To enhance Federal Deposit Insurance Corporation transparency.

I 118TH CONGRESS 1ST SESSION H. R. 3465 To enhance Federal Deposit Insurance Corporation transparency. IN THE HOUSE OF REPRESENTATIVES MAY 18, 2023 Mr. BARR (for himself and Mr. LOUDERMILK) introduced the following bill; which was referred to the Committee on Financial Services A BILL To enhance Federal Deposit Insurance Corporation transparency. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. FEDERAL DEPOSIT INSURANCE CORPORATION 3 TRANSPARENCY. 4 Section 13(c) of the Federal Deposit Insurance Act 5 (12 U.S.C. 1823) is amended— 6 (1) in paragraph (1)(C), by inserting after 7 ‘‘taken’’ the following: ‘‘after notification to the 8 Committee on Financial Services of the House of 9 Representatives and the Committee on Banking, 10 Housing, and Urban Affairs of the Senate and’’; 11 VerDate Sep 11 2014 04:33 Jun 03, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H3465.IH H3465 kjohnson on DSK79L0C42PROD with BILLS 2 •HR 3465 IH (2) in paragraph (4)— 1 (A) in subparagraph (B)(i)(I), by striking 2 ‘‘a present-value’’ and inserting ‘‘an expected 3 present-value’’; and 4 (B) in subparagraph (G)— 5 (i) in clause (i)— 6 (I) by inserting ‘‘after notifica- 7 tion to the Committee on Financial 8 Services of the House of Representa- 9 tives and the Committee on Banking, 10 Housing, and Urban Affairs of the 11 Senate and’’ before ‘‘upon the’’; and 12 (II) in subclause (II), by striking 13 ‘‘would’’ and inserting ‘‘that can be 14 shown to’’; 15 (ii) in clause (iii)(I), by inserting be- 16 fore the semicolon the following: ‘‘, includ- 17 ing documentation of factors, empirical 18 analyses, and data that gave rise to the de- 19 termination’’; and 20 (iii) by adding at the end the fol- 21 lowing: 22 ‘‘(vi) ADDITIONAL REPORTS TO CON- 23 GRESS ON EMERGENCY DETERMINA- 24 TIONS.— 25 VerDate Sep 11 2014 04:33 Jun 03, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H3465.IH H3465 kjohnson on DSK79L0C42PROD with BILLS 3 •HR 3465 IH ‘‘(I) IN GENERAL.—With respect 1 to each determination under clause 2 (i), the Board of Directors, the Board 3 of Governors of the Federal Reserve 4 System, and the Secretary of the 5 Treasury shall each provide to the 6 Committee on Financial Services of 7 the House of Representatives and the 8 Committee on Banking, Housing, and 9 Urban Affairs of the Senate— 10 ‘‘(aa) not later than 3 days 11 after such determination, all doc- 12 umentation related to such deter- 13 mination, including staff analyses 14 and memoranda; and 15 ‘‘(bb) not later than 30 days 16 after such determination, any 17 analyses undertaken to justify 18 such determination, including 19 data, metrics used, and quan- 20 titative analyses undertaken. 21 ‘‘(II) INFORMATION REQUESTED 22 BY COMMITTEES.—The Secretary of 23 the Treasury shall provide the Com- 24 mittee on Financial Services of the 25 VerDate Sep 11 2014 04:33 Jun 03, 2023 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H3465.IH H3465 kjohnson on DSK79L0C42PROD with BILLS 4 •HR 3465 IH House of Representatives and the 1 Committee on Banking, Housing, and 2 Urban Affairs of the Senate with such 3 additional information related to a de- 4 termination under clause (i) as the 5 committees may request. The Sec- 6 retary of the Treasury may submit, 7 with such information, a written re- 8 quest and justification for the com- 9 mittees to treat the information con- 10 fidentially.’’; and 11 (3) in paragraph (8)(B), after ‘‘in writing’’ by 12 inserting ‘‘, shall include details of factors that led 13 to the determination and analyses of those factors 14 and their implications’’. 15 Æ VerDate Sep 11 2014 04:33 Jun 03, 2023 Jkt 039200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\H3465.IH H3465 kjohnson on DSK79L0C42PROD with BILLS