[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4737 Introduced in House (IH)]
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118th CONGRESS
1st Session
H. R. 4737
To require Federal banking regulators to report on the implementation
of recommendations from the FSOC Chairperson and Executive Orders, and
for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 19, 2023
Mr. Flood introduced the following bill; which was referred to the
Committee on Financial Services
_______________________________________________________________________
A BILL
To require Federal banking regulators to report on the implementation
of recommendations from the FSOC Chairperson and Executive Orders, 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 ``Stop Executive Capture of Banking
Regulators Act''.
SEC. 2. REPORT ON THE IMPLEMENTATION OF RECOMMENDATIONS FROM THE FSOC
CHAIRPERSON AND EXECUTIVE ORDERS.
(a) Board of Governors of the Federal Reserve System.--Section 10
of the Federal Reserve Act (12 U.S.C. 247b) is amended by inserting
after paragraph (10) the following:
``(11) Report on the implementation of recommendations from
the fsoc chairperson and executive orders.--The Board of
Governors of the Federal Reserve System may not implement a
non-binding recommendation made by the Chairperson of the
Financial Stability Oversight Council or contained in an
Executive Order unless the Board of Governors first provides
the Committee on Financial Services of the House of
Representatives and the Committee on Banking, Housing, and
Urban Affairs of the Senate with--
``(A) notice that the Board of Governors intends to
implement such recommendation;
``(B) a report containing the proposed
implementation by the Board of Governors and a
justification for such implementation; and
``(C) upon request, not later than the end of the
120-day period beginning on the date of the notice
under subparagraph (A), testimony on such proposed
implementation.''.
(b) Office of the Comptroller of the Currency.--Section 324 of the
Revised Statutes of the United States (12 U.S.C. 1) is amended by
adding at the end the following:
``(c) Report on the Implementation of Recommendations From the FSOC
Chairperson and Executive Orders.--The Comptroller of the Currency may
not implement a non-binding recommendation made by the Chairperson of
the Financial Stability Oversight Council or contained in an Executive
Order unless the Comptroller of the Currency first provides the
Committee on Financial Services of the House of Representatives and the
Committee on Banking, Housing, and Urban Affairs of the Senate with--
``(1) notice that the Comptroller of the Currency intends
to implement such recommendation;
``(2) a report containing the proposed implementation by
the Comptroller of the Currency and a justification for such
implementation; and
``(3) upon request, not later than the end of the 120-day
period beginning on the date of the notice under paragraph (1),
testimony on such proposed implementation.''.
(c) Federal Deposit Insurance Corporation.--Section 2 of the
Federal Deposit Insurance Act (12 U.S.C. 1812) is amended by inserting
after subsection (f) the following:
``(g) Report on the Implementation of Recommendations From the FSOC
Chairperson and Executive Orders.--The Board of Directors of the
Corporation may not implement a non-binding recommendation made by the
Chairperson of the Financial Stability Oversight Council or contained
in an Executive Order unless the Board of Directors first provides the
Committee on Financial Services of the House of Representatives and the
Committee on Banking, Housing, and Urban Affairs of the Senate with--
``(1) notice that the Board of Directors intends to
implement such recommendation;
``(2) a report containing the proposed implementation by
the Board of Directors and a justification for such
implementation; and
``(3) upon request, not later than the end of the 120-day
period beginning on the date of the notice under paragraph (1),
testimony on such proposed implementation.''.
(d) National Credit Union Administration.--Section 102 of the
Federal Credit Union Act (12 U.S.C. 1752a) is amended by adding at the
end the following:
``(g) Report on the Implementation of Recommendations From the FSOC
Chairperson and Executive Orders.--The Board may not implement a non-
binding recommendation made by the Chairperson of the Financial
Stability Oversight Council or contained in an Executive Order unless
the Board first provides the Committee on Financial Services of the
House of Representatives and the Committee on Banking, Housing, and
Urban Affairs of the Senate with--
``(1) notice that the Board intends to implement such
recommendation;
``(2) a report containing the proposed implementation by
the Board and a justification for such implementation; and
``(3) upon request, not later than the end of the 120-day
period beginning on the date of the notice under paragraph (1),
testimony on such proposed implementation.''.
(e) Federal Housing Finance Administration.--Section 1311 of the
Housing and Community Development Act of 1992 (12 U.S.C. 4511) is
amended by adding at the end the following:
``(d) Report on the Implementation of Recommendations From the FSOC
Chairperson and Executive Orders.--The Director may not implement a
non-binding recommendation made by the Chairperson of the Financial
Stability Oversight Council or contained in an Executive Order unless
the Director first provides the Committee on Financial Services of the
House of Representatives and the Committee on Banking, Housing, and
Urban Affairs of the Senate with--
``(1) notice that the Director intends to implement such
recommendation;
``(2) a report containing the proposed implementation by
the Director and a justification for such implementation; and
``(3) upon request, not later than the end of the 120-day
period beginning on the date of the notice under paragraph (1),
testimony on such proposed implementation.''.
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