Section 1 Short title
This Act may be cited as the “Stop Executive Capture of Banking Regulators Act”.
Stop Executive Capture of Banking Regulators Act
A BILL
To require Federal banking regulators to report on the implementation of recommendations from the FSOC Chairperson and Executive Orders, and for other purposes.
Sec. 2 Report on the implementation of recommendations from the FSOC Chairperson and Executive Orders
Board of Governors of the Federal Reserve System— Section 10 of the Federal Reserve Act (12 U.S.C. 247b) is amended by inserting after paragraph (10) the following:
“(11) Report on the implementation of recommendations from the FSOC Chairperson and Executive Orders—The Board of Governors of the Federal Reserve System may not implement a non-binding recommendation made by the Chairperson of the Financial Stability Oversight Council or contained in an Executive Order unless the Board of Governors first provides the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate with—
“(A) notice that the Board of Governors intends to implement such recommendation;
“(B) a report containing the proposed implementation by the Board of Governors and a justification for such implementation; and
“(C) upon request, not later than the end of the 120-day period beginning on the date of the notice under subparagraph (A), testimony on such proposed implementation.”
Office of the Comptroller of the Currency— Section 324 of the Revised Statutes of the United States (12 U.S.C. 1) is amended by adding at the end the following:
“(c) Report on the implementation of recommendations from the FSOC Chairperson and Executive Orders—The Comptroller of the Currency may not implement a non-binding recommendation made by the Chairperson of the Financial Stability Oversight Council or contained in an Executive Order unless the Comptroller of the Currency first provides the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate with—
“(1) notice that the Comptroller of the Currency intends to implement such recommendation;
“(2) a report containing the proposed implementation by the Comptroller of the Currency and a justification for such implementation; and
“(3) upon request, not later than the end of the 120-day period beginning on the date of the notice under paragraph (1), testimony on such proposed implementation.”
Federal Deposit Insurance Corporation— Section 2 of the Federal Deposit Insurance Act (12 U.S.C. 1812) is amended by inserting after subsection (f) the following:
“(g) Report on the implementation of recommendations from the FSOC Chairperson and Executive Orders—The Board of Directors of the Corporation may not implement a non-binding recommendation made by the Chairperson of the Financial Stability Oversight Council or contained in an Executive Order unless the Board of Directors first provides the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate with—
“(1) notice that the Board of Directors intends to implement such recommendation;
“(2) a report containing the proposed implementation by the Board of Directors and a justification for such implementation; and
“(3) upon request, not later than the end of the 120-day period beginning on the date of the notice under paragraph (1), testimony on such proposed implementation.”
National Credit Union Administration— Section 102 of the Federal Credit Union Act (12 U.S.C. 1752a) is amended by adding at the end the following:
“(g) Report on the implementation of recommendations from the FSOC Chairperson and Executive Orders—The Board may not implement a non-binding recommendation made by the Chairperson of the Financial Stability Oversight Council or contained in an Executive Order unless the Board first provides the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate with—
“(1) notice that the Board intends to implement such recommendation;
“(2) a report containing the proposed implementation by the Board and a justification for such implementation; and
“(3) upon request, not later than the end of the 120-day period beginning on the date of the notice under paragraph (1), testimony on such proposed implementation.”
Federal Housing Finance Administration— Section 1311 of the Housing and Community Development Act of 1992 (12 U.S.C. 4511) is amended by adding at the end the following:
“(d) Report on the implementation of recommendations from the FSOC Chairperson and Executive Orders—The Director may not implement a non-binding recommendation made by the Chairperson of the Financial Stability Oversight Council or contained in an Executive Order unless the Director first provides the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate with—
“(1) notice that the Director intends to implement such recommendation;
“(2) a report containing the proposed implementation by the Director and a justification for such implementation; and
“(3) upon request, not later than the end of the 120-day period beginning on the date of the notice under paragraph (1), testimony on such proposed implementation.”