[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8918 Introduced in House (IH)]

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117th CONGRESS
  2d Session
                                H. R. 8918

 To amend the Consumer Financial Protection Act of 2010 to clarify the 
 funding of the Bureau of Consumer Financial Protection, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 20, 2022

   Mr. Hill introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To amend the Consumer Financial Protection Act of 2010 to clarify the 
 funding of the Bureau of Consumer Financial Protection, 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 ``Federal Reserve Loss Transparency 
Act''.

SEC. 2. BUREAU FUNDING.

    Section 1017(a) of the Consumer Financial Protection Act of 2010 
(12 U.S.C. 5497(a)) is amended--
            (1) by redesignating paragraphs (3) through (5) as 
        paragraphs (4) through (6), respectively; and
            (2) by inserting after paragraph (2) the following:
            ``(3) Prohibition on transfer when the federal reserve 
        banks incur a loss.--Notwithstanding paragraph (1), no transfer 
        may be made to the Bureau if the Federal reserve banks, in the 
        aggregate, incurred an operating loss in the most recently 
        completed calendar quarter until the loss is offset with 
        subsequent earnings.''.

SEC. 3. CALCULATION OF NET EARNINGS AND TOTAL CAPITAL USING GAAP.

    Section 7 of the Federal Reserve Act (12 U.S.C. 289 et seq.) is 
amended--
            (1) by redesignating the second subsection (b) (relating to 
        the use of earnings transferred to the Secretary) and 
        subsection (c) as subsections (c) and (d), respectively; and
            (2) by adding at the end the following:
    ``(e) Calculation of Net Earnings and Total Capital Using GAAP.--
For purposes of this section, net earnings and total capital shall be 
calculated in accordance with U.S. generally accepted accounting 
principles.''.
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