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HR 3556 118th Congress House Finance and Financial Sector Administrative law and regulatory procedures Advisory bodies Banking and financial institutions regulation Congressional oversight Congressional-executive branch relations Federal Deposit Insurance Corporation (FDIC) Federal officials Government ethics and transparency, public corruption Legislative rules and procedure

Increasing Financial Regulatory Accountability and Transparency Act

Introduced: May 22, 2023 Introduced by: Barr, Andy Republican · Kentucky See on congress.gov
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This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 9 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 19, 2024
Placed on the Union Calendar, Calendar No. 781.
Dec 19, 2024
Committee on Oversight and Accountability discharged.
Dec 4, 2024
House Committee on Oversight and Accountability Granted an extension for further consideration ending not later than Dec. 19, 2024.
Dec 4, 2024
Committee on Rules discharged.
Dec 4, 2024
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-793, Part I.
May 24, 2023
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 26 - 22.
May 24, 2023
Committee Consideration and Mark-up Session Held
May 22, 2023
Referred to the Committee on Financial Services, and in addition to the Committees on Oversight and Accountability, and Rules, 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.
May 22, 2023
Introduced in House
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 Plain-English summary Congressional Research Service

Increasing Financial Regulatory Accountability and Transparency Act

This bill establishes new disclosure, approval, and notification requirements for financial regulators, including the Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System, and the Financial Stability Oversight Council (FSOC).

For example, FDIC must notify Congress prior to taking action or providing certain assistance to an insured depository institution in receivership that risks serious adverse effects on economic conditions or financial stability. Further, the board must disclose on a more frequent basis information about emergency credit facilities, discount window lending programs, and open market operations.

The bill requires congressional approval before subjecting a nonbank financial company to enhanced prudential supervision. Currently, the FSOC makes this determination upon an evaluation and vote that requires two-thirds of the council's approval. The bill also eliminates the emergency exception to this authority that allows the FSOC to waive or modify certain requirements.

The bill establishes qualification requirements for the Vice Chairman for Supervision of the Board of Governors of the Federal Reserve System. Specifically, an individual must have primary experience working in or supervising insured depository institutions, bank holding companies, or savings and loan holding companies.

Finally, the bill requires specified financial agencies to testify in front of and report to the appropriate congressional committees semi-annually regarding the efforts, activities, objectives, and plans for the supervision and regulation of entities under their supervision.

What's happening now December 19, 2024

Placed on the Union Calendar, Calendar No. 781.

 Related & companion bills 5
  • HR 3465 Related bill To enhance Federal Deposit Insurance Corporation transparency.
  • HR 3467 Related bill To enhance Federal Reserve transparency.
  • HR 3555 Related bill Banking Regulator Accountability Act
  • HR 3558 Related bill Vice Chair of Supervision Banking Experience Requirement Act
  • HR 3466 Related bill To enhance Financial Stability Oversight Council transparency.
 Bill text 2 versions

Source documents hosted by congress.gov.

 Committees of jurisdiction 3
 Cosponsors 4
All 4 Republican 4
R
De La Cruz, Monica
Texas · May 22, 2023
 R
Fitzgerald, Scott
Wisconsin · May 22, 2023
 R
Kim, Young
California · May 22, 2023
 R
Loudermilk, Barry
Georgia · May 22, 2023
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 3556: Increasing Financial Regulatory Accountability and Transparency Act. 118th Congress. Open America. https://openamerica.io/bill/118-HR-3556/
MLA
"H.R. 3556: Increasing Financial Regulatory Accountability and Transparency Act." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-HR-3556/.
Bluebook (legal)
H.R. 3556, 118th Cong. (2026), https://openamerica.io/bill/118-HR-3556/.
Markdown link
[H.R. 3556: Increasing Financial Regulatory Accountability and Transparency Act](https://openamerica.io/bill/118-HR-3556/)
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