HR3556-118

1. Short title; table of contents This Act may be cited as the Increasing Financial Regulatory Accountability and Transparency Act. The table of contents for this Act is as follows:

101. Federal Deposit Insurance Corporation transparency Section 13(c) of the Federal Deposit Insurance Act (12 U.S.C. 1823) is amended— in paragraph (1)(C), by inserting after taken the following: after notification to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate and; in paragraph (4)— in subparagraph (B)(i)(I), by striking a present-value and inserting an expected present-value; and in subparagraph (G)— in clause (i)— by inserting after notification to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate and before upon the; and in subclause (II), by striking would and inserting that can be shown to; in clause (iii)(I), by inserting before the semicolon the following: , including documentation of factors, empirical analyses, and data that gave rise to the determination; and by adding at the end the following: With respect to each determination under clause (i), the Board of Directors, the Board of Governors of the Federal Reserve System, and the Secretary of the Treasury shall each provide to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate— not later than 3 days after such determination, all documentation related to such determination, including staff analyses and memoranda; and not later than 30 days after such determination, any analyses undertaken to justify such determination, including data, metrics used, and quantitative analyses undertaken. The Secretary of the Treasury shall provide the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate with such additional information related to a determination under clause (i) as the committees may request. The Secretary of the Treasury may submit, with such information, a written request and justification for the committees to treat the information confidentially. in paragraph (8)(B), after in writing by inserting , shall include details of factors that led to the determination and analyses of those factors and their implications. (vi)Additional reports to Congress on emergency determinations(I)In generalWith respect to each determination under clause (i), the Board of Directors, the Board of Governors of the Federal Reserve System, and the Secretary of the Treasury shall each provide to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate—(aa)not later than 3 days after such determination, all documentation related to such determination, including staff analyses and memoranda; and(bb)not later than 30 days after such determination, any analyses undertaken to justify such determination, including data, metrics used, and quantitative analyses undertaken.(II)Information requested by committeesThe Secretary of the Treasury shall provide the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate with such additional information related to a determination under clause (i) as the committees may request. The Secretary of the Treasury may submit, with such information, a written request and justification for the committees to treat the information confidentially.; and

201. Federal Reserve transparency The Federal Reserve Act (12 U.S.C. 221 et seq.) is amended— in section 13(3), by adding at the end the following: The Board shall make available to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate information requested by such committees related to any credit facility established by or on behalf of the Federal Reserve System or a Federal reserve bank and authorized by the Board under this paragraph. With respect to a request described under clause (i), if the Chairman of the Board determines that any part of the requested information needs to remain confidential and provides written notice of such determination to the committee making such request, the Board shall only make that part of the requested information available to the chair and ranking member of the committee. in the first subsection (s) (related to Federal Reserve Transparency) of section 11— in paragraph (2)(B), by striking eighth and inserting fourth; in paragraph (5), by striking 24-month and inserting 12-month; and in paragraph (7)— by striking This subsection and inserting the following: This subsection by inserting public before disclosure; and by adding at the end the following: The Board shall, upon request, make the nonpublic personal information described under subparagraph (A) available to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. With respect to a request described under clause (i), if the Chairman of the Board determines that any part of the requested information needs to remain confidential and provides written notice of such determination to the committee making such request, the Board shall only make that part of the requested information available to the chair and ranking member of the committee. Title XI of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended— in section 1104 (12 U.S.C. 5611)— in subsection (a)(2)— in subparagraph (A), by striking and at the end; by redesignating subparagraph (B) as subparagraph (C); and by inserting after subparagraph (A) the following: be transmitted to the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate; and in subsection (b), by inserting after consent of the Secretary the following: and notification to Congress; in subsection (c)(2), in the heading, by inserting Congressional review and before GAO; and by striking subsection (d); in section 1105 (12 U.S.C. 5612)— in subsection (c)— in paragraph (1)— by inserting and upon notification to Congress after with the President; by striking President may and inserting President shall; and by striking amount and a request and inserting amount, and include in such report the expected cost to taxpayers and a detailed description of the assumptions made and analytical tools used to calculate such expected cost, and a request; and in paragraph (2), by inserting and upon notification to Congress after with the President; and in subsection (g), by amending paragraph (3) to read as follows: The term liquidity event shall have the definition given such term, jointly, by the Board of Governors, the Corporation, and the Secretary, by rule pursuant to notice and comment. Section 714(f)(3) of title 31, United States Code, is amended— in subparagraph (B), by striking legislative or; and in subparagraph (C)(i), by striking , including to Congress,. (F)Congressional access to information(i)In generalThe Board shall make available to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate information requested by such committees related to any credit facility established by or on behalf of the Federal Reserve System or a Federal reserve bank and authorized by the Board under this paragraph.(ii)ConfidentialityWith respect to a request described under clause (i), if the Chairman of the Board determines that any part of the requested information needs to remain confidential and provides written notice of such determination to the committee making such request, the Board shall only make that part of the requested information available to the chair and ranking member of the committee.; and (A)In generalThis subsection; (B)Congressional access to information(i)In generalThe Board shall, upon request, make the nonpublic personal information described under subparagraph (A) available to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate.(ii)ConfidentialityWith respect to a request described under clause (i), if the Chairman of the Board determines that any part of the requested information needs to remain confidential and provides written notice of such determination to the committee making such request, the Board shall only make that part of the requested information available to the chair and ranking member of the committee.. (B)be transmitted to the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate; and; (3)Liquidity eventThe term liquidity event shall have the definition given such term, jointly, by the Board of Governors, the Corporation, and the Secretary, by rule pursuant to notice and comment..

301. FSOC transparency The Financial Stability Act of 2010 (12 U.S.C. 5311 et seq.) is amended— in section 111— in subsection (b)(1)— in subparagraph (I), by striking and at the end; in subparagraph (J), by striking the period at the end and inserting ; and; and by adding at the end the following: an independent member appointed by the President, by and with the advice and consent of the Senate, and not of the same political party as the President. in subsection (c)— in paragraph (1), by striking independent member and inserting independent members; and in paragraph (4)— in the heading, by striking independent member and inserting independent members; and by striking subsection (b)(1)(J) and inserting subparagraph (J) or (K) of subsection (b)(1); by striking subsection (d); by redesignating subsections (e) through (j) as subsections (d) through (i), respectively; in subsection (d), as so redesignated, by adding at the end the following: The Chairperson shall notify the chair and ranking members of the Committee on Financial Services of the House of Representatives and the chair and ranking members of the Committee on Banking, Housing, and Urban Affairs of the Senate of a meeting at the same time as the meeting participants are notified. in subsection (f), as so redesignated, by striking , or to any special advisory, technical, or professional committee appointed by the Council, except that, if an advisory, technical, or professional committee has one or more members who are not employees of or affiliated with the United States Government, the Council shall publish a list of the names of the members of such committee; in subsection (g), as so redesignated, by inserting before the period at the end the following: , but if such services, funds, facilities, staff, or other support services are provided with respect to any Council program or activity that has, or is planned to have, duration of greater than 90 days, the Council shall notify Congress of such provision; and in subsection (i), as so redesignated, by adding at the end the following: The Council shall report on such detailed employees on a monthly basis to Congress.; in section 112— in subsection (a)(2)— in subparagraph (A), by inserting after system the following: and only after notifying Congress; by striking subparagraphs (D) and (I); by redesignating subparagraphs (E), (F), (G), (H), (J), (K), (L), (M), and (N) as subparagraphs (D) through (L), respectively; in subparagraph (D), as so redesignated, by striking agencies and and inserting agencies, Congress, and; in subparagraph (E), as so redesignated, by inserting after to the member agencies the following: , the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate; in subparagraph (G), as so redesignated, by striking may; in subparagraph (H), as so redesignated, by inserting before the semicolon the following: , and notify the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate of such identifications; in subparagraph (I), as so redesignated, by inserting after primary financial regulatory agencies to apply the following: primary financial regulatory agencies, the chair and ranking member of the Committee on Financial Services of the House of Representatives, and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate on the costs and benefits of applying; and in subparagraph (J), as so redesignated, by inserting the Congress and before the Commission; in subsection (c), by inserting no later than 60 days after hearing,; and in subsection (d)— in paragraph (1)— by striking as necessary and all that follows through to monitor and inserting as necessary to monitor; by striking ; or and inserting a period; and by striking subparagraph (B); in paragraph (2), by inserting before the period at the end the following: and to Congress; in paragraph (3), by adding at the end the following: The Council may not require the submission of periodic and other reports under this paragraph until 30 days after the Council has notified the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate of the Council’s intention to require such submission. in paragraph (4), by inserting after Council may the following: , after notifying the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate,; and in paragraph (5)(A), by inserting before the period at the end the following: , except that Congress may request any such confidential data, information, or reports; in section 113— in subsection (a)(2)— in subparagraph (I), by adding and at the end; in subparagraph (J), by striking ; and and inserting a period; and by striking subparagraph (K); in subsection (b)(2)— in subparagraph (I), by adding and at the end; in subparagraph (J), by striking ; and and inserting a period; and by striking subparagraph (K); by striking subsection (f); by redesignating subsections (g), (h), and (i) as subsections (f), (g), and (h), respectively; in subsection (g), as so redesignated, by striking subsection (d)(2), (e)(3), or (f)(5) and inserting subsection (d)(2) or (e)(3); and by adding at the end the following: If the Council makes a determination under this section, the Council shall immediately notify Congress of such determination. A determination made by the Council under this section— may not take effect until the end of the 60-day period beginning on the date that the Council notifies the Congress of such determination; and shall have no force or effect if disapproved, as provided under this subsection. For purposes of this paragraph, the term joint resolution means only a joint resolution introduced during the 60-day period described under paragraph (2)(A), the matter after the resolving clause of which is as follows: That Congress disapproves the determination of the Financial Stability Oversight Council submitted in a notification to Congress on ___, and such determination shall have no force or effect. (The blank space being filled in with the appropriate date.). In the Senate, if the committee to which is referred a joint resolution has not reported such joint resolution (or an identical joint resolution) at the end of the 20-day period beginning on the date Congress is notified of a determination, such committee may be discharged from further consideration of such joint resolution upon a petition supported in writing by 30 Members of the Senate, and such joint resolution shall be placed on the calendar. In the Senate, when the committee to which a joint resolution is referred has reported, or when a committee is discharged (under clause (i)) from further consideration of a joint resolution, it is at any time thereafter in order (even though a previous motion to the same effect has been disagreed to) for a motion to proceed to the consideration of the joint resolution, and all points of order against the joint resolution (and against consideration of the joint resolution) are waived. The motion is not subject to amendment, or to a motion to postpone, or to a motion to proceed to the consideration of other business. A motion to reconsider the vote by which the motion is agreed to or disagreed to shall not be in order. If a motion to proceed to the consideration of the joint resolution is agreed to, the joint resolution shall remain the unfinished business of the Senate until disposed of. In the Senate, debate on the joint resolution, and on all debatable motions and appeals in connection therewith, shall be limited to not more than 10 hours, which shall be divided equally between those favoring and those opposing the joint resolution. A motion further to limit debate is in order and not debatable. An amendment to, or a motion to postpone, or a motion to proceed to the consideration of other business, or a motion to recommit the joint resolution is not in order. In the Senate, immediately following the conclusion of the debate on a joint resolution, and a single quorum call at the conclusion of the debate if requested in accordance with the rules of the Senate, the vote on final passage of the joint resolution shall occur. In the Senate, appeals from the decisions of the Chair relating to the application of the rules of the Senate to the procedure relating to a joint resolution shall be decided without debate. In the Senate, the procedure specified in this subparagraph shall not apply to the consideration of a joint resolution after the end of the 60-day period described under paragraph (2)(A). If, before the passage by one House of a joint resolution of that House, that House receives from the other House a joint resolution, then the following procedures shall apply: The joint resolution of the other House shall not be referred to a committee. With respect to a joint resolution of the House receiving the joint resolution— the procedure in that House shall be the same as if no joint resolution had been received from the other House; but the vote on final passage shall be on the joint resolution of the other House. This paragraph is enacted by Congress— as an exercise of the rulemaking power of the Senate and House of Representatives, respectively, and as such it is deemed a part of the rules of each House, respectively, but applicable only with respect to the procedure to be followed in that House in the case of a joint resolution, and it supersedes other rules only to the extent that it is inconsistent with such rules; and with full recognition of the constitutional right of either House to change the rules (so far as relating to the procedure of that House) at any time, in the same manner, and to the same extent as in the case of any other rule of that House. in section 115— in subsection (a)(1), by inserting after recommendations to the following: the chair and ranking member of the Committee on Financial Services of the House of Representatives, the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate, and; in subsection (c)(3), by inserting after recommendations to the following: the chair and ranking member of the Committee on Financial Services of the House of Representatives, the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate, and; in subsection (d)— in paragraph (1), by inserting after make recommendations to the Board of Governors the following: , if the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate are notified of such recommendations,; and in paragraph (2), by inserting after make recommendations to the Board of Governors the following: , if the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate are notified of such recommendations,; in subsection (e), by inserting after make recommendations to the Board of Governors the following: , if the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate are notified of such recommendations,; in subsection (f), by inserting after make recommendations to the Board of Governors the following: , if the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate are notified of such recommendations,; and in subsection (g), by inserting after make recommendations to the Board of Governors the following: , if the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate are notified of such recommendations,; in section 116(a), by inserting after may the following: , after notifying the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate,; in section 120— in subsection (a), by inserting after regulatory agencies the following: , if the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate are notified of such recommendations,; in subsection (b)— in paragraph (1), by inserting after to the public the following: and Congress; and in paragraph (2)(A), by inserting before the semicolon the following: , and the notice required under paragraph (1) shall contain data, methodology, and analysis detailing such costs; in subsection (c)(2), by inserting after recommended by the Council the following: , after notifying the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate of such imposition,; in subsection (e)(2)(A), by inserting before the period at the end the following: , and notify the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate of such determination and the factors, data, and analysis leading to such determination; and by adding at the end the following: A primary financial regulatory agency may not implement a recommendation made by the Council under subsection (a) until the end of the 90-day period beginning on the date such recommendation is issued. in section 121— in subsection (d), by inserting after Governors may the following: , after notifying the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate,; and by adding at the end the following: The Board of Governors— shall notify the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate of an intention to take an action described under paragraph (1) through (5) of subsection (a); and may not take such an action until the end of the 60-day period beginning on the date of such notification. in section 122— in subsection (a), by striking may audit and inserting shall annually audit; and in subsection (b)(2)— by striking The Comptroller and inserting The chair and ranking member of the Committee on Financial Services of the House of Representatives, the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate, and the Comptroller; and by striking as the Comptroller General and inserting as the chair, ranking member, or Comptroller General, as applicable; in section 152(e), by adding at the end the following: The Office shall report on such detailed employees on a monthly basis to Congress.; in section 153— in subsection (a)— in paragraph (3), by striking essential; by striking paragraph (5); by redesignating paragraphs (6) and (7) as paragraphs (5) and (6), respectively; and in paragraph (5), as so redesignated, by inserting before the semicolon the following: , the chair and ranking member of the Committee on Financial Services of the House of Representatives, and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate; in subsection (b)— in paragraph (1)— by inserting after with the Council, the following: the chair and ranking member of the Committee on Financial Services of the House of Representatives, the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate,; and in subparagraph (B), by inserting before the semicolon the following: and without prior notice of such sharing being provided to the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate; in paragraph (2), by inserting before the semicolon the following: , after providing notice to the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate of such research projects; in paragraph (3), by inserting before the period at the end the following: , after providing notice to the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate of such assistance; and in subsection (f)(1), by striking but only and inserting but not earlier than 60 days after the Director notifies the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate of the requirement to produce such data and only; in section 154— in subsection (b)— in paragraph (1)(B)(i), by inserting after by the Council, the following: after notifying the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate,; and in paragraph (2), by adding at the end the following: The Data Center shall review and report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate annually on the cost to the Government and the cost to private sector entities of maintaining the financial company reference database and the financial instrument reference database, relative to a detailed quantification of benefits. in subsection (c)(1)(E), by inserting before the semicolon the following: or Congress; and in subsection (d)(2)— in subparagraph (B), by striking and at the end; in subparagraph (C), by striking the period at the end and inserting ; and; and by adding at the end the following: evidence of inefficient, ineffective, or burdensome regulations. in section 155(d)— by striking Beginning and inserting the following: Beginning by adding at the end the following: The aggregate amount of assessments collected pursuant to paragraph (1) may not exceed the aggregate amount of assessments collected in the most recently completed fiscal year ending before the date of enactment of this paragraph, as such aggregate amount is adjusted annually by the Director of the Office to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor. Section 5314 of title 5, United States Code, is amended by striking Independent Member of the Financial Stability Oversight Council (1) and inserting Independent Members of the Financial Stability Oversight Council (2). The table of contents in section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by inserting after the item relating to section 176 the following: (K)an independent member appointed by the President, by and with the advice and consent of the Senate, and not of the same political party as the President.; (3)Notice to CongressThe Chairperson shall notify the chair and ranking members of the Committee on Financial Services of the House of Representatives and the chair and ranking members of the Committee on Banking, Housing, and Urban Affairs of the Senate of a meeting at the same time as the meeting participants are notified.; (D)Congressional notificationThe Council may not require the submission of periodic and other reports under this paragraph until 30 days after the Council has notified the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate of the Council’s intention to require such submission.; (i)Congressional review(1)NotificationIf the Council makes a determination under this section, the Council shall immediately notify Congress of such determination.(2)Effectiveness of determinationA determination made by the Council under this section—(A)may not take effect until the end of the 60-day period beginning on the date that the Council notifies the Congress of such determination; and(B)shall have no force or effect if disapproved, as provided under this subsection.(3)Congressional disapproval procedure(A)Joint resolution definedFor purposes of this paragraph, the term joint resolution means only a joint resolution introduced during the 60-day period described under paragraph (2)(A), the matter after the resolving clause of which is as follows: That Congress disapproves the determination of the Financial Stability Oversight Council submitted in a notification to Congress on ___, and such determination shall have no force or effect. (The blank space being filled in with the appropriate date.).(B)Treatment in Senate(i)In the Senate, if the committee to which is referred a joint resolution has not reported such joint resolution (or an identical joint resolution) at the end of the 20-day period beginning on the date Congress is notified of a determination, such committee may be discharged from further consideration of such joint resolution upon a petition supported in writing by 30 Members of the Senate, and such joint resolution shall be placed on the calendar.(ii)In the Senate, when the committee to which a joint resolution is referred has reported, or when a committee is discharged (under clause (i)) from further consideration of a joint resolution, it is at any time thereafter in order (even though a previous motion to the same effect has been disagreed to) for a motion to proceed to the consideration of the joint resolution, and all points of order against the joint resolution (and against consideration of the joint resolution) are waived. The motion is not subject to amendment, or to a motion to postpone, or to a motion to proceed to the consideration of other business. A motion to reconsider the vote by which the motion is agreed to or disagreed to shall not be in order. If a motion to proceed to the consideration of the joint resolution is agreed to, the joint resolution shall remain the unfinished business of the Senate until disposed of.(iii)In the Senate, debate on the joint resolution, and on all debatable motions and appeals in connection therewith, shall be limited to not more than 10 hours, which shall be divided equally between those favoring and those opposing the joint resolution. A motion further to limit debate is in order and not debatable. An amendment to, or a motion to postpone, or a motion to proceed to the consideration of other business, or a motion to recommit the joint resolution is not in order.(iv)In the Senate, immediately following the conclusion of the debate on a joint resolution, and a single quorum call at the conclusion of the debate if requested in accordance with the rules of the Senate, the vote on final passage of the joint resolution shall occur.(v)In the Senate, appeals from the decisions of the Chair relating to the application of the rules of the Senate to the procedure relating to a joint resolution shall be decided without debate.(vi)In the Senate, the procedure specified in this subparagraph shall not apply to the consideration of a joint resolution after the end of the 60-day period described under paragraph (2)(A).(4)Treatment of joint resolution received from the other HouseIf, before the passage by one House of a joint resolution of that House, that House receives from the other House a joint resolution, then the following procedures shall apply:(A)The joint resolution of the other House shall not be referred to a committee.(B)With respect to a joint resolution of the House receiving the joint resolution—(i)the procedure in that House shall be the same as if no joint resolution had been received from the other House; but(ii)the vote on final passage shall be on the joint resolution of the other House.(5)Treatment of this paragraphThis paragraph is enacted by Congress—(A)as an exercise of the rulemaking power of the Senate and House of Representatives, respectively, and as such it is deemed a part of the rules of each House, respectively, but applicable only with respect to the procedure to be followed in that House in the case of a joint resolution, and it supersedes other rules only to the extent that it is inconsistent with such rules; and(B)with full recognition of the constitutional right of either House to change the rules (so far as relating to the procedure of that House) at any time, in the same manner, and to the same extent as in the case of any other rule of that House.; (f)Delay in implementationA primary financial regulatory agency may not implement a recommendation made by the Council under subsection (a) until the end of the 90-day period beginning on the date such recommendation is issued.; (e)Notice to Congress; delay in implementationThe Board of Governors—(1)shall notify the chair and ranking member of the Committee on Financial Services of the House of Representatives and the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate of an intention to take an action described under paragraph (1) through (5) of subsection (a); and(2)may not take such an action until the end of the 60-day period beginning on the date of such notification.; (C)Review and report on the cost of the databasesThe Data Center shall review and report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate annually on the cost to the Government and the cost to private sector entities of maintaining the financial company reference database and the financial instrument reference database, relative to a detailed quantification of benefits.; (D)evidence of inefficient, ineffective, or burdensome regulations.; and (1)In generalBeginning; and (2)Maximum assessment amountThe aggregate amount of assessments collected pursuant to paragraph (1) may not exceed the aggregate amount of assessments collected in the most recently completed fiscal year ending before the date of enactment of this paragraph, as such aggregate amount is adjusted annually by the Director of the Office to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor.. Sec. 177. Congressional notice..

401. Establishment of requirements to be Vice Chairman for Supervision The second undesignated paragraph of section 10 of the Federal Reserve Act (12 U.S.C. 242) is amended— by inserting the following after the third sentence: In designating the Vice Chairman for Supervision, the President shall designate an individual with demonstrated primary experience working in, or supervising, insured depository institutions, bank holding companies, or savings and loan holding companies.; and in the fourth sentence— by inserting after supervised by the Board the following: (with any such recommendations being provided to the Board with ample and sufficient time for review prior to the Vice Chairman making the recommendation public); and by inserting after regulation of such firms the following: , subject to such oversight and control of the Board as the Board determines necessary and appropriate. The amendment made by subsection (a) shall apply to individuals who are designated by the President on or after the date of enactment of this Act to serve as the Vice Chairman for Supervision.

501. Reports and testimony to Congress on supervision Section 2B of the Federal Reserve Act (12 U.S.C. 225b) is amended by adding at the end the following: The Vice Chairman for Supervision shall submit a semi-annual report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives regarding the efforts, activities, objectives, and plans of the Board with respect to the conduct of supervision and regulation of depository institution holding companies and other financial firms supervised by the Board. At a minimum, each report under paragraph (1) shall include— conditions of financial firms, including examination or inspection ratings, on an aggregate basis by firm asset size; granular data on outstanding material supervisory determinations by type of determination, including the types of risks covered, on an aggregate basis by firm asset size; changes in the number and types of outstanding material supervisory determinations over the previous 5 years; aggregate data on the ratings of financial firms over the previous 3 years; the number of informal and formal enforcement actions, by type of enforcement order and showing changes in the last 3 years, against supervised financial firms on an aggregate basis by firm asset size; and a description of the organization of the supervisory functions of the Board with respect to financial firms, including information on roles, responsibilities, accountability, and talent management. Concurrent with each report under paragraph (1), the Vice Chairman for Supervision shall submit a confidential report to the chair and ranking member of each committee described under paragraph (1) identifying— each supervised financial firm with less than satisfactory examination or inspection ratings; and each supervised financial firm with an active formal or informal enforcement action, and the status of each provision of each enforcement action. Section 17 of the Federal Deposit Insurance Act (12 U.S.C. 1827) is amended by adding at the end the following: The Chairman of the Corporation shall appear before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives at semi-annual hearings regarding the efforts, activities, objectives, and plans of the Corporation with respect to the conduct of supervision and regulation of depository institutions supervised by the Corporation. The Chairman of the Corporation shall transmit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives semi-annual reports regarding the efforts, activities, objectives, and plans of the Corporation with respect to the conduct of supervision and regulation of depository institutions supervised by the Corporation. At a minimum, each report under subparagraph (A) shall include— conditions of depository institutions, including examination or inspection ratings, on an aggregate basis by institution asset size; granular data on outstanding material supervisory determinations by type of determination, including the types of risks covered, on an aggregate basis by institution asset size; changes in the number and types of outstanding material supervisory determinations over the previous 5 years; aggregate data on the ratings of depository institutions over the previous 3 years; the number of informal and formal enforcement actions, by type of enforcement order and showing changes in the last 3 years, against supervised depository institutions on an aggregate basis by institution asset size; and a description of the organization of the supervisory functions of the Corporation with respect to depository institutions, including information on roles, responsibilities, accountability, and talent management. Concurrent with each report under subparagraph (A), the Chairman of the Corporation shall submit a confidential report to the chair and ranking member of each committee described under subparagraph (A) identifying— each supervised depository institution with less than satisfactory examination or inspection ratings; and each supervised depository institution with an active formal or informal enforcement action, and the status of each provision of each enforcement action. The second section 333 of the Revised Statutes of the United States (12 U.S.C. 14; relating to the annual report) is amended— by striking The Comptroller and inserting the following: The Comptroller by adding at the end the following: The Comptroller of the Currency shall appear before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives at semi-annual hearings regarding the efforts, activities, objectives, and plans of the Office of the Comptroller of the Currency with respect to the conduct of supervision and regulation of national banks and other financial firms supervised by the Office of the Comptroller of the Currency. The Comptroller of the Currency shall transmit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives semi-annual reports regarding the efforts, activities, objectives, and plans of the Office of the Comptroller of the Currency with respect to the conduct of supervision and regulation of national banks and other financial firms supervised by the Office of the Comptroller of the Currency. At a minimum, each report under subparagraph (A) shall include— conditions of national banks and other financial firms, including examination or inspection ratings, on an aggregate basis by asset size; granular data on outstanding material supervisory determinations by type of determination, including the types of risks covered, on an aggregate basis by asset size; changes in the number and types of outstanding material supervisory determinations over the previous 5 years; aggregate data on the ratings of national banks and other financial firms over the previous 3 years; the number of informal and formal enforcement actions, by type of enforcement order and showing changes in the last 3 years, against supervised national banks and other financial firms on an aggregate basis by firm asset size; and a description of the organization of the supervisory functions of the Office of the Comptroller of the Currency with respect to national banks and other financial firms, including information on roles, responsibilities, accountability, and talent management. Concurrent with each report under subparagraph (A), the Comptroller of the Currency shall submit a confidential report to the chair and ranking member of each committee described under subparagraph (A) identifying— each supervised national bank or other financial firms with less than satisfactory examination or inspection ratings; and each supervised national bank or other financial firms with an active formal or informal enforcement action, and the status of each provision of each enforcement action. Section 102 of the Federal Credit Union Act (12 U.S.C. 1752a) is amended by adding at the end the following: The Chairman of the Board shall appear before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives at semi-annual hearings regarding the efforts, activities, objectives, and plans of the Administration with respect to the conduct of supervision and regulation of credit unions supervised by the Administration. The Chairman of the Board shall transmit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives semi-annual reports regarding the efforts, activities, objectives, and plans of the Administration with respect to the conduct of supervision and regulation of credit unions supervised by the Administration. At a minimum, each report under subparagraph (A) shall include— conditions of credit unions, including examination or inspection ratings, on an aggregate basis by credit union asset size; granular data on outstanding material supervisory determinations by type of determination, including the types of risks covered, on an aggregate basis by credit union asset size; changes in the number and types of outstanding material supervisory determinations over the previous 5 years; aggregate data on the ratings of credit unions over the previous 3 years; the number of informal and formal enforcement actions, by type of enforcement order and showing changes in the last 3 years, against supervised credit unions on an aggregate basis by credit union asset size; and a description of the organization of the supervisory functions of the Board with respect to credit unions, including information on roles, responsibilities, accountability, and talent management. Concurrent with each report under subparagraph (A), the Chairman of the Board shall submit a confidential report to the chair and ranking member of each committee described under subparagraph (A) identifying— each supervised credit union with less than satisfactory examination or inspection ratings; and each supervised credit union with an active formal or informal enforcement action, and the status of each provision of each enforcement action. (d)Semi-Annual testimony and report to Congress on supervision(1)In generalThe Vice Chairman for Supervision shall submit a semi-annual report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives regarding the efforts, activities, objectives, and plans of the Board with respect to the conduct of supervision and regulation of depository institution holding companies and other financial firms supervised by the Board.(2)Minimum contentsAt a minimum, each report under paragraph (1) shall include—(A)conditions of financial firms, including examination or inspection ratings, on an aggregate basis by firm asset size;(B)granular data on outstanding material supervisory determinations by type of determination, including the types of risks covered, on an aggregate basis by firm asset size;(C)changes in the number and types of outstanding material supervisory determinations over the previous 5 years;(D)aggregate data on the ratings of financial firms over the previous 3 years;(E)the number of informal and formal enforcement actions, by type of enforcement order and showing changes in the last 3 years, against supervised financial firms on an aggregate basis by firm asset size; and(F)a description of the organization of the supervisory functions of the Board with respect to financial firms, including information on roles, responsibilities, accountability, and talent management.(3)Confidential reportConcurrent with each report under paragraph (1), the Vice Chairman for Supervision shall submit a confidential report to the chair and ranking member of each committee described under paragraph (1) identifying—(A)each supervised financial firm with less than satisfactory examination or inspection ratings; and(B)each supervised financial firm with an active formal or informal enforcement action, and the status of each provision of each enforcement action.. (h)Semi-Annual testimony and report to Congress on supervision(1)Appearances before CongressThe Chairman of the Corporation shall appear before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives at semi-annual hearings regarding the efforts, activities, objectives, and plans of the Corporation with respect to the conduct of supervision and regulation of depository institutions supervised by the Corporation.(2)Report to Congress(A)In generalThe Chairman of the Corporation shall transmit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives semi-annual reports regarding the efforts, activities, objectives, and plans of the Corporation with respect to the conduct of supervision and regulation of depository institutions supervised by the Corporation.(B)Minimum contentsAt a minimum, each report under subparagraph (A) shall include—(i)conditions of depository institutions, including examination or inspection ratings, on an aggregate basis by institution asset size;(ii)granular data on outstanding material supervisory determinations by type of determination, including the types of risks covered, on an aggregate basis by institution asset size;(iii)changes in the number and types of outstanding material supervisory determinations over the previous 5 years;(iv)aggregate data on the ratings of depository institutions over the previous 3 years; (v)the number of informal and formal enforcement actions, by type of enforcement order and showing changes in the last 3 years, against supervised depository institutions on an aggregate basis by institution asset size; and(vi)a description of the organization of the supervisory functions of the Corporation with respect to depository institutions, including information on roles, responsibilities, accountability, and talent management.(C)Confidential reportConcurrent with each report under subparagraph (A), the Chairman of the Corporation shall submit a confidential report to the chair and ranking member of each committee described under subparagraph (A) identifying—(i)each supervised depository institution with less than satisfactory examination or inspection ratings; and(ii)each supervised depository institution with an active formal or informal enforcement action, and the status of each provision of each enforcement action.. (a)Annual reportThe Comptroller; and (b)Semi-Annual testimony and report to Congress on supervision(1)Appearances before CongressThe Comptroller of the Currency shall appear before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives at semi-annual hearings regarding the efforts, activities, objectives, and plans of the Office of the Comptroller of the Currency with respect to the conduct of supervision and regulation of national banks and other financial firms supervised by the Office of the Comptroller of the Currency.(2)Report to Congress(A)In generalThe Comptroller of the Currency shall transmit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives semi-annual reports regarding the efforts, activities, objectives, and plans of the Office of the Comptroller of the Currency with respect to the conduct of supervision and regulation of national banks and other financial firms supervised by the Office of the Comptroller of the Currency.(B)Minimum contentsAt a minimum, each report under subparagraph (A) shall include—(i)conditions of national banks and other financial firms, including examination or inspection ratings, on an aggregate basis by asset size;(ii)granular data on outstanding material supervisory determinations by type of determination, including the types of risks covered, on an aggregate basis by asset size;(iii)changes in the number and types of outstanding material supervisory determinations over the previous 5 years;(iv)aggregate data on the ratings of national banks and other financial firms over the previous 3 years; (v)the number of informal and formal enforcement actions, by type of enforcement order and showing changes in the last 3 years, against supervised national banks and other financial firms on an aggregate basis by firm asset size; and(vi)a description of the organization of the supervisory functions of the Office of the Comptroller of the Currency with respect to national banks and other financial firms, including information on roles, responsibilities, accountability, and talent management.(C)Confidential reportConcurrent with each report under subparagraph (A), the Comptroller of the Currency shall submit a confidential report to the chair and ranking member of each committee described under subparagraph (A) identifying—(i)each supervised national bank or other financial firms with less than satisfactory examination or inspection ratings; and(ii)each supervised national bank or other financial firms with an active formal or informal enforcement action, and the status of each provision of each enforcement action.. (g)Semi-Annual testimony and report to Congress on supervision(1)Appearances before CongressThe Chairman of the Board shall appear before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives at semi-annual hearings regarding the efforts, activities, objectives, and plans of the Administration with respect to the conduct of supervision and regulation of credit unions supervised by the Administration.(2)Report to Congress(A)In generalThe Chairman of the Board shall transmit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives semi-annual reports regarding the efforts, activities, objectives, and plans of the Administration with respect to the conduct of supervision and regulation of credit unions supervised by the Administration.(B)Minimum contentsAt a minimum, each report under subparagraph (A) shall include—(i)conditions of credit unions, including examination or inspection ratings, on an aggregate basis by credit union asset size;(ii)granular data on outstanding material supervisory determinations by type of determination, including the types of risks covered, on an aggregate basis by credit union asset size;(iii)changes in the number and types of outstanding material supervisory determinations over the previous 5 years;(iv)aggregate data on the ratings of credit unions over the previous 3 years; (v)the number of informal and formal enforcement actions, by type of enforcement order and showing changes in the last 3 years, against supervised credit unions on an aggregate basis by credit union asset size; and(vi)a description of the organization of the supervisory functions of the Board with respect to credit unions, including information on roles, responsibilities, accountability, and talent management.(C)Confidential reportConcurrent with each report under subparagraph (A), the Chairman of the Board shall submit a confidential report to the chair and ranking member of each committee described under subparagraph (A) identifying—(i)each supervised credit union with less than satisfactory examination or inspection ratings; and(ii)each supervised credit union with an active formal or informal enforcement action, and the status of each provision of each enforcement action..