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To enhance Federal Deposit Insurance Corporation transparency.
12/15/2023, 3:58 PM
Summary of Bill HR 3465
The main goal of this legislation is to ensure that the FDIC is more accountable to the public and Congress by requiring the agency to provide more detailed information about its operations and decision-making processes. This includes requiring the FDIC to publish more information about its budget, expenditures, and activities on its website.
Additionally, the bill requires the FDIC to provide regular reports to Congress on its financial condition and performance. This will help Congress and the public better understand how the FDIC is managing its responsibilities and taxpayer funds. Overall, the Federal Deposit Insurance Corporation Transparency Enhancement Act seeks to improve transparency and accountability within the FDIC, ultimately benefiting the American people by ensuring that the agency is operating efficiently and effectively.
Congressional Summary of HR 3465
This bill requires additional notice and reporting by agencies when providing assistance to an insured depository institution. First, the Federal Deposit Insurance Corporation (FDIC) must notify the appropriate congressional committees prior to taking action or providing assistance for the purpose of winding up an institution in receivership that presents the risk for serious adverse effects on economic conditions or financial stability. The bill also revises the basis for determining the least costly approach to satisfy the FDIC's obligations to depositors.
The Department of the Treasury must preserve specified information that documents a determination of an institution's potential to cause serious adverse effects on economic conditions or financial stability.
The Board of Directors of the FDIC, Treasury, and Board of Governors of the Federal Reserve System must report to the appropriate congressional committees additional information on emergency determinations.
