Increased Transparency for Federal Reserve Banks and Financial Agencies
This act enhances the transparency of Federal Reserve banks and other financial agencies like the Consumer Financial Protection Bureau and FDIC. Citizens, through their Congressional representatives, will gain easier access to information regarding the ethics and operations of these institutions, potentially leading to greater accountability and public trust. These changes aim to facilitate oversight of financial institutions.
Key points
Federal Reserve banks will be treated as government agencies for public information access and record-keeping, increasing their openness.
Members of Congress will receive prioritized and free access to information from Federal Reserve banks and other financial agencies, including ethics and supervisory data.
The act allows Members of Congress to file lawsuits if these institutions improperly withhold requested information.
It establishes security and storage rules for confidential information shared with Congress to protect sensitive data.
Expired
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