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Banking Regulator Accountability Act
12/15/2023, 3:58 PM
Summary of Bill HR 3555
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.
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.
Congressional Summary of HR 3555
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.
Read the Full Bill
Current Status of Bill HR 3555
Bill HR 3555 is currently in the status of Bill Introduced since May 22, 2023. Bill HR 3555 was introduced during Congress 118 and was introduced to the House on May 22, 2023. Bill HR 3555's most recent activity was Referred to the House Committee on Financial Services. as of May 22, 2023
Bipartisan Support of Bill HR 3555
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
2Democrat Cosponsors
0Republican Cosponsors
2Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 3555
Primary Policy Focus
Finance and Financial SectorAlternate Title(s) of Bill HR 3555
Banking Regulator Accountability Act
Banking Regulator Accountability Act
To enhance the reporting and testimony requirements for Federal banking agencies.
Comments
Sponsors and Cosponsors of HR 3555
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