[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3467 Introduced in House (IH)]
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118th CONGRESS
1st Session
H. R. 3467
To enhance Federal Reserve transparency.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 18, 2023
Mr. Barr (for himself and Mr. Loudermilk) introduced the following
bill; which was referred to the Committee on Financial Services, and in
addition to the Committee on Oversight and Accountability, 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
_______________________________________________________________________
A BILL
To enhance Federal Reserve transparency.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. FEDERAL RESERVE TRANSPARENCY.
(a) Federal Reserve Act.--The Federal Reserve Act (12 U.S.C. 221 et
seq.) is amended--
(1) in section 13(3), by adding at the end the following:
``(F) Congressional access to information.--
``(i) In general.--The Board shall make
available to the Committee on Financial
Services of the House of Representatives and
the Committee on Banking, Housing, and Urban
Affairs of the Senate information requested by
such committees related to any credit facility
established by or on behalf of the Federal
Reserve System or a Federal reserve bank and
authorized by the Board under this paragraph.
``(ii) Confidentiality.--With respect to a
request described under clause (i), if the
Chairman of the Board determines that any part
of the requested information needs to remain
confidential and provides written notice of
such determination to the committee making such
request, the Board shall only make that part of
the requested information available to the
chair and ranking member of the committee.'';
and
(2) in the first subsection (s) (related to ``Federal
Reserve Transparency'') of section 11--
(A) in paragraph (2)(B), by striking ``eighth'' and
inserting ``fourth'';
(B) in paragraph (5), by striking ``24-month'' and
inserting ``12-month''; and
(C) in paragraph (7)--
(i) by striking ``This subsection'' and
inserting the following:
``(A) In general.--This subsection'';
(ii) by inserting ``public'' before
``disclosure''; and
(iii) by adding at the end the following:
``(B) Congressional access to information.--
``(i) In general.--The Board shall, upon
request, make the nonpublic personal
information described under subparagraph (A)
available to the Committee on Financial
Services of the House of Representatives and
the Committee on Banking, Housing, and Urban
Affairs of the Senate.
``(ii) Confidentiality.--With respect to a
request described under clause (i), if the
Chairman of the Board determines that any part
of the requested information needs to remain
confidential and provides written notice of
such determination to the committee making such
request, the Board shall only make that part of
the requested information available to the
chair and ranking member of the committee.''.
(b) Dodd-Frank Wall Street Reform and Consumer Protection Act.--
Title XI of the Dodd-Frank Wall Street Reform and Consumer Protection
Act is amended--
(1) in section 1104 (12 U.S.C. 5611)--
(A) in subsection (a)(2)--
(i) in subparagraph (A), by striking
``and'' at the end;
(ii) by redesignating subparagraph (B) as
subparagraph (C); and
(iii) by inserting after subparagraph (A)
the following:
``(B) be transmitted to the chair and ranking
member of the Committee on Financial Services of the
House of Representatives and the chair and ranking
member of the Committee on Banking, Housing, and Urban
Affairs of the Senate; and'';
(B) in subsection (b), by inserting after ``consent
of the Secretary'' the following: ``and notification to
Congress'';
(C) in subsection (c)(2), in the heading, by
inserting ``Congressional review and'' before ``GAO'';
and
(D) by striking subsection (d);
(2) in section 1105 (12 U.S.C. 5612)--
(A) in subsection (c)--
(i) in paragraph (1)--
(I) by inserting ``and upon
notification to Congress'' after ``with
the President'';
(II) by striking ``President may''
and inserting ``President shall''; and
(III) by striking ``amount and a
request'' and inserting ``amount, and
include in such report the expected
cost to taxpayers and a detailed
description of the assumptions made and
analytical tools used to calculate such
expected cost, and a request''; and
(ii) in paragraph (2), by inserting ``and
upon notification to Congress'' after ``with
the President''; and
(B) in subsection (g), by amending paragraph (3) to
read as follows:
``(3) Liquidity event.--The term `liquidity event' shall
have the definition given such term, jointly, by the Board of
Governors, the Corporation, and the Secretary, by rule pursuant
to notice and comment.''.
(c) Title 31.--Section 714(f)(3) of title 31, United States Code,
is amended--
(1) in subparagraph (B), by striking ``legislative or'';
and
(2) in subparagraph (C)(i), by striking ``, including to
Congress,''.
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