Section 1 Short title
This Act may be cited as the “Federal Reserve Supervision Testimony Clarification Act”.
Federal Reserve Supervision Testimony Clarification Act
AN ACT
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.
Sec. 2 Vice Chairman for Supervision report requirement
Paragraph (12) of section 10 of the Federal Reserve Act (12 U.S.C. 247b) is amended—
by redesignating such paragraph as paragraph (11); and
in such paragraph—
by striking “shall appear” and inserting “shall provide written testimony and appear”; and
by adding at the end the following: “If, at the time of any appearance described in this paragraph, the position of Vice Chairman for Supervision is vacant, the Chairman or their designee shall appear instead and provide the required written testimony.”.