Vice Chair of Supervision Banking Experience Requirement Act

Hozzl · 2023-12-15T15:58:29Z

Explore the details of House Bill 3558 Vice Chair of Supervision Banking Experience Requirement Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

12/15/2023, 3:58 PM

Summary of Bill HR 3558

Bill 118 hr 3558, also known as the Vice Chair of Supervision Banking Experience Requirement Act, is a piece of legislation currently being considered in the US Congress. The bill aims to establish a minimum level of banking experience required for individuals appointed to the position of Vice Chair of Supervision at the Federal Reserve Board.

Specifically, the bill states that any individual nominated for the position of Vice Chair of Supervision must have at least five years of experience working in a senior leadership role at a financial institution or regulatory agency. This requirement is intended to ensure that individuals appointed to this important position have a deep understanding of the banking industry and the regulatory environment in which it operates.

Supporters of the bill argue that having a Vice Chair of Supervision with significant banking experience will help to strengthen the Federal Reserve's oversight of the financial system and improve its ability to identify and address potential risks to financial stability. Critics, however, have raised concerns that the experience requirement may limit the pool of qualified candidates for the position and could potentially politicize the selection process. Overall, the Vice Chair of Supervision Banking Experience Requirement Act is an important piece of legislation that seeks to enhance the qualifications of individuals appointed to a key regulatory position within the Federal Reserve Board. Its ultimate impact on the banking industry and financial regulation in the US remains to be seen as the bill continues to be debated and considered by Congress.

Congressional Summary of HR 3558

Vice Chair of Supervision Banking Experience Requirement Act

This bill establishes requirements for the Vice Chairman for Supervision of the Board of Governors of the Federal Reserve System. Specifically, an individual must have primary experience working in or supervising insured depository institutions, bank holding companies, or savings and loan holding companies. Additionally, any recommendations provided by the Vice Chairman to the board regarding regulation and supervision must be provided to the board before the recommendation is made public.

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Current Status of Bill HR 3558

Bill HR 3558 is currently in the status of Bill Introduced since May 22, 2023. Bill HR 3558 was introduced during Congress 118 and was introduced to the House on May 22, 2023. Bill HR 3558's most recent activity was Referred to the House Committee on Financial Services. as of May 22, 2023

Bipartisan Support of Bill HR 3558

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 3558

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill HR 3558

Vice Chair of Supervision Banking Experience Requirement ActVice Chair of Supervision Banking Experience Requirement ActTo establish experience requirements for the Federal Reserve Vice Chair for Supervision.

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Comments

Sponsors and Cosponsors of HR 3558

Scott Fitzgerald

Wisconsin(Republican)

Andy Barr

Kentucky(Republican)

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