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IIB
116TH CONGRESS
1ST SESSION
H. R. 974
IN THE SENATE OF THE UNITED STATES
MARCH 12, 2019
Received; read twice and referred to the Committee on Banking, Housing, and
Urban Affairs
AN ACT
To amend the Federal Reserve Act to require the Vice Chair-
man for Supervision of the Board of Governors of the
Federal Reserve System to provide a written report, and
for other purposes.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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HR 974 RFS
SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘Federal Reserve Su-
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pervision Testimony Clarification Act’’.
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SEC. 2. VICE CHAIRMAN FOR SUPERVISION REPORT RE-
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QUIREMENT.
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Paragraph (12) of section 10 of the Federal Reserve
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Act (12 U.S.C. 247b) is amended—
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(1) by redesignating such paragraph as para-
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graph (11); and
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(2) in such paragraph—
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(A) by striking ‘‘shall appear’’ and insert-
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ing ‘‘shall provide written testimony and ap-
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pear’’; and
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(B) by adding at the end the following:
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‘‘If, at the time of any appearance described in
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this paragraph, the position of Vice Chairman
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for Supervision is vacant, the Chairman or their
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designee shall appear instead and provide the
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required written testimony.’’.
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SEC. 3. DETERMINATION OF BUDGETARY EFFECTS.
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The budgetary effects of this Act, for the purpose of
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complying with the Statutory Pay-As-You-Go Act of 2010,
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shall be determined by reference to the latest statement
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titled ‘‘Budgetary Effects of PAYGO Legislation’’ for this
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Act, submitted for printing in the Congressional Record
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by the Chairman of the House Budget Committee, pro-
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HR 974 RFS
vided that such statement has been submitted prior to the
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vote on passage.
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Passed the House of Representatives March 11,
2019.
Attest:
CHERYL L. JOHNSON,
Clerk.
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