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H.R. 4753 (115th): Federal Reserve Supervision Testimony Clarification Act


The text of the bill below is as of Jan 10, 2018 (Introduced).

Summary of this bill

Source: Republican Policy Committee

H.R. 4753 establishes procedures to ensure that the Federal Reserve fulfills its obligations mandated by Section 1108 of the Dodd-Frank Act, which established the position of Vice Chairman for Supervision at the Board of Governors.

Under Section 1108, the Vice Chairman for Supervision “shall develop policy recommendations for the Board regarding supervision and regulation of depository institution holding companies and other financial firms supervised by the Board, and shall oversee the supervision and regulation of such firms.”

Section 1108 further states that “The Vice Chairman for Supervision shall appear before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House …


I

115th CONGRESS

2d Session

H. R. 4753

IN THE HOUSE OF REPRESENTATIVES

January 10, 2018

introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the Federal Reserve Act to require the Vice Chairman for Supervision of the Board of Governors of the Federal Reserve System to provide a written report, and for other purposes.

1.

Short title

This Act may be cited as the Federal Reserve Supervision Testimony Clarification Act.

2.

Vice Chairman for Supervision report requirement

Paragraph (12) of section 10 of the Federal Reserve Act (12 U.S.C. 247(b)) is amended—

(1)

by redesignating such paragraph as paragraph (11); and

(2)

in such paragraph, by adding at the end the following: In each such appearance, the Vice Chairman for Supervision shall provide written testimony that includes the status of all pending and anticipated rulemakings that are being made by the Board of Governors of the Federal Reserve System. If, at the time of any appearance described in this paragraph, the position of Vice Chairman for Supervision is vacant, the Vice Chairman for the Board of Governors of the Federal Reserve System (who has the responsibility to serve in the absence of the Chairman) shall appear instead and provide the required written testimony. If, at the time of any appearance described in this paragraph, both Vice Chairman positions are vacant, the Chairman of the Board of Governors of the Federal Reserve System shall appear instead and provide the required written testimony..