[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3467 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 3467

                To enhance Federal Reserve transparency.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 18, 2023

  Mr. Barr (for himself and Mr. Loudermilk) introduced the following 
bill; which was referred to the Committee on Financial Services, and in 
addition to the Committee on Oversight and Accountability, 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 enhance Federal Reserve transparency.

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

SECTION 1. FEDERAL RESERVE TRANSPARENCY.

    (a) Federal Reserve Act.--The Federal Reserve Act (12 U.S.C. 221 et 
seq.) is amended--
            (1) in section 13(3), by adding at the end the following:
                    ``(F) Congressional access to information.--
                            ``(i) In general.--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.
                            ``(ii) Confidentiality.--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.''; 
                        and
            (2) in the first subsection (s) (related to ``Federal 
        Reserve Transparency'') of section 11--
                    (A) in paragraph (2)(B), by striking ``eighth'' and 
                inserting ``fourth'';
                    (B) in paragraph (5), by striking ``24-month'' and 
                inserting ``12-month''; and
                    (C) in paragraph (7)--
                            (i) by striking ``This subsection'' and 
                        inserting the following:
                    ``(A) In general.--This subsection'';
                            (ii) by inserting ``public'' before 
                        ``disclosure''; and
                            (iii) by adding at the end the following:
                    ``(B) Congressional access to information.--
                            ``(i) In general.--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.
                            ``(ii) Confidentiality.--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.''.
    (b) Dodd-Frank Wall Street Reform and Consumer Protection Act.--
Title XI of the Dodd-Frank Wall Street Reform and Consumer Protection 
Act is amended--
            (1) in section 1104 (12 U.S.C. 5611)--
                    (A) in subsection (a)(2)--
                            (i) in subparagraph (A), by striking 
                        ``and'' at the end;
                            (ii) by redesignating subparagraph (B) as 
                        subparagraph (C); and
                            (iii) by inserting after subparagraph (A) 
                        the following:
                    ``(B) 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'';
                    (B) in subsection (b), by inserting after ``consent 
                of the Secretary'' the following: ``and notification to 
                Congress'';
                    (C) in subsection (c)(2), in the heading, by 
                inserting ``Congressional review and'' before ``GAO''; 
                and
                    (D) by striking subsection (d);
            (2) in section 1105 (12 U.S.C. 5612)--
                    (A) in subsection (c)--
                            (i) in paragraph (1)--
                                    (I) by inserting ``and upon 
                                notification to Congress'' after ``with 
                                the President'';
                                    (II) by striking ``President may'' 
                                and inserting ``President shall''; and
                                    (III) by striking ``amount and a 
                                request'' and inserting ``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''; and
                            (ii) in paragraph (2), by inserting ``and 
                        upon notification to Congress'' after ``with 
                        the President''; and
                    (B) in subsection (g), by amending paragraph (3) to 
                read as follows:
            ``(3) Liquidity event.--The term `liquidity event' 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.''.
    (c) Title 31.--Section 714(f)(3) of title 31, United States Code, 
is amended--
            (1) in subparagraph (B), by striking ``legislative or''; 
        and
            (2) in subparagraph (C)(i), by striking ``, including to 
        Congress,''.
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