US Codex
Bill
Notes

To enhance Federal Reserve transparency.

H.R. 3467 · 118th Congress · May 18, 2023 · Lineage

A BILL

Section 1 Federal Reserve transparency

(a)
Federal Reserve Act— The Federal Reserve Act (12 U.S.C. 221 et seq.) is amended—
(1)
in section 13(3), by adding at the end the following:

“(F) Congressional access to information

“(i) In general—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.

“(ii) Confidentiality—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.”

(2)
in the first subsection (s) (related to “Federal Reserve Transparency”) of section 11—
(A)
in paragraph (2)(B), by striking “eighth” and inserting “fourth”;
(B)
in paragraph (5), by striking “24-month” and inserting “12-month”; and
(C)
in paragraph (7)—
(i)
by striking “This subsection” and inserting the following:

“(A) In general—This subsection”

(ii)
by inserting “public” before “disclosure”; and
(iii)
by adding at the end the following:

“(B) Congressional access to information

“(i) In general—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.

“(ii) Confidentiality—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.”

(b)
Dodd-Frank Wall Street Reform and Consumer Protection Act— Title XI of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended—
(1)
in section 1104 (12 U.S.C. 5611)—
(A)
in subsection (a)(2)—
(i)
in subparagraph (A), by striking “and” at the end;
(ii)
by redesignating subparagraph (B) as subparagraph (C); and
(iii)
by inserting after subparagraph (A) the following:

“(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”

(B)
in subsection (b), by inserting after “consent of the Secretary” the following: “and notification to Congress”;
(C)
in subsection (c)(2), in the heading, by inserting “Congressional review and” before “GAO”; and
(D)
by striking subsection (d);
(2)
in section 1105 (12 U.S.C. 5612)—
(A)
in subsection (c)—
(i)
in paragraph (1)—
(I)
by inserting “and upon notification to Congress” after “with the President”;
(II)
by striking “President may” and inserting “President shall”; and
(III)
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
(ii)
in paragraph (2), by inserting “and upon notification to Congress” after “with the President”; and
(B)
in subsection (g), by amending paragraph (3) to read as follows:

“(3) Liquidity event—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.”

(c)
Title 31— Section 714(f)(3) of title 31, United States Code, is amended—
(1)
in subparagraph (B), by striking “legislative or”; and
(2)
in subparagraph (C)(i), by striking “, including to Congress,”.