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Financial Regulators Transparency Act of 2023

Source: Congress.gov  ·  11,378 words in original text
What This Bill Does
This bill makes financial agencies treat Congress members like regular citizens when they request information. Federal Reserve banks, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Federal Housing Finance Agency would all have to follow the Freedom of Information Act (a law requiring government agencies to share documents with the public) when Congress members ask for records. The bill also changes who appoints the Inspector General for the Federal Reserve and Consumer Financial Protection Bureau. --- ##
Who It Affects
Members of Congress and their staff requesting information from financial agencies Financial regulatory agencies (the Federal Reserve, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, Securities and Exchange Commission, National Credit Union Administration, Office of the Comptroller of the Currency, Federal Housing Finance Agency) Officers and employees of these agencies Committee staff handling sensitive financial information --- ##
Key Provisions
* Federal Reserve banks must treat Congress members the same as other citizens requesting information under the Freedom of Information Act, without being able to claim certain legal privileges like attorney-client privilege (Sec. 2(b)) * Congress members can request "ethics-related information" (records about employee ethics programs, financial disclosure forms, outside employment, investigations, and ethics training) from all covered financial agencies without those agencies being able to use standard secrecy rules to refuse (Sec. 2(c), Sec. 3) * Sensitive information containing confidential supervisory details or employee personal information must be stored in locked safes, reviewed only in congressional offices, and cannot be copied, but committee leaders on both sides of the aisle can approve releasing it publicly (Sec. 2(b)(6)) * Congress members can sue in federal court if financial agencies improperly withhold information they requested (Sec. 2(b)(7)) * The President (rather than the Federal Reserve Board itself) will appoint the Inspector General who oversees both the Federal Reserve and the Consumer Financial Protection Bureau (Sec. 4) --- ##
What Changes
Federal Reserve banks would no longer be able to withhold information from Congress members by claiming attorney-client privilege, deliberative process privilege, or attorney work product privilege. Ethics-related information (including financial disclosures, ethics agreements, outside employment records, disciplinary records, and ethics investigations) becomes available to Congress members from all covered financial agencies without standard secrecy claims blocking release. Congress members' requests for information would be processed faster and for free, while regular citizens' requests remain charged and lower priority. Information Congress members receive with sensitive details would require special storage and security procedures, including locked safes and staff-only access, but could be released publicly if both the senior and junior leadership of the relevant committee agree. The President gains direct appointment authority over the Inspector General position for the Federal Reserve and Consumer Financial Protection Bureau, removing this power from the Federal Reserve Board. --- ##
Important Definitions
**Confidential supervisory information:** Bank examination records and other sensitive data collected during supervision of financial institutions. **Committee confidential basis:** Information not publicly disclosed unless the top two leaders (chair and ranking member) of the relevant congressional committee agree to release it. **Covered Member of Congress:** The chairs and ranking members of specific banking and financial services committees in the Senate and House. **Ethics-related information:** Records documenting anything about an agency's ethics program, including financial disclosures, ethics agreements, outside employment, investigations, disciplinary actions, ethics determinations and advice, ethics training, waivers, and approvals. Does NOT include private advice given to individual employees unless that advice has legal effect (like a waiver). **Personnel and medical files:** Personal information about employees that would normally be kept private, but does NOT include financial disclosure forms or performance and disciplinary records. --- ##
Effective Date
Not specified in bill text
Important: This plain English summary was generated by AI and is provided for informational purposes only. It is not legal advice. Always consult the official bill text on Congress.gov or a qualified attorney for legal matters.