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Increased Transparency and Accountability for Financial Institutions

This new law enhances Congressional oversight of key financial institutions like the FDIC, Federal Reserve, and FSOC. It means that decisions regarding financial stability and crisis management will be more transparent, giving citizens better insight into these agencies' actions. It also introduces new experience requirements for important supervisory positions.
Key points
Increased Transparency: Financial institutions like the FDIC and Federal Reserve will need to provide more frequent and detailed information to Congress about their operations, including crisis and supervisory decisions.
Enhanced Accountability: The Federal Reserve Vice Chairman for Supervision will be required to have demonstrated banking supervision experience, aiming for better risk management.
Regular Reports: Key banking oversight bodies will submit semi-annual reports and testimonies to Congress, disclosing data on bank conditions and supervisory actions, increasing public scrutiny.
Congressional Disapproval Power: Congress gains the ability to disapprove certain significant decisions made by the Financial Stability Oversight Council (FSOC) within 60 days, giving citizens more influence over financial policy.
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Expired
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Additional Information
Print number: 118_HR_3556
Sponsor: Rep. Barr, Andy [R-KY-6]
Process start date: 2023-05-22
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Increasing Financial Regulatory Accountability and Transparency Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_3556.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-05-22.

What are the main provisions?

Key points include:

  • Increased Transparency: Financial institutions like the FDIC and Federal Reserve will need to provide more frequent and detailed information to Congress about their operations, including crisis and supervisory decisions.
  • Enhanced Accountability: The Federal Reserve Vice Chairman for Supervision will be required to have demonstrated banking supervision experience, aiming for better risk management.
  • Regular Reports: Key banking oversight bodies will submit semi-annual reports and testimonies to Congress, disclosing data on bank conditions and supervisory actions, increasing public scrutiny.
  • Congressional Disapproval Power: Congress gains the ability to disapprove certain significant decisions made by the Financial Stability Oversight Council (FSOC) within 60 days, giving citizens more influence over financial policy.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Barr, Andy [R-KY-6].

What is the latest detailed status?

The latest detailed status is: Placed on the Union Calendar, Calendar No. 781.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Economy Courts and Law