[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 3095 Introduced in Senate (IS)]

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118th CONGRESS
  1st Session
                                S. 3095

 To amend the Consumer Financial Protection Act of 2010 to clarify the 
        funding of the Bureau of Consumer Financial Protection.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            October 19, 2023

Mr. Hagerty (for himself and Mrs. Britt) introduced the following bill; 
which was read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

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                                 A BILL


 
 To amend the Consumer Financial Protection Act of 2010 to clarify the 
        funding of the Bureau of Consumer Financial Protection.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Federal Reserve Loss Transparency 
Act''.

SEC. 2. BUREAU FUNDING.

    Section 1017(a) of the Consumer Financial Protection Act of 2010 
(12 U.S.C. 5497(a)) is amended--
            (1) by redesignating paragraphs (3) through (5) as 
        paragraphs (4) through (6), respectively; and
            (2) by inserting after paragraph (2) the following:
            ``(3) Prohibition on transfer when the federal reserve 
        banks incur a loss.--Notwithstanding paragraph (1), no transfer 
        may be made to the Bureau if the Federal reserve banks, in the 
        aggregate, incurred an operating loss in the most recently 
        completed calendar quarter until the loss is offset with 
        subsequent earnings.''.

SEC. 3. CALCULATION OF NET EARNINGS USING GAAP.

    Section 7 of the Federal Reserve Act is amended--
            (1) by redesignating the second subsection (b) (12 U.S.C. 
        290) (relating to the use of earnings transferred to the 
        Secretary) and subsection (c) (12 U.S.C. 531) as subsections 
        (c) and (d), respectively; and
            (2) by adding at the end the following:
    ``(e) Calculation of Net Earnings and Total Capital Using GAAP.--
For purposes of this section, earnings and total capital shall be 
calculated in accordance with United States generally accepted 
accounting principles.''.
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