[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2727 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 2727

    To provide for the implementation of a system under which each 
  financial institution will report on the financial condition of the 
           institution to the public, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                              June 4, 2009

  Mr. Jones introduced the following bill; which was referred to the 
 Committee on Financial Services, and in addition to the Committee on 
Agriculture, 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

_______________________________________________________________________

                                 A BILL


 
    To provide for the implementation of a system under which each 
  financial institution will report on the financial condition of the 
           institution to the public, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Financial Transparency Restoration 
Act''.

SEC. 2. FINDINGS.

    The Congress finds as follows:
            (1) For approximately 70 years, national banks were 
        required by an Act of Congress to publish statements of 
        condition in newspapers where they ``did business''.
            (2) In 1994, this requirement was repealed by an Act of 
        Congress with no public hearing or explanation.
            (3) The public ought to have access to the statements of 
        financial condition of all financial institutions.

SEC. 3. RESTORATION OF FINANCIAL TRANSPARENCY.

    (a) Definitions.--For purposes of this Act, the following 
definitions shall apply:
            (1) Federal functional regulator.--The term ``Federal 
        functional regulator'' has the same meaning as in section 
        509(2) of the Gramm-Leach-Bliley Act, except that such term 
        includes--
                    (A) the Commodity Futures Trading Commission, with 
                regard to any person or entity described in section 
                509(3)(B) of such Act; and
                    (B) the Board of Governors of the Federal Reserve 
                System, with regard to any financial institution which 
                does not otherwise have a Federal functional regulator 
                under section 509(2) of such Act.
            (2) Financial institution.--The term ``financial 
        institution'' has the same meaning as in section 509(3) of the 
        Gramm-Leach-Bliley Act, without regard to any exclusions under 
        any subparagraph of such section.
    (b) Publication of a Statement of Condition Required.--Within 30 
days after the end of each fiscal quarter of any financial institution, 
the financial institution shall publish a statement of financial 
condition of the financial institution in a newspaper of general paid 
circulation published in a city or county within each market area in 
which the financial institution is located, or if no newspaper of 
general paid circulation is published in such city or county, then the 
newspaper of general paid circulation published nearest such city or 
county.
    (c) Oath or Affirmation of President or Designated Officer.--Each 
publication by a financial institution of a statement of financial 
condition in accordance with subsection (b) shall include a written 
verification of the accuracy of the statement, under oath or by 
affirmation, by the president of the financial institution or another 
officer designated by the board of directors of such institution.
    (d) Form.--In accordance with the joint regulations prescribed 
under subsection (e), the Federal functional regulator for any type of 
financial institution shall prescribe the form and content of the 
statement of financial condition for such type of institution.
    (e) Regulations.--The Federal functional regulators shall jointly 
prescribe regulations appropriate to carry out the requirements of this 
section and ensure compliance with such requirements.
    (f) Effective Date.--This section shall apply so as to require each 
financial institution to publish a written statement of financial 
condition after the end of each fiscal quarter of the institution that 
begins not less than 30 days after the date of the enactment of this 
Act.
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