Increasing Financial Regulatory Accountability and Transparency Act Increasing Financial Regulatory Accountability and Transpare...

Bill 118 hr 3556, also known as the Increasing Financial Regulatory Accountability and Transparency Act, aims to enhance oversight and transparency within the financial regulatory system in the United States. The bill was introduced in the House of Representatives on April 15, 2021. The main provisions of the bill include requiring the Financial Stability Oversight Council (FSOC) to conduct a comprehensive review of its regulations and guidance every five years to ensure they are effective and not overly burdensome. The FSOC would also be required to provide an annual report to Congress detailing its activities and any significant regulatory actions taken. Additionally, the bill seeks to increase transparency by requiring the FSOC to hold public meetings and provide opportunities for public input on its regulatory activities. It also mandates that the FSOC publish all final regulations and guidance on its website in a timely manner. Furthermore, the bill includes provisions to improve coordination and communication among financial regulators, such as requiring the FSOC to establish a process for sharing information and coordinating regulatory actions with other agencies. Overall, the Increasing Financial Regulatory Accountability and Transparency Act aims to promote greater accountability, efficiency, and transparency within the financial regulatory system to better protect consumers and ensure the stability of the financial system.