[Congressional Record Volume 170, Number 146 (Thursday, September 19, 2024)]
[House]
[Page H5508]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                    AMENDING THE FEDERAL RESERVE ACT

  (Mr. OGLES asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. OGLES. Madam Speaker, we have heard time and time again in the 
Financial Services Committee and in our hearings across the Hill that 
there is a dire need for transparency and accountability among the 
banking agencies.
  Yet, blatant partisanship has dictated the appointments of leftist 
bank regulatory officials during the Harris-Biden administration.
  One of my bills was included in H.R. 4790, which passed the House 
earlier today. My bill, the Supervision Reform Act, amends the Federal 
Reserve Act to remove the confusing designation established by the 
Dodd-Frank Act for one of the members of the Board of Governors to be 
designated as vice chair of supervision.
  The vice chair of supervision should not be afforded special 
treatment and be allowed to abuse the position to rewrite the narrative 
for the failures of the banking system and to cook up unjustified 
climate rules and force them on banks.
  Americans are watching Kamalanomics eat away at their hard-earned 
savings, and the Fed's ESG-related partisan regulations are part of the 
problem.
  It is time to end the confusion, which has been the result of Dodd-
Frank's misguided creation of the vice chair for supervision position.
  Mr. Speaker, we have heard time and again--at Financial Services 
Committee hearings and across the Hill--that there is a dire need for 
transparency and accountability among the banking agencies.
  Blatant partisanship has dictated the appointments of leftist bank 
regulatory officials during Harris-Biden Administration, to include the 
Federal Reserve's Vice Chairman for Supervision Michael Barr.
  Mr. Barr in particular appears to be far more interested in advancing 
his own partisan plans than in confronting the serious financial and 
regulatory costs on the American people by the Harris-Biden 
administration.
  One of my bills was included in H.R. 4790, which passed the House 
earlier today. My bill, the Supervision Reform Act amends the Federal 
Reserve Act to remove this confusing designation, established by the 
Dodd-Frank Act, for one of the members of the Board of Governors to be 
designated as the ``Vice Chairman for Supervision''.
  The Vice Chair for Supervision should not be afforded special 
treatment to write his own narrative on bank failures on behalf of the 
Federal Reserve System as a whole, but the current Vice Chair for 
Supervision did just that.
  The Vice Chair for Supervision should not be afforded special 
treatment to undertake his own experiments on climate change with 
private banks, or to cook up unjustified climate rules at the Fed, but 
the current Vice Chair for Supervision did just that.
  The current Vice Chair for Supervision's assertion of special powers 
has led to disastrous results regarding policy positions of Federal 
Regulators.
  Americans are watching ``Kamala-nomics'' eat away at their hard-
earned savings, and the Fed's ESG-related partisan regulations are part 
of the problem.
  Fed-Supervised banks are supervised by their regional Fed. Banks in 
regions where supervisors have stayed focused on practical supervision 
to ensure safety and soundness face the confusion of worrying about how 
to balance the sound supervisory guidance of their own supervisor with 
that of the unnecessary ``Vice Chair for Supervision.''
  It's time to end that confusion, which has been the only result of 
Dodd-Frank's misguided creation of the Vice Chair for Supervision 
position.
  I am happy that my colleagues recognized this and passed H.R. 4790 to 
provide more clarity and transparency for the Federal regulators to 
ensure that they do not overstep their authority by forcing ESG 
initiatives.

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