Federal Reserve Accountability and Transparency Act of 2014 - Amends the Federal Reserve Act (FRA) to direct the Chairman of the Federal Open Market Committee (FOMC) to submit to the Comptroller General (GAO) and to certain congressional committees a Directive Policy Rule (DPR), including an identification of FOMC members who voted in its favor.
Defines DPR as a policy rule developed by the FOMC that meets specified requirements and provides the basis for the Open Market Operations Directive.
Directs GAO to study whether the DPR has materially changed, audit any materially changed DPR, and report to certain congressional committees on whether the ensuing DPR and the FOMC are in compliance with this Act.
Requires the Chairman of the Board of Governors of the Federal Reserve System (Federal Reserve Board) to testify before certain congressional committees as to why non-compliance with this Act, if any, exists.
Establishes a one-week blackout period during which permissible public communications by FOMC members and staff are restricted with respect to: (1) macroeconomic or financial developments; or (2) current, or prospective monetary policy issues.
Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) to direct the Federal Reserve Board to issue regulations, after public notice and comment, that provide for the at least three different sets of conditions (baseline, adverse, and severely adverse) and related methodologies required under current law for the evaluation of nonbank financial companies and certain bank holding companies with over $50 billion in assets.
Directs the Federal Reserve Board to disclose publicly the aggregate number of supervisory letters sent to such bank holding companies, including the aggregate number of such letters designated as either "Matters Requiring Attention" or "Matters Requiring Immediate Attention."
Increases from semi-annual to quarterly the number of times the Chairman of the Federal Reserve Board is required to give testimony to Congress.
Amends the FRA to require the Vice Chairman for Supervision to give written testimony on the status of all pending and anticipated rulemakings made by the Board.
Requires the Federal Reserve Board, before issuing any regulation, to assess the costs and benefits of available regulatory alternatives and choose the approach that maximizes net benefits and is tailored to impose the least impact on the availability of credit, economic growth, and the least burden on society.
Prescribes the contents of a post-adoption impact assessment plan the Board must develop whenever it adopts or amends a major rule.
Amends the FRA to prescribe ethics standards governing Federal Reserve Board members and employees, including requirements for disclosure of staff salaries and financial information.
Prescribes requirements for Federal Reserve Board negotiations with any foreign or multinational entity.
Amends the Federal Deposit Insurance Act to prescribe requirements for negotiations by the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) with any foreign or multinational entity.
Directs the Secretary of the Treasury, as a prerequisite to entering into negotiations with any foreign or multinational entity, to notify and consult with certain congressional committees regarding the nature of the agreement and its anticipated effects upon the economy.
[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5018 Introduced in House (IH)]
113th CONGRESS
2d Session
H. R. 5018
To amend the Federal Reserve Act to establish requirements for policy
rules and blackout periods of the Federal Open Market Committee, to
establish requirements for certain activities of the Board of Governors
of the Federal Reserve System, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 7, 2014
Mr. Huizenga of Michigan (for himself and Mr. Garrett) introduced the
following bill; which was referred to the Committee on Financial
Services, and in addition to the Committee on Oversight and Government
Reform, for a period to be subsequently determined by the Speaker, in
each case for consideration of such provisions as fall within the
jurisdiction of the committee concerned
_______________________________________________________________________
A BILL
To amend the Federal Reserve Act to establish requirements for policy
rules and blackout periods of the Federal Open Market Committee, to
establish requirements for certain activities of the Board of Governors
of the Federal Reserve System, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Federal Reserve Accountability and
Transparency Act of 2014''.
SEC. 2. REQUIREMENTS FOR POLICY RULES OF THE FEDERAL OPEN MARKET
COMMITTEE.
(a) In General.--The Federal Reserve Act (12 U.S.C. 221 et seq.) is
amended by inserting after section 2B the following new section:
``SEC. 2C. DIRECTIVE POLICY RULES OF THE FEDERAL OPEN MARKET COMMITTEE.
``(a) Definitions.--In this section the following definitions shall
apply:
``(1) Appropriate congressional committees.--The term
`appropriate congressional committees' means the Committee on
Financial Services of the House of Representatives and the
Committee on Banking, Housing, and Urban Affairs of the Senate.
``(2) Directive policy rule.--The term `Directive Policy
Rule' means a policy rule developed by the Federal Open Market
Committee that meets the requirements of subsection (c) and
that provides the basis for the Open Market Operations
Directive.
``(3) GDP.--The term `GDP' means the gross domestic product
of the United States as computed and published by the
Department of Commerce.
``(4) Intermediate policy input.--The term `Intermediate
Policy Input'--
``(A) may include any variable determined by the
Federal Open Market Committee as a necessary input to
guide open-market operations;
``(B) shall include an estimate of, and the method
of calculation for, the current rate of inflation or
current inflation expectations; and
``(C) shall include, specifying whether the
variable or estimate is historical, current, or a
forecast and the method of calculation, at least one
of--
``(i) an estimate of real GDP, nominal GDP,
or potential GDP;
``(ii) an estimate of the monetary
aggregate compiled by the Board of Governors of
the Federal Reserve System and Federal reserve
banks; or
``(iii) an interactive variable or a net
estimate composed of the estimates described in
clauses (i) and (ii).
``(5) Legislative day.--The term `legislative day' means a
day on which either House of Congress is in session.
``(6) Open market operations directive.--The term `Open
Market Operations Directive' means an order to achieve a
specified Policy Instrument Target provided to the Federal
Reserve Bank of New York by the Federal Open Market Committee
pursuant to powers authorized under section 14 of this Act that
guide open-market operations.
``(7) Policy instrument.--The term `Policy Instrument'
means--
``(A) the nominal Federal funds rate;
``(B) the nominal rate of interest paid on
nonborrowed reserves; or
``(C) the discount window primary credit interest
rate most recently published on the Federal Reserve
Statistical Release on selected interest rates (daily
or weekly), commonly referred to as the H.15 release.
``(8) Policy instrument target.--The term `Policy
Instrument Target' means the target for the Policy Instrument
specified in the Open Market Operations Directive.
``(9) Reference policy rule.--The term `Reference Policy
Rule' means a calculation of the nominal Federal funds rate as
equal to the sum of the following:
``(A) The rate of inflation over the previous four
quarters.
``(B) One-half of the percentage deviation of the
real GDP from an estimate of potential GDP.
``(C) One-half of the difference between the rate
of inflation over the previous four quarters and two.
``(D) Two.
``(b) Submitting a Directive Policy Rule.--Not later than 48 hours
after the end of a meeting of the Federal Open Market Committee, the
Chairman of the Federal Open Market Committee shall submit to the
appropriate congressional committees and the Comptroller General of the
United States a Directive Policy Rule and a statement that identifies
the members of the Federal Open Market Committee who voted in favor of
the Rule.
``(c) Requirements for a Directive Policy Rule.--A Directive Policy
Rule shall--
``(1) identify the Policy Instrument the Directive Policy
Rule is designed to target;
``(2) describe the strategy or rule of the Federal Open
Market Committee for the systematic quantitative adjustment of
the Policy Instrument Target to respond to a change in the
Intermediate Policy Inputs;
``(3) include a function that comprehensively models the
interactive relationship between the Intermediate Policy
Inputs;
``(4) include the coefficients of the Directive Policy Rule
that generate the current Policy Instrument Target and a range
of predicted future values for the Policy Instrument Target if
changes occur in any Intermediate Policy Input;
``(5) describe the procedure for adjusting the supply of
bank reserves to achieve the Policy Instrument Target;
``(6) include a statement as to whether the Directive
Policy Rule substantially conforms to the Reference Policy Rule
and, if applicable--
``(A) an explanation of the extent to which it
departs from the Reference Policy Rule;
``(B) a detailed justification for that departure;
and
``(C) a description of the circumstances under
which the Directive Policy Rule may be amended in the
future;
``(7) include a certification that such Rule is expected to
support the economy in achieving stable prices and maximum
natural employment over the long term; and
``(8) include a calculation that describes with
mathematical precision the expected annual inflation rate over
a 5-year period.
``(d) GAO Report.--The Comptroller General of the United States
shall compare the Directive Policy Rule submitted under subsection (b)
with the rule that was most recently submitted to determine whether the
Directive Policy Rule has materially changed. If the Directive Policy
Rule has materially changed, the Comptroller General shall, not later
than 7 days after each meeting of the Federal Open Market Committee,
conduct an audit of the Rule and submit a report to the appropriate
congressional committees specifying whether the Rule submitted after
that meeting and the Federal Open Market Committee are in compliance
with this section.
``(e) Changing Market Conditions.--
``(1) Rule of construction.--Nothing in this Act shall be
construed to require that the plans with respect to the
systematic quantitative adjustment of the Policy Instrument
Target described under subsection (c)(2) be implemented if the
Federal Open Market Committee determines that such plans cannot
or should not be achieved due to changing market conditions.
``(2) GAO approval of update.--Upon determining that plans
described in paragraph (1) cannot or should not be achieved,
the Federal Open Market Committee shall submit an explanation
for that determination and an updated version of the Directive
Policy Rule to the Comptroller General of the United States and
the appropriate congressional committees not later than 48
hours after making the determination. The Comptroller General
shall, not later than 48 hours after receiving such updated
version, conduct an audit and issue a report determining
whether such updated version and the Federal Open Market
Committee are in compliance with this section.
``(f) Directive Policy Rule and Federal Open Market Committee Not
in Compliance.--
``(1) In general.--If the Comptroller General of the United
States determines that the Directive Policy Rule and the
Federal Open Market Committee are not in compliance with this
section in the report submitted pursuant to subsection (d), or
that the updated version of the Directive Policy Rule and the
Federal Open Market Committee are not in compliance with this
section in the report submitted pursuant to subsection (e)(2),
the Chairman of the Board of Governors of the Federal Reserve
System shall, not later than 7 legislative days after the date
of submission of such a report, testify before the appropriate
congressional committees as to why the Directive Policy Rule,
the updated version, or the Federal Open Market Committee is
not in compliance.
``(2) GAO audit.--Notwithstanding subsection (b) of section
714 of title 31, United States Code, upon submitting a report
of noncompliance pursuant to subsection (d) or subsection
(e)(2) and after the period of 7 legislative days described in
paragraph (1), the Comptroller General shall audit the conduct
of monetary policy by the Board of Governors of the Federal
Reserve System and the Federal Open Market Committee upon
request of the appropriate congressional committee. Such
committee may specify the parameters of such audit.
``(g) Congressional Hearings.--The Chairman of the Board of
Governors of the Federal Reserve System shall, if requested by either
of the appropriate congressional committees and not later than 7
legislative days after such request, appear before such committee to
explain any change to the Directive Policy Rule.''.
(b) Conforming Amendment.--The second sentence of subsection (b) of
section 714 of title 31, United States Code, is amended by striking
``Audits'' and inserting ``Except as provided in section 2C(f) of the
Federal Reserve Act, audits''.
SEC. 3. FEDERAL OPEN MARKET COMMITTEE BLACKOUT PERIOD.
Section 12A of the Federal Reserve Act (12 U.S.C. 263) is amended
by adding at the end the following new subsection:
``(d) Blackout Period.--
``(1) In general.--During a blackout period, the only
public communications that may be made by members and staff of
the Committee with respect to macroeconomic or financial
developments or about current or prospective monetary policy
issues are the following:
``(A) The dissemination of published data, surveys,
and reports that have been cleared for publication by
the Board of Governors of the Federal Reserve System.
``(B) Answers to technical questions specific to a
data release.
``(C) Communications with respect to the prudential
or supervisory functions of the Board of Governors.
``(2) Blackout period defined.--For purposes of this
subsection, and with respect to a meeting of the Committee
described under subsection (a), the term `blackout period'
means the time period that--
``(A) begins immediately after midnight on the day
that is one week prior to the date on which such
meeting takes place; and
``(B) ends at midnight on the day after the date on
which such meeting takes place.''.
SEC. 4. REQUIREMENTS FOR STRESS TESTS AND SUPERVISORY LETTERS FOR THE
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
(a) Stress Test Rulemaking, GAO Review, and Publication of
Results.--Section 165(i)(1)(B) of the Dodd-Frank Wall Street Reform and
Consumer Protection Act (12 U.S.C. 5365(i)(1)(B)) is amended--
(1) by amending clause (i) to read as follows:
``(i) shall--
``(I) issue regulations, after
providing for public notice and
comment, that provide for at least 3
different sets of conditions under
which the evaluation required by this
subsection shall be conducted,
including baseline, adverse, and
severely adverse, and methodologies,
including models used to estimate
losses on certain assets; and
``(II) provide copies of such
regulations to the Comptroller General
of the United States and the Panel of
Economic Advisors of the Congressional
Budget Office before publishing such
regulations;''; and
(2) in clause (v), by inserting before the period the
following: ``, including any results of a resubmitted test''.
(b) Publication of the Number of Supervisory Letters Sent to the
Largest Bank Holding Companies.--Section 165 of the Dodd-Frank Wall
Street Reform and Consumer Protection Act (12 U.S.C. 5365) is further
amended by adding at the end the following new subsection:
``(l) Publication of Supervisory Letter Information.--The Board of
Governors shall publicly disclose--
``(1) the aggregate number of supervisory letters sent to
bank holding companies described in subsection (a) since the
date of the enactment of this section, and keep such number
updated; and
``(2) the aggregate number of such letters that are
designated as `Matters Requiring Attention' and the aggregate
number of such letters that are designated as `Matters
Requiring Immediate Attention'.''.
SEC. 5. FREQUENCY OF TESTIMONY OF THE CHAIRMAN OF THE BOARD OF
GOVERNORS OF THE FEDERAL RESERVE SYSTEM TO CONGRESS.
(a) In General.--Section 2B of the Federal Reserve Act (12 U.S.C.
225b) is amended--
(1) by striking ``semi-annual'' each place it appears and
inserting ``quarterly''; and
(2) in subsection (a)(2)--
(A) by inserting ``and October 20'' after ``July
20'' each place it appears; and
(B) by inserting ``and May 20'' after ``February
20'' each place it appears.
(b) Conforming Amendment.--Paragraph (12) of section 10 of the
Federal Reserve Act (12 U.S.C. 247b(12)) is amended by striking ``semi-
annual'' and inserting ``quarterly''.
SEC. 6. VICE CHAIRMAN FOR SUPERVISION REPORT REQUIREMENT.
Section 10 of the Federal Reserve Act is amended--
(1) by redesignating paragraph (12) as paragraph (11); and
(2) in paragraph (11), as so redesignated, by adding at the
end the following: ``In each such appearance, the Vice Chairman
for Supervision shall provide written testimony that includes
the status of all pending and anticipated rulemakings that are
being made by the Board of Governors of the Federal Reserve
System. If, at the time of any appearance described in this
paragraph, the position of Vice Chairman for Supervision is
vacant, the Vice Chairman for the Board of Governors of the
Federal Reserve System (who has the responsibility to serve in
the absence of the Chairman) shall appear instead and provide
the required written testimony. If, at the time of any
appearance described in this paragraph, both Vice Chairman
positions are vacant, the Chairman of the Board of Governors of
the Federal Reserve System shall appear instead and provide the
required written testimony.''.
SEC. 7. ECONOMIC ANALYSIS OF REGULATIONS OF THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM.
Section 11 of the Federal Reserve Act (12 U.S.C. 248) is amended by
inserting after subsection (l) the following new subsection:
``(m) Consideration of Economic Impacts.--
``(1) In general.--Before issuing any regulation, the Board
of Governors of the Federal Reserve System shall--
``(A) clearly identify the nature and source of the
problem that the proposed regulation is designed to
address, assess the significance of that problem, and
assess whether any new regulation is warranted;
``(B) assess the qualitative and quantitative costs
and benefits of the proposed regulation and propose or
adopt a regulation only on a reasoned determination
that the benefits of the proposed regulation outweigh
the costs of the regulation;
``(C) identify and assess available alternatives to
the proposed regulation that were considered, including
any alternative offered by a member of the Board of
Governors of the Federal Reserve System or the Federal
Open Market Committee and including any modification of
an existing regulation, together with an explanation of
why the regulation meets the regulatory objectives more
effectively than the alternatives; and
``(D) ensure that any proposed regulation is
accessible, consistent, written in plain language, and
easy to understand and shall measure, and seek to
improve, the actual results of regulatory requirements.
``(2) Considerations and actions.--
``(A) Required actions.--In deciding whether and
how to regulate, the Board shall assess the costs and
benefits of available regulatory alternatives,
including the alternative of not regulating, and choose
the approach that maximizes net benefits. Specifically,
the Board shall--
``(i) evaluate whether, consistent with
achieving regulatory objectives, the regulation
is tailored to impose the least impact on the
availability of credit and economic growth and
to impose the least burden on society,
including market participants, individuals,
businesses of different sizes, and other
entities (including State and local
governmental entities), taking into account, to
the extent practicable, the cumulative costs of
regulations; and
``(ii) evaluate whether the regulation is
inconsistent, incompatible, or duplicative of
other Federal regulations.
``(B) Additional considerations.--In addition, in
making a reasoned determination of the costs and
benefits of a proposed regulation, the Board shall, to
the extent that each is relevant to the particular
proposed regulation, take into consideration the impact
of the regulation, including secondary costs such as an
increase in the cost or a reduction in the availability
of credit or investment services or products, on--
``(i) the safety and soundness of the
United States banking system;
``(ii) market liquidity in securities
markets;
``(iii) small businesses;
``(iv) community banks;
``(v) economic growth;
``(vi) cost and access to capital;
``(vii) market stability;
``(viii) global competitiveness;
``(ix) job creation;
``(x) the effectiveness of the monetary
policy transmission mechanism; and
``(xi) employment levels.
``(3) Explanation and comments.--The Board shall explain in
its final rule the nature of comments that it received and
shall provide a response to those comments in its final rule,
including an explanation of any changes that were made in
response to those comments and the reasons that the Board did
not incorporate concerns related to the potential costs or
benefits in the final rule.
``(4) Postadoption impact assessment.--
``(A) In general.--Whenever the Board adopts or
amends a regulation designated as a `major rule' within
the meaning of section 804(2) of title 5, United States
Code, it shall state, in its adopting release, the
following:
``(i) The purposes and intended
consequences of the regulation.
``(ii) The assessment plan that will be
used, consistent with the requirements of
subparagraph (B), to assess whether the
regulation has achieved the stated purposes.
``(iii) Appropriate postimplementation
quantitative and qualitative metrics to measure
the economic impact of the regulation and the
extent to which the regulation has accomplished
the stated purpose of the regulation.
``(iv) Any reasonably foreseeable indirect
effects that may result from the regulation.
``(B) Requirements of assessment plan and report.--
``(i) Requirements of plan.--The assessment
plan required under this paragraph shall
consider the costs, benefits, and intended and
unintended consequences of the regulation. The
plan shall specify the data to be collected,
the methods for collection and analysis of the
data, and a date for completion of the
assessment. The assessment plan shall include
an analysis of any jobs added or lost as a
result of the regulation, differentiating
between public and private sector jobs.
``(ii) Submission and publication of
report.--The Board shall, not later than 2
years after the publication of the adopting
release, publish the assessment plan in the
Federal Register for notice and comment. If the
Board determines, at least 90 days before the
deadline for publication of the assessment
plan, that an extension is necessary, the Board
shall publish a notice of such extension and
the specific reasons why the extension is
necessary in the Federal Register. Any material
modification of the assessment plan, as
necessary to assess unforeseen aspects or
consequences of the regulation, shall be
promptly published in the Federal Register for
notice and comment.
``(iii) Data collection not subject to
notice and comment requirements.--If the Board
has published the assessment plan for notice
and comment at least 30 days before the
adoption of a regulation designated as a major
rule, the collection of data under the
assessment plan shall not be subject to the
notice and comment requirements in section
3506(c) of title 44, United States Code
(commonly referred to as the Paperwork
Reduction Act). Any material modification of
the plan that requires collection of data not
previously published for notice and comment
shall also be exempt from such requirements if
the Board has published notice in the Federal
Register for comment on the additional data to
be collected, at least 30 days before the
initiation of data collection.
``(iv) Final action.--Not later than 180
days after publication of the assessment plan
in the Federal Register, the Board shall issue
for notice and comment a proposal to amend or
rescind the regulation, or shall publish a
notice that the Board has determined that no
action will be taken on the regulation. Such a
notice will be deemed a final agency action.
``(5) Covered regulations and other actions.--Solely as
used in this subsection, the term `regulation'--
``(A) means a statement of general applicability
and future effect that is designed to implement,
interpret, or prescribe law or policy, or to describe
the procedure or practice requirements of the Board of
Governors, including rules, orders of general
applicability, interpretive releases, and other
statements of general applicability that the Board of
Governors intends to have the force and effect of law;
and
``(B) does not include--
``(i) a regulation issued in accordance
with the formal rulemaking provisions of
section 556 or 557 of title 5, United States
Code;
``(ii) a regulation that is limited to the
organization, management, or personnel matters
of the Board of Governors;
``(iii) a regulation promulgated pursuant
to statutory authority that expressly prohibits
compliance with this provision; or
``(iv) a regulation that is certified by
the Board of Governors to be an emergency
action, if such certification is published in
the Federal Register.''.
SEC. 8. SALARIES, FINANCIAL DISCLOSURES, AND OFFICE STAFF OF THE BOARD
OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
(a) In General.--Section 11 of the Federal Reserve Act (12 U.S.C.
248) is further amended--
(1) by redesignating the second subsection (s) (relating to
assessments, fees, and other charges for certain companies) as
subsection (t); and
(2) by adding at the end the following new subsections:
``(u) Ethics Standards for Members and Employees.--
``(1) Prohibited and restricted financial interests and
transactions.--The members and employees of the Board of
Governors of the Federal Reserve System shall be subject to the
provisions under section 4401.102 of title 5, Code of Federal
Regulations, to the same extent as such provisions apply to an
employee of the Securities and Exchange Commission.
``(2) Treatment of brokerage accounts and availability of
account statements.--The members and employees of the Board of
Governors of the Federal Reserve System shall--
``(A) disclose all brokerage accounts that they
maintain, as well as those in which they control
trading or have a financial interest (including managed
accounts, trust accounts, investment club accounts, and
the accounts of spouses or minor children who live with
the member or employee); and
``(B) with respect to any securities account that
the member or employee is required to disclose to the
Board of Governors, authorize their brokers and dealers
to send duplicate account statements directly to Board
of Governors.
``(3) Prohibitions related to outside employment and
activities.--The members and employees of the Board of
Governors of the Federal Reserve System shall be subject to the
prohibitions related to outside employment and activities
described under section 4401.103(c) of title 5, Code of Federal
Regulations, to the same extent as such prohibitions apply to
an employee of the Securities and Exchange Commission.
``(4) Additional ethics standards.--The members and
employees of the Board of Governors of the Federal Reserve
System shall be subject to--
``(A) the employee responsibilities and conduct
regulations of the Office of Personnel Management under
part 735 of title 5, Code of Federal Regulations;
``(B) the canons of ethics contained in subpart C
of part 200 of title 17, Code of Federal Regulations,
to the same extent as such subpart applies to the
employees of the Securities and Exchange Commission;
and
``(C) the regulations concerning the conduct of
members and employees and former members and employees
contained in subpart M of part 200 of title 17, Code of
Federal Regulations, to the same extent as such subpart
applies to the employees of the Securities and Exchange
Commission.
``(v) Disclosure of Staff Salaries and Financial Information.--The
Board of Governors of the Federal Reserve System shall make publicly
available, on the website of the Board of Governors, a searchable
database that contains the names of all members, officers, and
employees of the Board of Governors and each Federal reserve bank who
receive an annual salary in excess of the annual rate of basic pay for
GS-15 of the General Schedule, and--
``(1) the yearly salary information for such individuals,
along with any nonsalary compensation received by such
individuals; and
``(2) any financial disclosures required to be made by such
individuals.''.
(b) Office Staff for Each Member of the Board of Governors.--
Subsection (l) of section 11 of the Federal Reserve Act (12 U.S.C. 248)
is amended by adding at the end the following: ``Each member of the
Board of Governors of the Federal Reserve System may employ, at a
minimum, 2 individuals, with such individuals selected by such member
and the salaries of such individuals set by such member. A member may
employ additional individuals as determined necessary by the Board of
Governors.''.
SEC. 9. REQUIREMENTS FOR INTERNATIONAL NEGOTIATIONS.
(a) Board of Governors Requirements.--Section 11 of the Federal
Reserve Act (12 U.S.C. 248), as amended by section 8 of this Act, is
further amended by adding at the end the following new subsection:
``(w) International Negotiations.--
``(1) Notice of negotiations; consultation.--At least 90
calendar days before any member or employee of the Board of
Governors of the Federal Reserve System enters into
negotiations with any foreign or multinational entity, the
Board of Governors shall--
``(A) issue a notice of negotiations to the
Committee on Financial Services of the House of
Representatives and the Committee on Banking, Housing,
and Urban Affairs of the Senate;
``(B) make such notice available to the public,
including on the website of the Board of Governors; and
``(C) solicit public comment, and consult with the
committees described under subparagraph (A), with
respect to the topic matter, scope, and goals of the
negotiations.
``(2) Public reports on negotiations.--After the end of any
negotiation described under paragraph (1), the Board of
Governors shall issue a public report on the topics that were
discussed at the negotiation and any new or revised rulemakings
or policy changes that the Board of Governors believes should
be implemented as a result of the negotiations.
``(3) Notice of agreements; consultation.--At least 90
calendar days before any member or employee of the Board of
Governors of the Federal Reserve System enters into any
agreement with any foreign or multinational entity, the Board
of Governors shall--
``(A) issue a notice of agreement to the Committee
on Financial Services of the House of Representatives
and the Committee on Banking, Housing, and Urban
Affairs of the Senate;
``(B) make such notice available to the public,
including on the website of the Board of Governors; and
``(C) consult with such committees with respect to
the nature of the agreement and any anticipated effects
such agreement will have on the economy.''.
(b) FDIC Requirements.--The Federal Deposit Insurance Act (12
U.S.C. 1811 et seq.) is amended by adding at the end the following new
section:
``SEC. 50. INTERNATIONAL NEGOTIATIONS.
``(a) Notice of Negotiations; Consultation.--At least 90 calendar
days before the Board of Directors enters into negotiations with any
foreign or multinational entity, the Board of Directors shall--
``(1) issue a notice of negotiations to the Committee on
Financial Services of the House of Representatives and the
Committee on Banking, Housing, and Urban Affairs of the Senate;
``(2) make such notice available to the public, including
on the website of the Corporation; and
``(3) solicit public comment, and consult with the
committees described under paragraph (1), with respect to the
topic matter, scope, and goals of the negotiations.
``(b) Public Reports on Negotiations.--After the end of any
negotiation described under subsection (a), the Board of Directors
shall issue a public report on the topics that were discussed at the
negotiation and any new or revised rulemakings or policy changes that
the Board of Directors believes should be implemented as a result of
the negotiations.
``(c) Notice of Agreements; Consultation.--At least 90 calendar
days before the Board of Directors enters into any agreement with any
foreign or multinational entity, the Board of Directors shall--
``(1) issue a notice of agreement to the Committee on
Financial Services of the House of Representatives and the
Committee on Banking, Housing, and Urban Affairs of the Senate;
``(2) make such notice available to the public, including
on the website of the Corporation; and
``(3) consult with such committees with respect to the
nature of the agreement and any anticipated effects such
agreement will have on the economy.''.
(c) Treasury Requirements.--Section 325 of title 31, United States
Code, is amended by adding at the end the following new subsection:
``(d) International Negotiations.--
``(1) Notice of negotiations; consultation.--At least 90
calendar days before the Secretary enters into negotiations
with any foreign or multinational entity, the Secretary shall--
``(A) issue a notice of negotiations to the
Committee on Financial Services of the House of
Representatives and the Committee on Banking, Housing,
and Urban Affairs of the Senate;
``(B) make such notice available to the public,
including on the website of the Department of the
Treasury; and
``(C) solicit public comment, and consult with the
committees described under subparagraph (A), with
respect to the topic matter, scope, and goals of the
negotiations.
``(2) Public reports on negotiations.--After the end of any
negotiation described under paragraph (1), the Secretary shall
issue a public report on the topics that were discussed at the
negotiation and any new or revised rulemakings or policy
changes that the Secretary believes should be implemented as a
result of the negotiations.
``(3) Notice of agreements; consultation.--At least 90
calendar days before the Secretary enters into any agreement
with any foreign or multinational entity, the Secretary shall--
``(A) issue a notice of agreement to the Committee
on Financial Services of the House of Representatives
and the Committee on Banking, Housing, and Urban
Affairs of the Senate;
``(B) make such notice available to the public,
including on the website of the Department of the
Treasury; and
``(C) consult with such committees with respect to
the nature of the agreement and any anticipated effects
such agreement will have on the economy.''.
<all>
Introduced in House
Introduced in House
Referred to the Committee on Financial Services, and in addition to the Committee on Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Financial Services, and in addition to the Committee on Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Committee Hearings Held.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported (Amended) by the Yeas and Nays: 32 - 26.
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