118 HR 5993 IH: Federal Reserve Loss Transparency Act U.S. House of Representatives 2023-10-25 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.

I118th CONGRESS1st SessionH. R. 5993IN THE HOUSE OF REPRESENTATIVESOctober 19, 2023Mr. Hill introduced the following billOctober 25, 2023Referred to the Committee on Financial ServicesA BILLTo amend the Consumer Financial Protection Act of 2010 to clarify the funding of the Bureau of Consumer Financial Protection, and for other purposes.

1.

Short title

This Act may be cited as the Federal Reserve Loss Transparency Act.

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..

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..