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Financial Regulators Transparency Act of 2023
12/15/2023, 4:07 PM
Summary of Bill S 1160
Under the bill, financial regulatory agencies must submit an annual report to Congress that outlines their regulatory priorities, enforcement actions, and any significant rulemakings. This report must also include information on the agency's budget, staffing levels, and any fees or assessments collected from regulated entities.
Additionally, the bill requires financial regulatory agencies to hold public hearings on their proposed rules and regulations, allowing for greater input from stakeholders and the general public. This increased transparency is intended to ensure that regulatory agencies are acting in the best interest of the American people and are held accountable for their actions. Overall, the Financial Regulators Transparency Act of 2023 seeks to promote greater transparency and accountability within financial regulatory agencies, ultimately benefiting consumers and the overall stability of the financial system.
Congressional Summary of S 1160
Financial Regulators Transparency Act of 2023
This bill makes certain disclosure and ethics requirements applicable to the Federal Reserve banks and financial regulators and changes the authority and appointment procedure of the inspector general of the Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau.
The bill applies to Federal Reserve banks Freedom of Information Act (FOIA) requirements, congressional FOIA request requirements, and federal records retention requirements.
The bill also expands ethics-related congressional FOIA requests to apply to the Board of Governors of the Federal Reserve System, Federal Reserve banks, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Federal Housing Finance Agency.
Finally, the bill requires the inspector general of the Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau to be appointed by the President and confirmed by the Senate. The inspector general shall also have authority over the Federal Reserve banks. Under current law, this appointment is made by the chair of the Board of Governors of the Federal Reserve System.
