Banking Regulator Accountability Act

Banking Regulator Accountability Act

This bill requires specified financial agencies to testify in front of and report to appropriate congressional committees semi-annually. Specifically, the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the National Credit Union Administration must testify and report regarding the efforts, activities, objectives, and plans with respect to the conduct of supervision and regulation for entities under their supervision.

Bill 118 hr 3555, also known as the Banking Regulator Accountability Act, aims to increase transparency and accountability within the banking regulatory agencies in the United States. The bill specifically targets the Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation.

One of the key provisions of the bill is the requirement for these agencies to provide detailed reports to Congress on their activities, including their budget, expenditures, and regulatory actions. This will allow for greater oversight of the agencies by elected officials and the public.

Additionally, the bill calls for the establishment of an independent inspector general within each agency to investigate complaints of misconduct or inefficiency. This will help ensure that the agencies are operating in a fair and effective manner. Overall, the Banking Regulator Accountability Act seeks to promote transparency and accountability within the banking regulatory agencies, ultimately aiming to protect consumers and maintain the stability of the financial system.