To enhance Federal Reserve transparency.

I 118TH CONGRESS 1ST SESSION H. R. 3467 To enhance Federal Reserve 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, and in addi- tion to the Committee on Oversight and Accountability, for a period to be subsequently determined by the Speaker, in each case for consider- ation of such provisions as fall within the jurisdiction of the committee concerned A BILL To enhance Federal Reserve 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 RESERVE TRANSPARENCY. 3 (a) FEDERAL RESERVE ACT.—The Federal Reserve 4 Act (12 U.S.C. 221 et seq.) is amended— 5 (1) in section 13(3), by adding at the end the 6 following: 7 ‘‘(F) CONGRESSIONAL ACCESS TO INFOR- 8 MATION.— 9 VerDate Sep 11 2014 01:14 Jun 13, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H3467.IH H3467 pbinns on DSKJLVW7X2PROD with $$_JOB 2 •HR 3467 IH ‘‘(i) IN GENERAL.—The Board shall 1 make available to the Committee on Finan- 2 cial Services of the House of Representa- 3 tives and the Committee on Banking, 4 Housing, and Urban Affairs of the Senate 5 information requested by such committees 6 related to any credit facility established by 7 or on behalf of the Federal Reserve System 8 or a Federal reserve bank and authorized 9 by the Board under this paragraph. 10 ‘‘(ii) CONFIDENTIALITY.—With re- 11 spect to a request described under clause 12 (i), if the Chairman of the Board deter- 13 mines that any part of the requested infor- 14 mation needs to remain confidential and 15 provides written notice of such determina- 16 tion to the committee making such request, 17 the Board shall only make that part of the 18 requested information available to the 19 chair and ranking member of the com- 20 mittee.’’; and 21 (2) in the first subsection (s) (related to ‘‘Fed- 22 eral Reserve Transparency’’) of section 11— 23 (A) in paragraph (2)(B), by striking 24 ‘‘eighth’’ and inserting ‘‘fourth’’; 25 VerDate Sep 11 2014 01:14 Jun 13, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H3467.IH H3467 pbinns on DSKJLVW7X2PROD with $$_JOB 3 •HR 3467 IH (B) in paragraph (5), by striking ‘‘24- 1 month’’ and inserting ‘‘12-month’’; and 2 (C) in paragraph (7)— 3 (i) by striking ‘‘This subsection’’ and 4 inserting the following: 5 ‘‘(A) IN GENERAL.—This subsection’’; 6 (ii) by inserting ‘‘public’’ before ‘‘dis- 7 closure’’; and 8 (iii) by adding at the end the fol- 9 lowing: 10 ‘‘(B) CONGRESSIONAL ACCESS TO INFOR- 11 MATION.— 12 ‘‘(i) IN GENERAL.—The Board shall, 13 upon request, make the nonpublic personal 14 information described under subparagraph 15 (A) available to the Committee on Finan- 16 cial Services of the House of Representa- 17 tives and the Committee on Banking, 18 Housing, and Urban Affairs of the Senate. 19 ‘‘(ii) CONFIDENTIALITY.—With re- 20 spect to a request described under clause 21 (i), if the Chairman of the Board deter- 22 mines that any part of the requested infor- 23 mation needs to remain confidential and 24 provides written notice of such determina- 25 VerDate Sep 11 2014 01:14 Jun 13, 2023 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H3467.IH H3467 pbinns on DSKJLVW7X2PROD with $$_JOB 4 •HR 3467 IH tion to the committee making such request, 1 the Board shall only make that part of the 2 requested information available to the 3 chair and ranking member of the com- 4 mittee.’’. 5 (b) DODD-FRANK WALL STREET REFORM AND CON- 6 SUMER PROTECTION ACT.—Title XI of the Dodd-Frank 7 Wall Street Reform and Consumer Protection Act is 8 amended— 9 (1) in section 1104 (12 U.S.C. 5611)— 10 (A) in subsection (a)(2)— 11 (i) in subparagraph (A), by striking 12 ‘‘and’’ at the end; 13 (ii) by redesignating subparagraph 14 (B) as subparagraph (C); and 15 (iii) by inserting after subparagraph 16 (A) the following: 17 ‘‘(B) be transmitted to the chair and rank- 18 ing member of the Committee on Financial 19 Services of the House of Representatives and 20 the chair and ranking member of the Com- 21 mittee on Banking, Housing, and Urban Affairs 22 of the Senate; and’’; 23 VerDate Sep 11 2014 01:14 Jun 13, 2023 Jkt 039200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H3467.IH H3467 pbinns on DSKJLVW7X2PROD with $$_JOB 5 •HR 3467 IH (B) in subsection (b), by inserting after 1 ‘‘consent of the Secretary’’ the following: ‘‘and 2 notification to Congress’’; 3 (C) in subsection (c)(2), in the heading, by 4 inserting ‘‘CONGRESSIONAL REVIEW AND’’ be- 5 fore ‘‘GAO’’; and 6 (D) by striking subsection (d); 7 (2) in section 1105 (12 U.S.C. 5612)— 8 (A) in subsection (c)— 9 (i) in paragraph (1)— 10 (I) by inserting ‘‘and upon notifi- 11 cation to Congress’’ after ‘‘with the 12 President’’; 13 (II) by striking ‘‘President may’’ 14 and inserting ‘‘President shall’’; and 15 (III) by striking ‘‘amount and a 16 request’’ and inserting ‘‘amount, and 17 include in such report the expected 18 cost to taxpayers and a detailed de- 19 scription of the assumptions made 20 and analytical tools used to calculate 21 such expected cost, and a request’’; 22 and 23 VerDate Sep 11 2014 01:14 Jun 13, 2023 Jkt 039200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H3467.IH H3467 pbinns on DSKJLVW7X2PROD with $$_JOB 6 •HR 3467 IH (ii) in paragraph (2), by inserting 1 ‘‘and upon notification to Congress’’ after 2 ‘‘with the President’’; and 3 (B) in subsection (g), by amending para- 4 graph (3) to read as follows: 5 ‘‘(3) LIQUIDITY EVENT.—The term ‘liquidity 6 event’ shall have the definition given such term, 7 jointly, by the Board of Governors, the Corporation, 8 and the Secretary, by rule pursuant to notice and 9 comment.’’. 10 (c) TITLE 31.—Section 714(f)(3) of title 31, United 11 States Code, is amended— 12 (1) in subparagraph (B), by striking ‘‘legislative 13 or’’; and 14 (2) in subparagraph (C)(i), by striking ‘‘, in- 15 cluding to Congress,’’. 16 Æ VerDate Sep 11 2014 01:14 Jun 13, 2023 Jkt 039200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6301 E:\BILLS\H3467.IH H3467 pbinns on DSKJLVW7X2PROD with $$_JOB