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New Watchdog for Financial Regulators and Limits on Reputational Risk Penalties.

This bill establishes a Special Inspector General to investigate claims of abuse, misconduct, and ideological bias within major US financial regulatory bodies like the SEC and the Federal Reserve. The goal is to ensure fair and objective application of financial rules. Crucially, it prohibits these agencies from taking enforcement actions against financial institutions based solely on "reputational risk" concerns.
Key points
Establishes a Special Inspector General to investigate misconduct and bias within major financial regulatory agencies (SEC, Fed, CFPB, etc.).
Prohibits financial regulators from taking enforcement actions against institutions based solely on considerations of reputational risk.
Requires the new Inspector General to submit quarterly reports to Congress detailing allegations and agency cooperation.
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Expired
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Additional Information
Print number: 118_S_2335
Sponsor: Sen. Vance, J. D. [R-OH]
Process start date: 2023-07-18
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Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Financial Regulatory Accountability Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_2335.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-07-18.

What are the main provisions?

Key points include:

  • Establishes a Special Inspector General to investigate misconduct and bias within major financial regulatory agencies (SEC, Fed, CFPB, etc.).
  • Prohibits financial regulators from taking enforcement actions against institutions based solely on considerations of reputational risk.
  • Requires the new Inspector General to submit quarterly reports to Congress detailing allegations and agency cooperation.
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 Sen. Vance, J. D. [R-OH].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Economy Courts and Law