraph (5)(A), by inserting before the period at the end the following: <quote>, except that Congress may request any such confidential data, information, or reports</quote>;</text></clause></subparagraph></paragraph><paragraph id="H5F1E8CC38501468BA5135BC8980C4E24"><enum>(3)</enum><text>in section 113—</text><subparagraph id="H5BCDAA50F4FB4CA9ABF92C387EE91F34"><enum>(A)</enum><text>in subsection (a)(2)—</text><clause id="H2B73529C4D234C91ABCB58C25B91285F"><enum>(i)</enum><text>in subparagraph (I), by adding <quote>and</quote> at the end;</text></clause><clause id="H3C05801466DE460EB7BBDF5AEA430036"><enum>(ii)</enum><text>in subparagraph (J), by striking <quote>; and</quote> and inserting a period; and</text></clause><clause id="HF283522128E044C28DF5002C9588F4FB"><enum>(iii)</enum><text>by striking subparagraph (K);</text></clause></subparagraph><subparagraph id="H946EF883F8464325A0A1F07A74A3E895"><enum>(B)</enum><text>in subsection (b)(2)—</text><clause id="HE60877CF0B4644CD976CD51A7187D3D8"><enum>(i)</enum><text>in subparagraph (I), by adding <quote>and</quote> at the end;</text></clause><clause id="H7C9A1630267848CC8F2B4FD32655CAD3"><enum>(ii)</enum><text>in subparagraph (J), by striking <quote>; and</quote> and inserting a period; and</text></clause><clause id="H030AB42555AA4BBBBF54DCD58353C647"><enum>(iii)</enum><text>by striking subparagraph (K);</text></clause></subparagraph><subparagraph id="H110BB764E2214510BB2FC552B3BE72F7"><enum>(C)</enum><text>by striking subsection (f);</text></subparagraph><subparagraph id="H577B2BC7C8A940F89400810ECE4671FE"><enum>(D)</enum><text>by redesignating subsections (g), (h), and (i) as subsections (f), (g), and (h), respectively;</text></subparagraph><subparagraph id="H4432ECCCD38F4857A1A6D5A7834094AB"><enum>(E)</enum><text>in subsection (g), as so redesignated, by striking <quote>subsection (d)(2), (e)(3), or (f)(5)</quote> and inserting <quote>subsection (d)(2) or (e)(3)</quote>; and</text></subparagraph><subparagraph id="HF8A459C145284564AB47676FAEDD22DE"><enum>(F)</enum><text display-inline="yes-display-inline">by adding at the end the following:</text><quoted-block style="OLC" id="H0637AC78E6DA42E7B5A767145480380F" display-inline="no-display-inline" changed="added" reported-display-style="italic" committee-id="HBA00"><subsection id="H62EDC538E9B944F9B79FE6CF148073BF"><enum>(i)</enum><header>Congressional review</header><paragraph id="H1630FE06EA424B34981FC1A27C34FBC9"><enum>(1)</enum><header>Notification</header><text>If the Council makes a determination under this section, the Council shall immediately notify Congress of such determination.</text></paragraph><paragraph id="HD62EDF9B303046D9AC533409FC6245BF"><enum>(2)</enum><header>Effectiveness of determination</header><text display-inline="yes-display-inline">A determination made by the Council under this section—</text><subparagraph id="H46D571611F1F49B9AA7E117511D9ABA7"><enum>(A)</enum><text>may not take effect until the end of the 60-day period beginning on the date that the Council notifies the Congress of such determination; and</text></subparagraph><subparagraph id="H986D73F2244F40C6BF43238AB786D2F4"><enum>(B)</enum><text>shall have no force or effect if disapproved, as provided under this subsection.</text></subparagraph></paragraph><paragraph id="H1B05BF3E45BF4DC3AE90EAF1564AE8C3"><enum>(3)</enum><header>Congressional disapproval procedure</header><subparagraph id="H771F8B1EA72D49E9A737700AE3818AB5"><enum>(A)</enum><header>Joint resolution defined</header><text display-inline="yes-display-inline">For purposes of this paragraph, the term <quote>joint resolution</quote> means only a joint resolution introduced during the 60-day period described under paragraph (2)(A), the matter after the resolving clause of which is as follows: <quote>That Congress disapproves the determination of the Financial Stability Oversight Council submitted in a notification to Congress on ___, and such determination shall have no force or effect.</quote> (The blank space being filled in with the appropriate date.).</text></subparagraph><subparagraph id="H0E2F6181A67A49B2897C0D303FB619CB"><enum>(B)</enum><header>Treatment in Senate</header><clause id="HA8B9908872D54072BD0E244D4982D828"><enum>(i)</enum><text>In the Senate, if the committee to which is referred a joint resolution has not reported such joint resolution (or an identical joint resolution) at the end of the 20-day period beginning on the date Congress is notified of a determination, such committee may be discharged from further consideration of such joint resolution upon a petition supported in writing by 30 Members of the Senate, and such joint resolution shall be placed on the calendar.</text></clause><clause id="H6EDF1C2112E443A6ABCA82B068BEF47C"><enum>(ii)</enum><text display-inline="yes-display-inline">In the Senate, when the committee to which a joint resolution is referred has reported, or when a committee is discharged (under clause (i)) from further consideration of a joint resolution, it is at any time thereafter in order (even though a previous motion to the same effect has been disagreed to) for a motion to proceed to the consideration of the joint resolution, and all points of order against the joint resolution (and against consideration of the joint resolution) are waived. The motion is not subject to amendment, or to a motion to postpone, or to a motion to proceed to the consideration of other business. A motion to reconsider the vote by which the motion is agreed to or disagreed to shall not be in order. If a motion to proceed to the consideration of the joint resolution is agreed to, the joint resolution shall remain the unfinished business of the Senate until disposed of.</text></clause><clause id="H023FB716A40D4E969C0CC2C940E98B41"><enum>(iii)</enum><text display-inline="yes-display-inline">In the Senate, debate on the joint resolution, and on all debatable motions and appeals in connection therewith, shall be limited to not more than 10 hours, which shall be divided equally between those favoring and those opposing the joint resolution. A motion further to limit debate is in order and not debatable. An amendment to, or a motion to postpone, or a motion to proceed to the consideration of other business, or a motion to recommit the joint resolution is not in order.</text></clause><clause id="H123B571C646D4E33961181B2EF96D929"><enum>(iv)</enum><text display-inline="yes-display-inline">In the Senate, immediately following the conclusion of the debate on a joint resolution, and a single quorum call at the conclusion of the debate if requested in accordance with the rules of the Senate, the vote on final passage of the joint resolution shall occur.</text></clause><clause id="H4C5F8D333E004B30B9D4A9181F8A6E87"><enum>(v)</enum><text display-inline="yes-display-inline">In the Senate, appeals from the decisions of the Chair relating to the application of the rules of the Senate to the procedure relating to a joint resolution shall be decided without debate.</text></clause><clause id="H35A958FF22544C2C9FFA426003EDAC76"><enum>(vi)</enum><text display-inline="yes-display-inline">In the Senate, the procedure specified in this subparagraph shall not apply to the consideration of a joint resolution after the end of the 60-day period described under paragraph (2)(A).</text></clause></subparagraph></paragraph><paragraph id="H92A21DC46675485984E514C8A8443347" display-inline="no-display-inline"><enum>(4)</enum><header>Treatment of joint resolution received from the other House</header><text>If, before the passage by one House of a joint resolution of that House, that House receives from the other House a joint resolution, then the following procedures shall apply:</text><subparagraph id="H15175A4B29F847AF98F122057E2A563E"><enum>(A)</enum><text>The joint resolution of the other House shall not be referred to a committee.</text></subparagraph><subparagraph id="HED40A20A26284C20A55A8B21CC8A045E"><enum>(B)</enum><text>With respect to a joint resolution of the House receiving the joint resolution—</text><clause id="H62EE59780CB4402EA71CEA64730BF995"><enum>(i)</enum><text>the procedure in that House shall be the same as if no joint resolution had been received from the other House; but</text></clause><clause id="HC1DA600FB3B64B269D183BEF0489D785"><enum>(ii)</enum><text>the vote on final passage shall be on the joint resolution of the other House.</text></clause></subparagraph></paragraph><paragraph id="H9B34F4B9CB444CBDAC3DCAA725AA95DB"><enum>(5)</enum><header>Treatment of this paragraph</header><text>This paragraph is enacted by Congress—</text><subparagraph id="HDB2539A15B364781AAED05CA789D23E8"><enum>(A)</enum><text>as an exercise of the rulemaking power of the Senate and House of Representatives, respectively, and as such it is deemed a part of the rules of each House, respectively, but applicable only with respect to the procedure to be followed in that House in the case of a joint resolution, and it supersedes other rules only to the extent that it is inconsistent with such rules; and</text></subparagraph><subparagraph id="H55EA4B7D2D3544B0B6586614A95007F9"><enum>(B)</enum><text>with full recognition of the constitutional right of either House to change the rules (so far as relating to the procedure of that House) at any time, in the same manner, and to the same extent as in the case of any other rule of that House.</text></subparagraph></paragraph></subsection><after-quoted-block>;</after-quoted-block></quoted-block></subparagraph></paragraph><paragraph id="HAC052FB678B747B2992463C2AD1AA033"><enum>(4)</enum><text>in section 115—</text><subparagraph id="HA11457A84FAC4037874F35B175166C67"><enum>(A)</enum><text>in subsection (a)(1), by inserting after <quote>recommendations to</quote> the following: <quote>the chair and ranking member of the Committee on Financial Services of the House of Representatives, the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate, and</quote>;</text></subparagraph><subparagraph id="H0A12BC32309F4291B8807F1119CAA6E3"><enum>(B)</enum><text display-inline="yes-display-inline">in subsection (c)(3), by inserting after <quote>recommendations to</quote> the following: <quote>the chair and ranking member of the Committee on Financial Services of the House of Representatives, the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate, and</quote>;</text></subparagraph><subparagraph id="HE01B7DA50753476C99645F20065B9A4D"><enum>(C)</enum><text>in subsection (d)—</text><clause id="HC59177EBCBB54B05B28B6A830E2F54DB"><enum>(i)</enum><text>in paragraph (1), by inserting after <quote>make recommendations to the Board of Governors</quote> the following: <quote>, if the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate are notified of such recommendations,</quote>; and</text></clause><clause id="H1FE0B61345484852A3D81B7286161133"><enum>(ii)</enum><text display-inline="yes-display-inline">in paragraph (2), by inserting after <quote>make recommendations to the Board of Governors</quote> the following: <quote>, if the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate are notified of such recommendations,</quote>;</text></clause></subparagraph><subparagraph id="HCBD5316C35EE46248102332E0103FC19"><enum>(D)</enum><text display-inline="yes-display-inline">in subsection (e), by inserting after <quote>make recommendations to the Board of Governors</quote> the following: <quote>, if the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate are notified of such recommendations,</quote>;</text></subparagraph><subparagraph id="H753319CE3E284304B45E965B87200E8C"><enum>(E)</enum><text display-inline="yes-display-inline">in subsection (f), by inserting after <quote>make recommendations to the Board of Governors</quote> the following: <quote>, if the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate are notified of such recommendations,</quote>; and</text></subparagraph><subparagraph id="H8CE338B11E984774896B89B62D3C64A5"><enum>(F)</enum><text display-inline="yes-display-inline">in subsection (g), by inserting after <quote>make recommendations to the Board of Governors</quote> the following: <quote>, if the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate are notified of such recommendations,</quote>;</text></subparagraph></paragraph><paragraph id="H0E7E13CD23564C1C84FEFFE31247AFD4"><enum>(5)</enum><text>in section 116(a), by inserting after <quote>may</quote> the following: <quote>, after notifying the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate,</quote>;</text></paragraph><paragraph id="H9E8F3458D3DA49CBA71B5503D59BEC6F"><enum>(6)</enum><text>in section 120—</text><subparagraph id="H8CD86F56D0FA4024A9689E38B7B118AF"><enum>(A)</enum><text>in subsection (a), by inserting after <quote>regulatory agencies</quote> the following: <quote>, if the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate are notified of such recommendations,</quote>;</text></subparagraph><subparagraph id="HEBB27A440B144EF5B3DE335C7898F23B"><enum>(B)</enum><text>in subsection (b)—</text><clause id="H675BE54BC3C148EB917202AC4FDE8166"><enum>(i)</enum><text>in paragraph (1), by inserting after <quote>to the public</quote> the following: <quote>and Congress</quote>; and</text></clause><clause id="H3498CC669EC04B76B7370359E351C956"><enum>(ii)</enum><text>in paragraph (2)(A), by inserting before the semicolon the following: <quote>, and the notice required under paragraph (1) shall contain data, methodology, and analysis detailing such costs</quote>;</text></clause></subparagraph><subparagraph id="H0B5CB8E58623448E8E4B992F76DD3A98"><enum>(C)</enum><text>in subsection (c)(2), by inserting after <quote>recommended by the Council</quote> the following: <quote>, after notifying the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate of such imposition,</quote>;</text></subparagraph><subparagraph id="HA9D5E74B5C614819A546EAE8805E6A8D"><enum>(D)</enum><text>in subsection (e)(2)(A), by inserting before the period at the end the following: <quote>, and notify the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate of such determination and the factors, data, and analysis leading to such determination</quote>; and </text></subparagraph><subparagraph id="H2334001C44624A11AF911690AC6643F5"><enum>(E)</enum><text>by adding at the end the following:</text><quoted-block style="OLC" id="H94DD583EEBBC42C7B335FFC1D9F08059" display-inline="no-display-inline" changed="added" reported-display-style="italic" committee-id="HBA00"><subsection id="HA1892A1AD38148FEA19BFE7C5EB36849"><enum>(f)</enum><header>Delay in implementation</header><text display-inline="yes-display-inline">A primary financial regulatory agency may not implement a recommendation made by the Council under subsection (a) until the end of the 90-day period beginning on the date such recommendation is issued.</text></subsection><after-quoted-block>;</after-quoted-block></quoted-block></subparagraph></paragraph><paragraph id="HE8DBFF6351CF48A88F0FD7BC7C959DCE"><enum>(7)</enum><text>in section 121—</text><subparagraph id="HBE762B0D084845EE94D36DEC563C08A3"><enum>(A)</enum><text>in subsection (d), by inserting after <quote>Governors may</quote> the following: <quote>, after notifying the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate,</quote>; and</text></subparagraph><subparagraph id="H97F767F5C2B34BB5936115C9081BB1C6"><enum>(B)</enum><text>by adding at the end the following:</text><quoted-block style="OLC" id="H596575FBAE0C49119EAC590D56622D24" display-inline="no-display-inline" changed="added" reported-display-style="italic" committee-id="HBA00"><subsection id="H6D54841C77A64053A9D74A78942355FC"><enum>(e)</enum><header>Notice to Congress; delay in implementation</header><text display-inline="yes-display-inline">The Board of Governors—</text><paragraph id="H07D010E6B102447F90D94DD90B124E38"><enum>(1)</enum><text display-inline="yes-display-inline">shall notify the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate of an intention to take an action described under paragraph (1) through (5) of subsection (a); and</text></paragraph><paragraph id="H2FB31E3BB0764B17ADCFCACA798F9B67"><enum>(2)</enum><text>may not take such an action until the end of the 60-day period beginning on the date of such notification.</text></paragraph></subsection><after-quoted-block>;</after-quoted-block></quoted-block></subparagraph></paragraph><paragraph id="HB399E56C9CD041CA9A4768F1C7D1D2B6"><enum>(8)</enum><text>in section 122—</text><subparagraph id="H88810A3D2EE04D8684658BAE5B9F92D8"><enum>(A)</enum><text>in subsection (a), by striking <quote>may audit</quote> and inserting <quote>shall annually audit</quote>; and</text></subparagraph><subparagraph id="H5841E40DC295455C85BAAD82D7D4F115"><enum>(B)</enum><text>in subsection (b)(2)—</text><clause id="H71E772E890DA4097B6F0F216FCC62CF5"><enum>(i)</enum><text>by striking <quote>The Comptroller</quote> and inserting <quote>The chair and ranking member of the Committee on Financial Services of the House of Representatives, the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate, and the Comptroller</quote>; and</text></clause><clause id="HCF3EFFC519844B7EA213CD6F342FEAD0"><enum>(ii)</enum><text>by striking <quote>as the Comptroller General</quote> and inserting <quote>as the chair, ranking member, or Comptroller General, as applicable</quote>;</text></clause></subparagraph></paragraph><paragraph id="H3BCA4C8D5DB64C238CD9FCFF088E8C9E" display-inline="no-display-inline"><enum>(9)</enum><text>in section 152(e), by adding at the end the following: <quote>The Office shall report on such detailed employees on a monthly basis to Congress.</quote>;</text></paragraph><paragraph id="H88EB1C8D1E70459985388D718528D73C"><enum>(10)</enum><text>in section 153—</text><subparagraph id="H90C2179839B24DC2B1C11166E6B1BD30"><enum>(A)</enum><text>in subsection (a)—</text><clause id="HBCAAD4B7CA394FC38C6C63B813861400"><enum>(i)</enum><text>in paragraph (3), by striking <quote>essential</quote>;</text></clause><clause id="HA9D67A7427E64588954463B0730E725A"><enum>(ii)</enum><text>by striking paragraph (5);</text></clause><clause id="HDA32826BF6D24C94B08A3251155A2755"><enum>(iii)</enum><text>by redesignating paragraphs (6) and (7) as paragraphs (5) and (6), respectively; and</text></clause><clause id="H7907AB0EEC544E93BA4031767F822BBB"><enum>(iv)</enum><text>in paragraph (5), as so redesignated, by inserting before the semicolon the following: <quote>, the chair and ranking member of the Committee on Financial Services of the House of Representatives, and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate</quote>;</text></clause></subparagraph><subparagraph id="H95AB06838F384B9A9A1D7B8ECE702260"><enum>(B)</enum><text>in subsection (b)—</text><clause id="HF450E7699B7B4443BDC51B16EE2F5937"><enum>(i)</enum><text>in paragraph (1)—</text><subclause id="HEF64E43AB4664B48A903144E1DF133FD"><enum>(I)</enum><text>by inserting after <quote>with the Council,</quote> the following: <quote>the chair and ranking member of the Committee on Financial Services of the House of Representatives, the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate,</quote>; and</text></subclause><subclause id="H91ED416E700B444F8F886930D25A8D37"><enum>(II)</enum><text>in subparagraph (B), by inserting before the semicolon the following: <quote>and without prior notice of such sharing being provided to the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate</quote>;</text></subclause></clause><clause id="HEFCBAD9BB0F348A0BA94F150103565EF"><enum>(ii)</enum><text display-inline="yes-display-inline">in paragraph (2), by inserting before the semicolon the following: <quote>, after providing notice to the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate of such research projects</quote>;</text></clause><clause id="H6A85741E879141FEB7EEF098B0FE3F93"><enum>(iii)</enum><text display-inline="yes-display-inline">in paragraph (3), by inserting before the period at the end the following: <quote>, after providing notice to the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate of such assistance</quote>; and</text></clause></subparagraph><subparagraph id="HEE665B70F4F14C92B868C51D94DA1C42"><enum>(C)</enum><text>in subsection (f)(1), by striking <quote>but only</quote> and inserting <quote>but not earlier than 60 days after the Director notifies the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate of the requirement to produce such data and only</quote>;</text></subparagraph></paragraph><paragraph id="H2CB2DDCB4BE3402FB95E380F03877112"><enum>(11)</enum><text>in section 154—</text><subparagraph id="H0CDB9484C65241FD9E7D8022134C5D27"><enum>(A)</enum><text>in subsection (b)—</text><clause id="H5FF0DB7434A0494F90A258E9265053B9"><enum>(i)</enum><text>in paragraph (1)(B)(i), by inserting after <quote>with the Council,</quote> the following: <quote>after notifying the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate,</quote>; and</text></clause><clause id="HEB271D8F80E84C00B0FDD0066A30FDCF"><enum>(ii)</enum><text>in paragraph (2), by adding at the end the following:</text><quoted-block style="OLC" id="HC2D22823F36A45A99B484F264FA288BA" display-inline="no-display-inline" changed="added" reported-display-style="italic" committee-id="HBA00"><subparagraph id="H3C3F846E8B0F40DD881151FABCC2C829"><enum>(C)</enum><header>Review and report on the cost of the databases</header><text display-inline="yes-display-inline">The Data Center shall review and report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate annually on the cost to the Government and the cost to private sector entities of maintaining the financial company reference database and the financial instrument reference database, relative to a detailed quantification of benefits.</text></subparagraph><after-quoted-block>;</after-quoted-block></quoted-block></clause></subparagraph><subparagraph id="H1EF2392F793A42BFB2B1F6F4DD861243"><enum>(B)</enum><text>in subsection (c)(1)(E), by inserting before the semicolon the following: <quote>or Congress</quote>; and</text></subparagraph><subparagraph id="HD29614AD01004794A3A08CF11E37B026"><enum>(C)</enum><text>in subsection (d)(2)—</text><clause id="H7579BDD2DF7B4A44AF8AD7834842C8CB"><enum>(i)</enum><text>in subparagraph (B), by striking <quote>and</quote> at the end;</text></clause><clause id="H4046E6999BEC4F7AA63A1F40191ED53C"><enum>(ii)</enum><text>in subparagraph (C), by striking the period at the end and inserting <quote>; and</quote>; and</text></clause><clause id="H25242A490D314E499C33FB762D480E81"><enum>(iii)</enum><text>by adding at the end the following:</text><quoted-block style="OLC" id="H760D8587071D45659D0F83502FA6A9E9" display-inline="no-display-inline" changed="added" reported-display-style="italic" committee-id="HBA00"><subparagraph id="H51E9198A8DD141AAB0D3F9078A682227"><enum>(D)</enum><text display-inline="yes-display-inline">evidence of inefficient, ineffective, or burdensome regulations.</text></subparagraph><after-quoted-block>; and</after-quoted-block></quoted-block></clause></subparagraph></paragraph><paragraph id="H42A8FF3DC7644C84ABAB4A8AC001B0AA"><enum>(12)</enum><text>in section 155(d)—</text><subparagraph id="HC5080F0BA63A44C6B305FA2D23DF0787"><enum>(A)</enum><text>by striking <quote>Beginning</quote> and inserting the following:</text><quoted-block style="OLC" id="HAF282ED9E3774BC1909CB2808FB39AA5" display-inline="no-display-inline" changed="added" reported-display-style="italic" committee-id="HBA00"><paragraph id="H3F121C1F40D6440491AF3DEE64CF59B8"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">Beginning</text></paragraph><after-quoted-block>; and</after-quoted-block></quoted-block></subparagraph><subparagraph id="H74127E82AC974CA1BF145991FC36751B"><enum>(B)</enum><text>by adding at the end the following:</text><quoted-block style="OLC" id="HB7C90CE7CFE04429AD523AA797F22161" display-inline="no-display-inline" changed="added" reported-display-style="italic" committee-id="HBA00"><paragraph id="H654079460978419394E226C8E4B33CE0"><enum>(2)</enum><header>Maximum assessment amount</header><text display-inline="yes-display-inline">The aggregate amount of assessments collected pursuant to paragraph (1) may not exceed the aggregate amount of assessments collected in the most recently completed fiscal year ending before the date of enactment of this paragraph, as such aggregate amount is adjusted annually by the Director of the Office to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></subparagraph></paragraph></subsection><subsection id="H2F7030A94B474BC79B2685A5815A0CC5"><enum>(b)</enum><header>Conforming amendment</header><text display-inline="yes-display-inline">Section 5314 of title 5, United States Code, is amended by striking <quote>Independent Member of the Financial Stability Oversight Council (1)</quote> and inserting <quote>Independent Members of the Financial Stability Oversight Council (2)</quote>.</text></subsection></section><enum>IV</enum><header>Establishing Federal Reserve Vice Chair for Supervision Experience Requirement</header><section id="H4B6A427A3BDA4183B0F7F2E7060A8DF4" section-type="subsequent-section"><enum>401.</enum><header>Establishment of requirements to be Vice Chairman for Supervision</header><subsection id="HE4D64CEE154F4285B2B87286FD7B0509"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">The second undesignated paragraph of section 10 of the Federal Reserve Act (<external-xref legal-doc="usc" parsable-cite="usc/12/242">12 U.S.C. 242</external-xref>) is amended—</text><paragraph id="HBB9C71D428BE4C72A15D3AEBF7BEB13A"><enum>(1)</enum><text>by inserting the following after the third sentence: <quote>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.</quote>; and</text></paragraph><paragraph id="H5A18F93D69C641C88E9FC8FB78683775"><enum>(2)</enum><text>in the fourth sentence—</text><subparagraph id="H0C6916BDED804961B0CA02A081169E09"><enum>(A)</enum><text>by inserting after <quote>supervised by the Board</quote> the following: <quote>(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)</quote>; and</text></subparagraph><subparagraph id="HC6253590616D471EAAA7C9B3F6FBB566"><enum>(B)</enum><text>by inserting after <quote>regulation of such firms</quote> the following: <quote>, subject to such oversight and control of the Board as the Board determines necessary and appropriate</quote>.</text></subparagraph></paragraph></subsection><subsection id="H784DEACBF29D4CA7A214DE0D4088BEB8"><enum>(b)</enum><header>Rule of application</header><text>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.</text></subsection></section><enum>V</enum><header>Banking Regulator Accountability</header><section id="H4CCBB71ECF0B4363851AE1A7E410AD59" section-type="subsequent-section"><enum>501.</enum><header>Reports and testimony to Congress on supervision</header><subsection id="HEE3EEF2F567E4F02A498B8F8706FE256"><enum>(a)</enum><header>Testimony and reports to Congress on Federal Reserve System supervision</header><text>Section 2B of the Federal Reserve Act (<external-xref legal-doc="usc" parsable-cite="usc/12/225b">12 U.S.C. 225b</external-xref>) is amended by adding at the end the following:</text><quoted-block style="OLC" id="HB2BE001E73F44CCFBA2E53BF161C3ABA" display-inline="no-display-inline" changed="added" reported-display-style="italic" committee-id="HBA00"><subsection id="HFD0BD94410354617BFDD925813EDDC4A"><enum>(d)</enum><header>Semi-annual testimony and report to Congress on supervision</header><paragraph id="HA8377F6E6C2849B2BB5097F5D93412DF"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">The Vice Chairman for Supervision shall submit a semi-annual report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives regarding the efforts, activities, objectives, and plans of the Board with respect to the conduct of supervision and regulation of depository institution holding companies and other financial firms supervised by the Board.</text></paragraph><paragraph id="HCF0FC463BF81489E855A655CB7470977"><enum>(2)</enum><header>Minimum contents</header><text>At a minimum, each report under paragraph (1) shall include—</text><subparagraph id="HD427B6099F7C4A79B793B9D085454EBA"><enum>(A)</enum><text display-inline="yes-display-inline">conditions of financial firms, including examination or inspection ratings, on an aggregate basis by firm asset size;</text></subparagraph><subparagraph id="H7CD8715207DB4EC4A3D5DF7E4FA0A7CC"><enum>(B)</enum><text>granular data on outstanding material supervisory determinations by type of determination, including the types of risks covered, on an aggregate basis by firm asset size;</text></subparagraph><subparagraph id="HF2EEFA7C346743128A6D6A8912EAF5ED"><enum>(C)</enum><text display-inline="yes-display-inline">changes in the number and types of outstanding material supervisory determinations over the previous 5 years;</text></subparagraph><subparagraph id="H348441953D064904AAF56CE0E923CDC4"><enum>(D)</enum><text>aggregate data on the ratings of financial firms over the previous 3 years;</text></subparagraph><subparagraph id="H4B8F0E6FB04049C9AC30DC8882995099"><enum>(E)</enum><text>the number of informal and formal enforcement actions, by type of enforcement order and showing changes in the last 3 years, against supervised financial firms on an aggregate basis by firm asset size; and</text></subparagraph><subparagraph id="H293E9F01D3A64AE1B9E527F1178C1DAD"><enum>(F)</enum><text>a description of the organization of the supervisory functions of the Board with respect to financial firms, including information on roles, responsibilities, accountability, and talent management.</text></subparagraph></paragraph><paragraph id="H7DAC5C5B3A714EB0B4A98842F2A87544"><enum>(3)</enum><header>Confidential report</header><text display-inline="yes-display-inline">Concurrent with each report under paragraph (1), the Vice Chairman for Supervision shall submit a confidential report to the chair and ranking member of each committee described under paragraph (1) identifying—</text><subparagraph id="H20C3B5C2757846C39C8B26ECB8025E1A"><enum>(A)</enum><text>each supervised financial firm with less than satisfactory examination or inspection ratings; and</text></subparagraph><subparagraph id="H49EF2C91DCE9413C8A31BFD8B5CF8E33"><enum>(B)</enum><text>each supervised financial firm with an active formal or informal enforcement action, and the status of each provision of each enforcement action.</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="HC6949E887A504E0795CCD647A2A6643C"><enum>(b)</enum><header>Testimony and reports to Congress on Federal Deposit Insurance Corporation supervision</header><text display-inline="yes-display-inline">Section 17 of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1827">12 U.S.C. 1827</external-xref>) is amended by adding at the end the following:</text><quoted-block style="OLC" id="H018DEA5F580E4FFD8FD8B8178F707D1A" display-inline="no-display-inline" changed="added" reported-display-style="italic" committee-id="HBA00"><subsection id="H0ACD8DC9CC3F468D95740C704D4475D2"><enum>(h)</enum><header>Semi-annual testimony and report to Congress on supervision</header><paragraph id="H687A9542FC3442C6809B47235FC1464E"><enum>(1)</enum><header>Appearances before Congress</header><text display-inline="yes-display-inline">The Chairman of the Corporation shall appear before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives at semi-annual hearings regarding the efforts, activities, objectives, and plans of the Corporation with respect to the conduct of supervision and regulation of depository institutions supervised by the Corporation.</text></paragraph><paragraph id="H56C10193F9F44DBAA5F507010A42BBDF"><enum>(2)</enum><header>Report to Congress</header><subparagraph id="HCB90AF51EDA040C98644AB62CE782C11"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">The Chairman of the Corporation shall transmit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives semi-annual reports regarding the efforts, activities, objectives, and plans of the Corporation with respect to the conduct of supervision and regulation of depository institutions supervised by the Corporation.</text></subparagraph><subparagraph id="H3BC8F42B5FBC4D4AAADD6038DC694082"><enum>(B)</enum><header>Minimum contents</header><text>At a minimum, each report under subparagraph (A) shall include—</text><clause id="H6ECDB15F8904414189BAEDE4CA02D75A"><enum>(i)</enum><text display-inline="yes-display-inline">conditions of depository institutions, including examination or inspection ratings, on an aggregate basis by institution asset size;</text></clause><clause id="HBB1A92DAEA4B4E1785738654141FA318"><enum>(ii)</enum><text display-inline="yes-display-inline">granular data on outstanding material supervisory determinations by type of determination, including the types of risks covered, on an aggregate basis by institution asset size;</text></clause><clause id="HAA80E8E1A2424A41BD3860298CC3C939"><enum>(iii)</enum><text display-inline="yes-display-inline">changes in the number and types of outstanding material supervisory determinations over the previous 5 years;</text></clause><clause id="H466489D95C624FC2BCD2731CAF49258D"><enum>(iv)</enum><text display-inline="yes-display-inline">aggregate data on the ratings of depository institutions over the previous 3 years; </text></clause><clause id="H35A29F56D24D42399DBAE9820BA247D2"><enum>(v)</enum><text display-inline="yes-display-inline">the number of informal and formal enforcement actions, by type of enforcement order and showing changes in the last 3 years, against supervised depository institutions on an aggregate basis by institution asset size; and</text></clause><clause id="H93A166EE8E4D4AC3813AD8499003C3C0"><enum>(vi)</enum><text display-inline="yes-display-inline">a description of the organization of the supervisory functions of the Corporation with respect to depository institutions, including information on roles, responsibilities, accountability, and talent management.</text></clause></subparagraph><subparagraph id="H338992A616594851AD5A770166296C88"><enum>(C)</enum><header>Confidential report</header><text display-inline="yes-display-inline">Concurrent with each report under subparagraph (A), the Chairman of the Corporation shall submit a confidential report to the chair and ranking member of each committee described under subparagraph (A) identifying—</text><clause id="H15F08859AA3444CFBA329BEE4858FE47"><enum>(i)</enum><text display-inline="yes-display-inline">each supervised depository institution with less than satisfactory examination or inspection ratings; and</text></clause><clause id="H21078C53C4274A99AAC4117ACADA922B"><enum>(ii)</enum><text display-inline="yes-display-inline">each supervised depository institution with an active formal or informal enforcement action, and the status of each provision of each enforcement action.</text></clause></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="H7D45491304474D328D860C7FA0CEB70C"><enum>(c)</enum><header>Testimony and reports to Congress on Comptroller of the Currency supervision</header><text display-inline="yes-display-inline">The second section 333 of the Revised Statutes of the United States (<external-xref legal-doc="usc" parsable-cite="usc/12/14">12 U.S.C. 14</external-xref>; relating to the annual report) is amended—</text><paragraph id="HDF3D6E205BFE4A919CDC46809B143E06"><enum>(1)</enum><text>by striking <quote>Sec. 333.</quote> and all that follows through <quote>The Comptroller</quote> and inserting the following:</text><quoted-block style="OLC" id="H82BCA9CD56FC4C79AD06895C806BEF55" display-inline="no-display-inline" changed="added" reported-display-style="italic" committee-id="HBA00"><section id="HB9F9D8A18F584DD69C55526952140F34"><enum>333.</enum><header>Report of comptroller</header><subsection id="HD65FB7189F394D05B9D3E53C5F05D75A"><enum>(a)</enum><header>Annual report</header><text display-inline="yes-display-inline">The Comptroller</text></subsection></section><after-quoted-block>; and</after-quoted-block></quoted-block></paragraph><paragraph id="HEED2F7B264D2479DB623BBE61802547B"><enum>(2)</enum><text>by adding at the end the following:</text><quoted-block style="OLC" id="HEE52287AC92542578A4864150FE68A27" display-inline="no-display-inline" changed="added" reported-display-style="italic" committee-id="HBA00"><subsection id="HC65F988DEB084AADB097BE34846E9223"><enum>(b)</enum><header>Semi-annual testimony and report to Congress on supervision</header><paragraph id="H28E221F914A2454593631DE213792097"><enum>(1)</enum><header>Appearances before Congress</header><text display-inline="yes-display-inline">The Comptroller of the Currency shall appear before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives at semi-annual hearings regarding the efforts, activities, objectives, and plans of the Office of the Comptroller of the Currency with respect to the conduct of supervision and regulation of national banks and other financial firms supervised by the Office of the Comptroller of the Currency.</text></paragraph><paragraph id="H394434BB5B8A489A947C7E599CF4B8E1"><enum>(2)</enum><header>Report to Congress</header><subparagraph id="H34D92BDF6F9240CF97C21FBB409AE795"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">The Comptroller of the Currency shall transmit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives semi-annual reports regarding the efforts, activities, objectives, and plans of the Office of the Comptroller of the Currency with respect to the conduct of supervision and regulation of national banks and other financial firms supervised by the Office of the Comptroller of the Currency.</text></subparagraph><subparagraph id="HAC026491530C4D9E917A59B5A51040FC"><enum>(B)</enum><header>Minimum contents</header><text>At a minimum, each report under subparagraph (A) shall include—</text><clause id="H5DB9DFE606794ED590D0ABA34A55CB33"><enum>(i)</enum><text display-inline="yes-display-inline">conditions of national banks and other financial firms, including examination or inspection ratings, on an aggregate basis by asset size;</text></clause><clause id="HFADCBD3A4EC44B6EA07CABF4190FCB1B" display-inline="no-display-inline"><enum>(ii)</enum><text display-inline="yes-display-inline">granular data on outstanding material supervisory determinations by type of determination, including the types of risks covered, on an aggregate basis by asset size;</text></clause><clause id="H08ED5EE325614CC7B0E41F35AA11BA04"><enum>(iii)</enum><text display-inline="yes-display-inline">changes in the number and types of outstanding material supervisory determinations over the previous 5 years;</text></clause><clause id="H86C62750397948E5A28B1E537CD4267E"><enum>(iv)</enum><text display-inline="yes-display-inline">aggregate data on the ratings of national banks and other financial firms over the previous 3 years; </text></clause><clause id="HC959C909E9984D6E82D709B341F479FB"><enum>(v)</enum><text display-inline="yes-display-inline">the number of informal and formal enforcement actions, by type of enforcement order and showing changes in the last 3 years, against supervised national banks and other financial firms on an aggregate basis by firm asset size; and</text></clause><clause id="H1B37BF142B8042C6AD672C612B9E6633"><enum>(vi)</enum><text display-inline="yes-display-inline">a description of the organization of the supervisory functions of the Office of the Comptroller of the Currency with respect to national banks and other financial firms, including information on roles, responsibilities, accountability, and talent management.</text></clause></subparagraph><subparagraph id="H80F17651147247A3AB60FD3AE8FE73A5"><enum>(C)</enum><header>Confidential report</header><text display-inline="yes-display-inline">Concurrent with each report under subparagraph (A), the Comptroller of the Currency shall submit a confidential report to the chair and ranking member of each committee described under subparagraph (A) identifying—</text><clause id="HAB756BB15B0740AE9CCE0938BBAB4066"><enum>(i)</enum><text display-inline="yes-display-inline">each supervised national bank or other financial firms with less than satisfactory examination or inspection ratings; and</text></clause><clause id="HA69819AB5E904FC1A0D00F2DC8FC7859"><enum>(ii)</enum><text display-inline="yes-display-inline">each supervised national bank or other financial firms with an active formal or informal enforcement action, and the status of each provision of each enforcement action.</text></clause></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></subsection><subsection id="H64C8288E93524B07B2E191160BDE4216"><enum>(d)</enum><header>Testimony and reports to Congress on National Credit Union Administration supervision</header><text display-inline="yes-display-inline">Section 102 of the Federal Credit Union Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1752a">12 U.S.C. 1752a</external-xref>) is amended by adding at the end the following:</text><quoted-block style="OLC" id="H97A439836F8146259334F5B1D9972F81" display-inline="no-display-inline" changed="added" reported-display-style="italic" committee-id="HBA00"><subsection id="H0725D153134746D7892457D2751AC508"><enum>(g)</enum><header>Semi-annual testimony and report to Congress on supervision</header><paragraph id="H2A981ADB4D3F4D72A95245EBCC5AD349"><enum>(1)</enum><header>Appearances before Congress</header><text display-inline="yes-display-inline">The Chairman of the Board shall appear before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives at semi-annual hearings regarding the efforts, activities, objectives, and plans of the Administration with respect to the conduct of supervision and regulation of credit unions supervised by the Administration.</text></paragraph><paragraph id="H5A80FB70D9034C0CA75CC0DBBF6FD1E2"><enum>(2)</enum><header>Report to Congress</header><subparagraph id="HAF81EC2C1BD84E698BC585E5CC28172B"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">The Chairman of the Board shall transmit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives semi-annual reports regarding the efforts, activities, objectives, and plans of the Administration with respect to the conduct of supervision and regulation of credit unions supervised by the Administration.</text></subparagraph><subparagraph id="H37BCB670757747E4A16B6CF98B03D0C7"><enum>(B)</enum><header>Minimum contents</header><text>At a minimum, each report under subparagraph (A) shall include—</text><clause id="HBE0CCAA30C734E0EA542EDD8F7904514"><enum>(i)</enum><text display-inline="yes-display-inline">conditions of credit unions, including examination or inspection ratings, on an aggregate basis by credit union asset size;</text></clause><clause id="H0858DEA7B4E749E895DCF945C9973775" display-inline="no-display-inline"><enum>(ii)</enum><text display-inline="yes-display-inline">granular data on outstanding material supervisory determinations by type of determination, including the types of risks covered, on an aggregate basis by credit union asset size;</text></clause><clause id="H97C1D9ACF9B04984A434BE38F6D209B9"><enum>(iii)</enum><text display-inline="yes-display-inline">changes in the number and types of outstanding material supervisory determinations over the previous 5 years;</text></clause><clause id="H4200BB8EB47242F5A434A931D019B6CB"><enum>(iv)</enum><text display-inline="yes-display-inline">aggregate data on the ratings of credit unions over the previous 3 years; </text></clause><clause id="H2DBA9EB2EA504D56A7FBC3D406CFC669"><enum>(v)</enum><text display-inline="yes-display-inline">the number of informal and formal enforcement actions, by type of enforcement order and showing changes in the last 3 years, against supervised credit unions on an aggregate basis by credit union asset size; and</text></clause><clause id="H3A03ADC03A9540699576AB40A8828564"><enum>(vi)</enum><text display-inline="yes-display-inline">a description of the organization of the supervisory functions of the Board with respect to credit unions, including information on roles, responsibilities, accountability, and talent management.</text></clause></subparagraph><subparagraph id="H58C5731C730141678D6B38B393E45C49"><enum>(C)</enum><header>Confidential report</header><text display-inline="yes-display-inline">Concurrent with each report under subparagraph (A), the Chairman of the Board shall submit a confidential report to the chair and ranking member of each committee described under subparagraph (A) identifying—</text><clause id="H61DC0CD884FD4BB58F53EC6428D2EE07"><enum>(i)</enum><text display-inline="yes-display-inline">each supervised credit union with less than satisfactory examination or inspection ratings; and</text></clause><clause id="H15E43C851AAD443A9D8CC4A90E042259"><enum>(ii)</enum><text display-inline="yes-display-inline">each supervised credit union with an active formal or informal enforcement action, and the status of each provision of each enforcement action.</text></clause></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection></section>December 19, 2024Committee on Oversight and Accountability discharged; committed to the Committee of the Whole House on the State of the Union and ordered to be printed