Financial Regulators Transparency Act of 2022
This bill makes certain disclosure and ethics requirements applicable to the Federal Reserve banks and financial regulators. For example, the bill makes Federal Reserve banks subject to Freedom of Information Act requests and makes financial regulators subject to congressional ethics inquiries.
[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 5300 Introduced in Senate (IS)]
<DOC>
117th CONGRESS
2d Session
S. 5300
To provide greater transparency with respect to the financial
regulatory agencies, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
December 19, 2022
Mr. Toomey (for himself, Ms. Warren, Ms. Lummis, and Mr. Tillis)
introduced the following bill; which was read twice and referred to the
Committee on the Judiciary
_______________________________________________________________________
A BILL
To provide greater transparency with respect to the financial
regulatory agencies, 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 ``Financial Regulators Transparency
Act of 2022''.
SEC. 2. TRANSPARENCY OF THE FEDERAL RESERVE BANKS.
The Federal Reserve Act is amended--
(1) by redesignating sections 30 and 31 as sections 31 and
32, respectively; and
(2) by inserting after section 29 (12 U.S.C. 504) the
following:
``SEC. 30. TRANSPARENCY OF FEDERAL RESERVE BANKS AND BOARD OF
GOVERNORS.
``(a) Application of FOIA and the Federal Records Act of 1950 to
the Federal Reserve Banks.--
``(1) FOIA.--Each Federal reserve bank shall be considered
an agency, as defined in subsection (f) of section 552 of title
5, United States Code (commonly known as the `Freedom of
Information Act'), for purposes of applying the requirements
under that section.
``(2) Federal records act of 1950.--Each Federal reserve
bank shall be considered a Federal agency for purposes of
applying the requirements under chapter 31 of title 44, United
States Code (commonly known as the `Federal Records Act of
1950').
``(b) Congressional FOIA Requests for Information From Federal
Reserve Banks.--
``(1) Definitions.--In this subsection--
``(A) the term `committee confidential basis', with
respect to information, means not publicly disclosing
the information, in whole or in part or by way of
summary, unless the chair and ranking member of the
relevant committee or subcommittee described in
subparagraph (C) agree to publicly disclose the
information;
``(B) the term `confidential supervisory
information' has the meaning given the term in section
261.2(b) of title 12, Code of Federal Regulations, or
any successor regulation;
``(C) the term `covered Member of Congress' means--
``(i) the chair and ranking member of the
Committee on Banking, Housing, and Urban
Affairs of the Senate;
``(ii) the chair and ranking member of the
Subcommittee on Economic Policy of the
Committee on Banking, Housing, and Urban
Affairs of the Senate;
``(iii) the chair and ranking member of the
Subcommittee on Financial Institutions and
Consumer Protection of the Committee on
Banking, Housing, and Urban Affairs of the
Senate;
``(iv) the chair and ranking member of the
Committee on Financial Services of the House of
Representatives;
``(v) the chair and ranking member of the
Subcommittee on Consumer Protection and
Financial Institutions of the Committee on
Financial Services of the House of
Representatives; and
``(vi) the chair and ranking member of the
Subcommittee on National Security,
International Development and Monetary Policy
of the Committee on Financial Services of the
House of Representatives;
``(D) the term `Inspector General' means the
Inspector General of the Board of Governors of the
Federal Reserve System and the Bureau of Consumer
Financial Protection; and
``(E) the term `personnel and medical files'--
``(i) means personnel and medical files and
similar files that are exempt from disclosure
under section 552(b)(6) of title 5, United
States Code; and
``(ii) does not include--
``(I) financial disclosure forms;
or
``(II) performance, disciplinary,
or adverse action information.
``(2) Authority.--
``(A) In general.--Subject to subparagraph (B),
section 552 of title 5, United States Code, is not
authority for a Federal reserve bank to withhold
information from Congress or any Member of Congress.
``(B) Rule of construction.--Nothing in
subparagraph (A) shall be construed to affect the
authority of a Federal reserve bank to withhold from an
individual Member of Congress requesting information
under section 552 of title 5, United States Code--
``(i) information relating to monetary
policy deliberations that is exempt from
disclosure under section 552(b)(5) of title 5,
United States Code; and
``(ii) except as provided in paragraph
(6)--
``(I) confidential supervisory
information, as defined in section
261.2(b) of title 12, Code of Federal
Regulations, or any successor
regulation, that is exempt from
disclosure under section 552(b)(8) of
title 5, United States Code; and
``(II) personnel and medical files.
``(3) Priority of requests from members of congress.--Any
request for information from a Federal reserve bank under
section 552 of title 5, United States Code, made by a Member of
Congress--
``(A) shall be prioritized ahead of requests for
information made by persons other than Members of
Congress; and
``(B) shall be processed without charging any fee
to the Member of Congress.
``(4) Common law privileges.--Notwithstanding any other
provision of law, a Federal reserve bank may not withhold
information requested by a Member of Congress under section 552
of title 5, United States Code, on the basis that the
information is privileged pursuant to a common law privilege,
such as the deliberative process privilege, attorney-client
privilege, or attorney work product privilege.
``(5) Maintenance and security of materials.--With respect
to any materials that are received by or in the possession of a
Member of Congress or any staff member of a Member of Congress
in response to a request made by a Member of Congress under
section 552 of title 5, United States Code, from a Federal
reserve bank, the chief clerk of the Committee on Banking,
Housing, and Urban Affairs of the Senate, with respect to the
Senate, and the chief clerk of the Committee on Financial
Services of the House of Representatives, with respect to the
House of Representatives, shall--
``(A) have responsibility for the maintenance and
security of those materials; and
``(B) ensure that--
``(i) the materials are stored in a safe
with a combination lock by the chief clerk of
the relevant committee in the offices of the
relevant committee;
``(ii) the materials do not leave the
relevant committee, except for a Member of
Congress or any staff member of a Member of
Congress to review the materials in a
congressional office or to return the materials
to the Federal reserve bank;
``(iii) a Member of Congress or any staff
member of a Member of Congress shall review the
materials in a congressional office; and
``(iv) a Member of Congress or any staff
member of a Member of Congress shall keep the
materials in their physical custody when
reviewing them and keep the materials in the
safe of the chief clerk of the relevant
committee when not reviewing the materials.
``(6) Confidential supervisory information and personnel
and medical files.--
``(A) Prohibition.--Notwithstanding subclauses (I)
and (II) of paragraph (2)(B)(ii) or any other provision
of law, a Federal reserve bank may not withhold
information requested by a covered Member of Congress
under section 552 of title 5, United States Code, on
the basis that the information contains confidential
supervisory information or personnel and medical files.
``(B) Access to information.--
``(i) In general.--Any covered Member of
Congress and any staff member of a covered
Member of Congress that receives information
that contains confidential supervisory
information or personnel and medical files
pursuant to a request made under section 552 of
title 5, United States Code, from a Federal
reserve bank shall handle that information on a
committee confidential basis according to the
procedures described in clause (ii).
``(ii) Procedures.--
``(I) Maintenance and security of
materials.--With respect to any
materials containing confidential
supervisory information or personnel
and medical files that is received by
or in the possession of a covered
Member of Congress or any staff member
of a covered Member of Congress under
clause (i), the chief clerk of the
relevant committee shall--
``(aa) have responsibility
for the maintenance and
security of those materials;
and
``(bb) ensure that--
``(AA) the
materials are stored in
a safe with a
combination lock by the
chief clerk of the
relevant committee in
the offices of the
relevant committee;
``(BB) the
materials do not leave
the relevant committee;
``(CC) a covered
Member of Congress or
any staff member of a
covered Member of
Congress shall keep the
materials in their
physical custody when
reviewing them and keep
the materials in the
safe of the chief clerk
of the relevant
committee when not
reviewing the
materials;
``(DD)
photocopying, scanning,
or other reproduction
of the materials is
prohibited; and
``(EE) notes may be
taken regarding the
materials, but any
notes shall be stored
in safe of the chief
clerk of the relevant
committee and such
notes shall not be
taken or transmitted
outside of the offices
of the relevant
committee.
``(II) Access.--Access to materials
containing confidential supervisory
information or personnel and medical
files supplied to a covered Member of
Congress shall be limited to those
staff members of the relevant committee
or subcommittee with a need-to-know, as
determined by the Staff Director and
Minority Staff Director of the
committee.
``(III) Unauthorized disclosure.--
Any disclosure of materials containing
confidential supervisory information or
personnel and medical files without the
agreement of the chair and ranking
member of the relevant committee or
subcommittee of Congress to publicly
disclose the information, or other
violation of this subparagraph, shall
constitute grounds for referral to the
Select Committee on Ethics of the
Senate or the Committee on Ethics of
the House of Representatives, as
applicable.
``(7) Standing.--Any Member of Congress who makes a request
for information from a Federal reserve bank under section 552
of title 5, United States Code, has standing to file in the
appropriate district court of the United States an action to
enjoin the Federal reserve bank from withholding records of the
Federal reserve bank and to order the production of any records
of the Federal reserve bank improperly withheld from the Member
of Congress in the same manner as any other person under that
section.
``(c) Congressional FOIA Requests for Ethics-Related Information
From the Board of Governors and the Federal Reserve Banks.--
``(1) Ethics-related information defined.--
``(A) In general.--Subject to subparagraph (B), in
this subsection, the term `ethics-related information'
means any record documenting or relating to--
``(i) the activities of the ethics program
of the Board or a Federal reserve bank;
``(ii) financial disclosure reports and
related records;
``(iii) ethics agreements and related
records;
``(iv) outside employment and activity of
officers and employees of the Board or a
Federal reserve bank;
``(v) referrals of violations of criminal
conflict of interest statutes;
``(vi) ethics-related disciplinary records
or adverse actions;
``(vii) ethics-related investigations,
inquiries, or reviews;
``(viii) ethics-related materials,
including ethics determinations issued by,
ethics advice issued by, ethics consultation
engaged in, and ethics training records of the
Board or a Federal reserve bank; and
``(ix) any other ethics-related policies,
procedures, practices, or program records of
the Board or a Federal reserve bank,
including--
``(I) any record relating to--
``(aa) ethics policies,
procedures, practices, or
program implementation,
interpretation, counseling,
management, development,
review, or complaints;
``(bb) employee training
and education related to any
ethics-related policies,
procedures, practices, or
program;
``(cc) ethics waivers,
authorizations, and approvals;
``(dd) non-Federally funded
travel;
``(ee) any ethics-related
annual questionnaires relating
to the ethics program of the
Board or a Federal reserve
bank; and
``(ff) any other ethics-
related policies, procedures,
practices, or program of the
Board or a Federal reserve
bank; and
``(II) any other record described
in the document entitled, `General
Records Schedule 2.8: Employee Ethics
Records' published in September 2016 by
the National Archives and Records
Administration, or any successor
document.
``(B) Exclusion of certain ethics-related
information.--Notwithstanding subparagraph (A), a
record of advice and counseling provided by an ethics
official to an individual officer or employee, except
for a record that has operative legal effect such as a
waiver, an authorization, an approval, or a
determination that alters the ethical obligations of
such officer or employee, shall not be included in the
definition of the term `ethics-related information' for
the purposes of this Act.
``(2) Disclosure of ethics-related information to members
of congress.--
``(A) In general.--Section 552 of title 5, United
States Code, is not authority for the Board or a
Federal reserve bank to withhold ethics-related
information from a Member of Congress, including any
ethics-related information in a personnel file.
``(B) Rule of construction.--No provision of law,
including title I of the Ethics in Government Act (5
U.S.C. App.), shall preclude or limit the disclosure of
ethics-related information to a Member of Congress
under subparagraph (A).
``(3) Priority of requests from members of congress.--Any
request for ethics-related information from the Board or a
Federal reserve bank under section 552 of title 5, United
States Code, made by a Member of Congress--
``(A) shall be prioritized ahead of requests for
information made by persons other than Members of
Congress; and
``(B) shall be processed without charging any fee
to the Member of Congress.
``(4) Common law privileges.--Notwithstanding any other
provision of law, the Board or a Federal reserve bank may not
withhold ethics-related information requested by a Member of
Congress under section 552 of title 5, United States Code, on
the basis that the information is privileged pursuant to a
common law privilege, such as the deliberative process
privilege, attorney-client privilege, or attorney work product
privilege.
``(5) Maintenance and security of materials.--With respect
to any materials related to ethics-related information that are
received by or in the possession of a Member of Congress or any
staff member of a Member of Congress in response to a request
made by a Member of Congress under section 552 of title 5,
United States Code, from the Board or a Federal reserve bank,
the chief clerk of the Committee on Banking, Housing, and Urban
Affairs of the Senate, with respect to the Senate, and the
chief clerk of the Committee on Financial Services of the House
of Representatives, with respect to the House of
Representatives, shall--
``(A) have responsibility for the maintenance and
security of those materials; and
``(B) ensure that--
``(i) the materials are stored in a safe
with a combination lock by the chief clerk of
the relevant committee in the offices of the
relevant committee;
``(ii) the materials do not leave the
relevant committee, except for a Member of
Congress or any staff member of a Member of
Congress to review the materials in a
congressional office or to return the materials
to the Board or the Federal reserve bank, as
applicable;
``(iii) a Member of Congress or any staff
member of a Member of Congress shall review the
materials in a congressional office; and
``(iv) a Member of Congress or any staff
member of a Member of Congress shall keep the
materials in their physical custody when
reviewing them and keep the materials in the
safe of the chief clerk of the relevant
committee when not reviewing the materials.
``(6) Standing.--Any Member of Congress who makes a request
for ethics-related information from the Board or a Federal
reserve bank under section 552 of title 5, United States Code,
has standing to file in the appropriate district court of the
United States an action to enjoin the Board or the Federal
reserve bank, as applicable, from withholding records of the
Board or the Federal reserve bank, as applicable, and to order
the production of any records of the Board or the Federal
reserve bank, as applicable, improperly withheld from the
Member of Congress in the same manner as any other person under
that section.''.
SEC. 3. CONGRESSIONAL FOIA REQUESTS FOR ETHICS-RELATED INFORMATION FROM
OTHER FINANCIAL REGULATORY AGENCIES.
(a) Bureau of Consumer Financial Protection.--Subtitle A of title X
of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5491 et
seq.) is amended by inserting after section 1016B (12 U.S.C. 5496b) the
following:
``SEC. 1016C. CONGRESSIONAL FOIA REQUESTS FOR ETHICS-RELATED
INFORMATION FROM THE BUREAU.
``(a) Ethics-Related Information Defined.--
``(1) In general.--Subject to paragraph (2), in this
section, the term `ethics-related information' means any record
documenting or relating to--
``(A) the activities of the ethics program of the
Bureau;
``(B) financial disclosure reports and related
records;
``(C) ethics agreements and related records;
``(D) outside employment and activity of officers
and employees of the Bureau;
``(E) referrals of violations of criminal conflict
of interest statutes;
``(F) ethics-related disciplinary records or
adverse actions;
``(G) ethics-related investigations, inquiries, or
reviews;
``(H) ethics-related materials, including ethics
determinations issued by, ethics advice issued by,
ethics consultation engaged in, and ethics training
records of the Bureau; and
``(I) any other ethics-related policies,
procedures, practices, or program records of the
Bureau, including--
``(i) any record relating to--
``(I) ethics policies, procedures,
practices, or program implementation,
interpretation, counseling, management,
development, review, or complaints;
``(II) employee training and
education related to any ethics-related
policies, procedures, practices, or
program;
``(III) ethics waivers,
authorizations, and approvals;
``(IV) non-Federally funded travel;
``(V) any ethics-related annual
questionnaires relating to the ethics
program of the Bureau; and
``(VI) any other ethics-related
policies, procedures, practices, or
program of the Bureau; and
``(ii) any other record described in the
document entitled, `General Records Schedule
2.8: Employee Ethics Records' published in
September 2016 by the National Archives and
Records Administration, or any successor
document.
``(2) Exclusion of certain ethics-related information.--
Notwithstanding paragraph (1), a record of advice and
counseling provided by an ethics official to an individual
officer or employee, except for a record that has operative
legal effect such as a waiver, an authorization, an approval,
or a determination that alters the ethical obligations of such
officer or employee, shall not be included in the definition of
the term `ethics-related information' for the purposes of this
Act.
``(b) Disclosure of Ethics-Related Information to Members of
Congress.--
``(1) In general.--Section 552 of title 5, United States
Code, is not authority for the Bureau to withhold ethics-
related information from a Member of Congress, including any
ethics-related information in a personnel file.
``(2) Rule of construction.--No provision of law, including
title I of the Ethics in Government Act (5 U.S.C. App.), shall
preclude or limit the disclosure of ethics-related information
to a Member of Congress under paragraph (1).
``(c) Priority of Requests From Members of Congress.--Any request
for ethics-related information from the Bureau under section 552 of
title 5, United States Code, made by a Member of Congress--
``(1) shall be prioritized ahead of requests for
information made by persons other than Members of Congress; and
``(2) shall be processed without charging any fee to the
Member of Congress.
``(d) Common Law Privileges.--Notwithstanding any other provision
of law, the Bureau may not withhold ethics-related information
requested by a Member of Congress under section 552 of title 5, United
States Code, on the basis that the information is privileged pursuant
to a common law privilege, such as the deliberative process privilege,
attorney-client privilege, or attorney work product privilege.
``(e) Maintenance and Security of Materials.--With respect to any
materials related to ethics-related information that are received by or
in the possession of a Member of Congress or any staff member of a
Member of Congress in response to a request made by a Member of
Congress under section 552 of title 5, United States Code, from the
Bureau, the chief clerk of the Committee on Banking, Housing, and Urban
Affairs of the Senate, with respect to the Senate, and the chief clerk
of the Committee on Financial Services of the House of Representatives,
with respect to the House of Representatives, shall--
``(1) have responsibility for the maintenance and security
of those materials; and
``(2) ensure that--
``(A) the materials are stored in a safe with a
combination lock by the chief clerk of the relevant
committee in the offices of the relevant committee;
``(B) the materials do not leave the relevant
committee, except for a Member of Congress or any staff
member of a Member of Congress to review the materials
in a congressional office or to return the materials to
the Bureau;
``(C) a Member of Congress or any staff member of a
Member of Congress shall review the materials in a
congressional office; and
``(D) a Member of Congress or any staff member of a
Member of Congress shall keep the materials in their
physical custody when reviewing them and keep the
materials in the safe of the chief clerk of the
relevant committee when not reviewing the materials.
``(f) Standing.--Any Member of Congress who makes a request for
ethics-related information from the Bureau under section 552 of title
5, United States Code, has standing to file in the appropriate district
court of the United States an action to enjoin the Bureau from
withholding records of the Bureau and to order the production of any
records of the Bureau improperly withheld from the Member of Congress
in the same manner as any other person under that section.''.
(b) Federal Deposit Insurance Corporation.--The Federal Deposit
Insurance Act (12 U.S.C. 1811 et seq.) is amended by adding at the end
the following:
``SEC. 52. CONGRESSIONAL FOIA REQUESTS FOR ETHICS-RELATED INFORMATION
FROM THE CORPORATION.
``(a) Ethics-Related Information Defined.--
``(1) In general.--Subject to paragraph (2), in this
section, the term `ethics-related information' means any record
documenting or relating to--
``(A) the activities of the ethics program of the
Corporation;
``(B) financial disclosure reports and related
records;
``(C) ethics agreements and related records;
``(D) outside employment and activity of officers
and employees of the Corporation;
``(E) referrals of violations of criminal conflict
of interest statutes;
``(F) ethics-related disciplinary records or
adverse actions;
``(G) ethics-related investigations, inquiries, or
reviews;
``(H) ethics-related materials, including ethics
determinations issued by, ethics advice issued by,
ethics consultation engaged in, and ethics training
records of the Corporation; and
``(I) any other ethics-related policies,
procedures, practices, or program records of the
Corporation, including--
``(i) any record relating to--
``(I) ethics policies, procedures,
practices, or program implementation,
interpretation, counseling, management,
development, review, or complaints;
``(II) employee training and
education related to any ethics-related
policies, procedures, practices, or
program;
``(III) ethics waivers,
authorizations, and approvals;
``(IV) non-Federally funded travel;
``(V) any ethics-related annual
questionnaires relating to the ethics
program of the Corporation; and
``(VI) any other ethics-related
policies, procedures, practices, or
program of the Corporation; and
``(ii) any other record described in the
document entitled, `General Records Schedule
2.8: Employee Ethics Records' published in
September 2016 by the National Archives and
Records Administration, or any successor
document.
``(2) Exclusion of certain ethics-related information.--
Notwithstanding paragraph (1), a record of advice and
counseling provided by an ethics official to an individual
officer or employee, except for a record that has operative
legal effect such as a waiver, an authorization, an approval,
or a determination that alters the ethical obligations of such
officer or employee, shall not be included in the definition of
the term `ethics-related information' for the purposes of this
Act.
``(b) Disclosure of Ethics-Related Information to Members of
Congress.--
``(1) In general.--Section 552 of title 5, United States
Code, is not authority for the Corporation to withhold ethics-
related information from a Member of Congress, including any
ethics-related information in a personnel file.
``(2) Rule of construction.--No provision of law, including
title I of the Ethics in Government Act (5 U.S.C. App.), shall
preclude or limit the disclosure of ethics-related information
to a Member of Congress under paragraph (1).
``(c) Priority of Requests From Members of Congress.--Any request
for ethics-related information from the Corporation under section 552
of title 5, United States Code, made by a Member of Congress--
``(1) shall be prioritized ahead of requests for
information made by persons other than Members of Congress; and
``(2) shall be processed without charging any fee to the
Member of Congress.
``(d) Common Law Privileges.--Notwithstanding any other provision
of law, the Corporation may not withhold ethics-related information
requested by a Member of Congress under section 552 of title 5, United
States Code, on the basis that the information is privileged pursuant
to a common law privilege, such as the deliberative process privilege,
attorney-client privilege, or attorney work product privilege.
``(e) Maintenance and Security of Materials.--With respect to any
materials related to ethics-related information that are received by or
in the possession of a Member of Congress or any staff member of a
Member of Congress in response to a request made by a Member of
Congress under section 552 of title 5, United States Code, from the
Corporation, the chief clerk of the Committee on Banking, Housing, and
Urban Affairs of the Senate, with respect to the Senate, and the chief
clerk of the Committee on Financial Services of the House of
Representatives, with respect to the House of Representatives, shall--
``(1) have responsibility for the maintenance and security
of those materials; and
``(2) ensure that--
``(A) the materials are stored in a safe with a
combination lock by the chief clerk of the relevant
committee in the offices of the relevant committee;
``(B) the materials do not leave the relevant
committee, except for a Member of Congress or any staff
member of a Member of Congress to review the materials
in a congressional office or to return the materials to
the Corporation;
``(C) a Member of Congress or any staff member of a
Member of Congress shall review the materials in a
congressional office; and
``(D) a Member of Congress or any staff member of a
Member of Congress shall keep the materials in their
physical custody when reviewing them and keep the
materials in the safe of the chief clerk of the
relevant committee when not reviewing the materials.
``(f) Standing.--Any Member of Congress who makes a request for
ethics-related information from the Corporation under section 552 of
title 5, United States Code, has standing to file in the appropriate
district court of the United States an action to enjoin the Corporation
from withholding records of the Corporation and to order the production
of any records of the Corporation improperly withheld from the Member
of Congress in the same manner as any other person under that
section.''.
(c) Securities and Exchange Commission.--The Securities Exchange
Act of 1934 (12 U.S.C. 78a et seq.) is amended by inserting after
section 4E (12 U.S.C. 78d-5) the following:
``SEC. 4F. CONGRESSIONAL FOIA REQUESTS FOR ETHICS-RELATED INFORMATION
FROM THE COMMISSION.
``(a) Ethics-Related Information Defined.--
``(1) In general.--Subject to paragraph (2), in this
section, the term `ethics-related information' means any record
documenting or relating to--
``(A) the activities of the ethics program of the
Commission;
``(B) financial disclosure reports and related
records;
``(C) ethics agreements and related records;
``(D) outside employment and activity of officers
and employees of the Commission;
``(E) referrals of violations of criminal conflict
of interest statutes;
``(F) ethics-related disciplinary records or
adverse actions;
``(G) ethics-related investigations, inquiries, or
reviews;
``(H) ethics-related materials, including ethics
determinations issued by, ethics advice issued by,
ethics consultation engaged in, and ethics training
records of the Commission; and
``(I) any other ethics-related policies,
procedures, practices, or program records of the
Commission, including--
``(i) any record relating to--
``(I) ethics policies, procedures,
practices, or program implementation,
interpretation, counseling, management,
development, review, or complaints;
``(II) employee training and
education related to any ethics-related
policies, procedures, practices, or
program;
``(III) ethics waivers,
authorizations, and approvals;
``(IV) non-Federally funded travel;
``(V) any ethics-related annual
questionnaires relating to the ethics
program of the Commission; and
``(VI) any other ethics-related
policies, procedures, practices, or
program of the Commission; and
``(ii) any other record described in the
document entitled, `General Records Schedule
2.8: Employee Ethics Records' published in
September 2016 by the National Archives and
Records Administration, or any successor
document.
``(2) Exclusion of certain ethics-related information.--
Notwithstanding paragraph (1), a record of advice and
counseling provided by an ethics official to an individual
officer or employee, except for a record that has operative
legal effect such as a waiver, an authorization, an approval,
or a determination that alters the ethical obligations of such
officer or employee, shall not be included in the definition of
the term `ethics-related information' for the purposes of this
Act.
``(b) Disclosure of Ethics-Related Information to Members of
Congress.--
``(1) In general.--Section 552 of title 5, United States
Code, is not authority for the Commission to withhold ethics-
related information from a Member of Congress, including any
ethics-related information in a personnel file.
``(2) Rule of construction.--No provision of law, including
title I of the Ethics in Government Act (5 U.S.C. App.), shall
preclude or limit the disclosure of ethics-related information
to a Member of Congress under paragraph (1).
``(c) Priority of Requests From Members of Congress.--Any request
for ethics-related information from the Commission under section 552 of
title 5, United States Code, made by a Member of Congress--
``(1) shall be prioritized ahead of requests for
information made by persons other than Members of Congress; and
``(2) shall be processed without charging any fee to the
Member of Congress.
``(d) Common Law Privileges.--Notwithstanding any other provision
of law, the Commission may not withhold ethics-related information
requested by a Member of Congress under section 552 of title 5, United
States Code, on the basis that the information is privileged pursuant
to a common law privilege, such as the deliberative process privilege,
attorney-client privilege, or attorney work product privilege.
``(e) Maintenance and Security of Materials.--With respect to any
materials related to ethics-related information that are received by or
in the possession of a Member of Congress or any staff member of a
Member of Congress in response to a request made by a Member of
Congress under section 552 of title 5, United States Code, from the
Commission, the chief clerk of the Committee on Banking, Housing, and
Urban Affairs of the Senate, with respect to the Senate, and the chief
clerk of the Committee on Financial Services of the House of
Representatives, with respect to the House of Representatives, shall--
``(1) have responsibility for the maintenance and security
of those materials; and
``(2) ensure that--
``(A) the materials are stored in a safe with a
combination lock by the chief clerk of the relevant
committee in the offices of the relevant committee;
``(B) the materials do not leave the relevant
committee, except for a Member of Congress or any staff
member of a Member of Congress to review the materials
in a congressional office or to return the materials to
the Commission;
``(C) a Member of Congress or any staff member of a
Member of Congress shall review the materials in a
congressional office; and
``(D) a Member of Congress or any staff member of a
Member of Congress shall keep the materials in their
physical custody when reviewing them and keep the
materials in the safe of the chief clerk of the
relevant committee when not reviewing the materials.
``(f) Standing.--Any Member of Congress who makes a request for
ethics-related information from the Commission under section 552 of
title 5, United States Code, has standing to file in the appropriate
district court of the United States an action to enjoin the Commission
from withholding records of the Commission and to order the production
of any records of the Commission improperly withheld from the Member of
Congress in the same manner as any other person under that section.''.
(d) National Credit Union Administration.--Title I of the Federal
Credit Union Act (12 U.S.C. 1752 et seq.) is amended by adding at the
end the following:
``SEC. 132. CONGRESSIONAL FOIA REQUESTS FOR ETHICS-RELATED INFORMATION
FROM THE ADMINISTRATION.
``(a) Ethics-Related Information Defined.--
``(1) In general.--Subject to paragraph (2), in this
section, the term `ethics-related information' means any record
documenting or relating to--
``(A) the activities of the ethics program of the
Administration;
``(B) financial disclosure reports and related
records;
``(C) ethics agreements and related records;
``(D) outside employment and activity of officers
and employees of the Administration;
``(E) referrals of violations of criminal conflict
of interest statutes;
``(F) ethics-related disciplinary records or
adverse actions;
``(G) ethics-related investigations, inquiries, or
reviews;
``(H) ethics-related materials, including ethics
determinations issued by, ethics advice issued by,
ethics consultation engaged in, and ethics training
records of the Administration; and
``(I) any other ethics-related policies,
procedures, practices, or program records of the
Administration, including--
``(i) any record relating to--
``(I) ethics policies, procedures,
practices, or program implementation,
interpretation, counseling, management,
development, review, or complaints;
``(II) employee training and
education related to any ethics-related
policies, procedures, practices, or
program;
``(III) ethics waivers,
authorizations, and approvals;
``(IV) non-Federally funded travel;
``(V) any ethics-related annual
questionnaires relating to the ethics
program of the Administration; and
``(VI) any other ethics-related
policies, procedures, practices, or
program of the Administration; and
``(ii) any other record described in the
document entitled, `General Records Schedule
2.8: Employee Ethics Records' published in
September 2016 by the National Archives and
Records Administration, or any successor
document.
``(2) Exclusion of certain ethics-related information.--
Notwithstanding paragraph (1), a record of advice and
counseling provided by an ethics official to an individual
officer or employee, except for a record that has operative
legal effect such as a waiver, an authorization, an approval,
or a determination that alters the ethical obligations of such
officer or employee, shall not be included in the definition of
the term `ethics-related information' for the purposes of this
Act.
``(b) Disclosure of Ethics-Related Information to Members of
Congress.--
``(1) In general.--Section 552 of title 5, United States
Code, is not authority for the Administration to withhold
ethics-related information from a Member of Congress, including
any ethics-related information in a personnel file.
``(2) Rule of construction.--No provision of law, including
title I of the Ethics in Government Act (5 U.S.C. App.), shall
preclude or limit the disclosure of ethics-related information
to a Member of Congress under paragraph (1).
``(c) Priority of Requests From Members of Congress.--Any request
for ethics-related information from the Administration under section
552 of title 5, United States Code, made by a Member of Congress--
``(1) shall be prioritized ahead of requests for
information made by persons other than Members of Congress; and
``(2) shall be processed without charging any fee to the
Member of Congress.
``(d) Common Law Privileges.--Notwithstanding any other provision
of law, the Administration may not withhold ethics-related information
requested by a Member of Congress under section 552 of title 5, United
States Code, on the basis that the information is privileged pursuant
to a common law privilege, such as the deliberative process privilege,
attorney-client privilege, or attorney work product privilege.
``(e) Maintenance and Security of Materials.--With respect to any
materials related to ethics-related information that are received by or
in the possession of a Member of Congress or any staff member of a
Member of Congress in response to a request made by a Member of
Congress under section 552 of title 5, United States Code, from the
Administration, the chief clerk of the Committee on Banking, Housing,
and Urban Affairs of the Senate, with respect to the Senate, and the
chief clerk of the Committee on Financial Services of the House of
Representatives, with respect to the House of Representatives, shall--
``(1) have responsibility for the maintenance and security
of those materials; and
``(2) ensure that--
``(A) the materials are stored in a safe with a
combination lock by the chief clerk of the relevant
committee in the offices of the relevant committee;
``(B) the materials do not leave the relevant
committee, except for a Member of Congress or any staff
member of a Member of Congress to review the materials
in a congressional office or to return the materials to
the Administration;
``(C) a Member of Congress or any staff member of a
Member of Congress shall review the materials in a
congressional office; and
``(D) a Member of Congress or any staff member of a
Member of Congress shall keep the materials in their
physical custody when reviewing them and keep the
materials in the safe of the chief clerk of the
relevant committee when not reviewing the materials.
``(f) Standing.--Any Member of Congress who makes a request for
ethics-related information from the Administration under section 552 of
title 5, United States Code, has standing to file in the appropriate
district court of the United States an action to enjoin the
Administration from withholding records of the Administration and to
order the production of any records of the Administration improperly
withheld from the Member of Congress in the same manner as any other
person under that section.''.
(e) Office of the Comptroller of the Currency.--The Revised
Statutes of the United States is amended by inserting after section 333
(12 U.S.C. 14) the following:
``SEC. 334. CONGRESSIONAL FOIA REQUESTS FOR ETHICS-RELATED INFORMATION
FROM THE OFFICE OF THE COMPTROLLER OF THE CURRENCY.
``(a) Ethics-Related Information Defined.--
``(1) In general.--Subject to paragraph (2), in this
section, the term `ethics-related information' means any record
documenting or relating to--
``(A) the activities of the ethics program of the
Office of the Comptroller of the Currency (in this
section referred to as the `Office');
``(B) financial disclosure reports and related
records;
``(C) ethics agreements and related records;
``(D) outside employment and activity of officers
and employees of the Office;
``(E) referrals of violations of criminal conflict
of interest statutes;
``(F) ethics-related disciplinary records or
adverse actions;
``(G) ethics-related investigations, inquiries, or
reviews;
``(H) ethics-related materials, including ethics
determinations issued by, ethics advice issued by,
ethics consultation engaged in, and ethics training
records of the Office; and
``(I) any other ethics-related policies,
procedures, practices, or program records of the
Office, including--
``(i) any record relating to--
``(I) ethics policies, procedures,
practices, or program implementation,
interpretation, counseling, management,
development, review, or complaints;
``(II) employee training and
education related to any ethics-related
policies, procedures, practices, or
program;
``(III) ethics waivers,
authorizations, and approvals;
``(IV) non-Federally funded travel;
``(V) any ethics-related annual
questionnaires relating to the ethics
program of the Office; and
``(VI) any other ethics-related
policies, procedures, practices, or
program of the Office; and
``(ii) any other record described in the
document entitled, `General Records Schedule
2.8: Employee Ethics Records' published in
September 2016 by the National Archives and
Records Administration, or any successor
document.
``(2) Exclusion of certain ethics-related information.--
Notwithstanding paragraph (1), a record of advice and
counseling provided by an ethics official to an individual
officer or employee, except for a record that has operative
legal effect such as a waiver, an authorization, an approval,
or a determination that alters the ethical obligations of such
officer or employee, shall not be included in the definition of
the term `ethics-related information' for the purposes of this
Act.
``(b) Disclosure of Ethics-Related Information to Members of
Congress.--
``(1) In general.--Section 552 of title 5, United States
Code, is not authority for the Office to withhold ethics-
related information from a Member of Congress, including any
ethics-related information in a personnel file.
``(2) Rule of construction.--No provision of law, including
title I of the Ethics in Government Act (5 U.S.C. App.), shall
preclude or limit the disclosure of ethics-related information
to a Member of Congress under paragraph (1).
``(c) Priority of Requests From Members of Congress.--Any request
for ethics-related information from the Office under section 552 of
title 5, United States Code, made by a Member of Congress--
``(1) shall be prioritized ahead of requests for
information made by persons other than Members of Congress; and
``(2) shall be processed without charging any fee to the
Member of Congress.
``(d) Common Law Privileges.--Notwithstanding any other provision
of law, the Office may not withhold ethics-related information
requested by a Member of Congress under section 552 of title 5, United
States Code, on the basis that the information is privileged pursuant
to a common law privilege, such as the deliberative process privilege,
attorney-client privilege, or attorney work product privilege.
``(e) Maintenance and Security of Materials.--With respect to any
materials related to ethics-related information that are received by or
in the possession of a Member of Congress or any staff member of a
Member of Congress in response to a request made by a Member of
Congress under section 552 of title 5, United States Code, from the
Office, the chief clerk of the Committee on Banking, Housing, and Urban
Affairs of the Senate, with respect to the Senate, and the chief clerk
of the Committee on Financial Services of the House of Representatives,
with respect to the House of Representatives, shall--
``(1) have responsibility for the maintenance and security
of those materials; and
``(2) ensure that--
``(A) the materials are stored in a safe with a
combination lock by the chief clerk of the relevant
committee in the offices of the relevant committee;
``(B) the materials do not leave the relevant
committee, except for a Member of Congress or any staff
member of a Member of Congress to review the materials
in a congressional office or to return the materials to
the Office;
``(C) a Member of Congress or any staff member of a
Member of Congress shall review the materials in a
congressional office; and
``(D) a Member of Congress or any staff member of a
Member of Congress shall keep the materials in their
physical custody when reviewing them and keep the
materials in the safe of the chief clerk of the
relevant committee when not reviewing the materials.
``(f) Standing.--Any Member of Congress who makes a request for
ethics-related information from the Office under section 552 of title
5, United States Code, has standing to file in the appropriate district
court of the United States an action to enjoin the Office from
withholding records of the Office and to order the production of any
records of the Office improperly withheld from the Member of Congress
in the same manner as any other person under that section.''.
(f) Federal Housing Finance Agency.--Part 1 of subtitle A of the
Federal Housing Enterprises Financial Safety and Soundness Act of 1992
(12 U.S.C. 4511 et seq.) is amended by adding at the end the following:
``SEC. 1319H. CONGRESSIONAL FOIA REQUESTS FOR ETHICS-RELATED
INFORMATION FROM THE AGENCY.
``(a) Ethics-Related Information Defined.--
``(1) In general.--Subject to paragraph (2), in this
section, the term `ethics-related information' means any record
documenting or relating to--
``(A) the activities of the ethics program of the
Agency;
``(B) financial disclosure reports and related
records;
``(C) ethics agreements and related records;
``(D) outside employment and activity of officers
and employees of the Agency;
``(E) referrals of violations of criminal conflict
of interest statutes;
``(F) ethics-related disciplinary records or
adverse actions;
``(G) ethics-related investigations, inquiries, or
reviews;
``(H) ethics-related materials, including ethics
determinations issued by, ethics advice issued by,
ethics consultation engaged in, and ethics training
records of the Agency; and
``(I) any other ethics-related policies,
procedures, practices, or program records of the
Agency, including--
``(i) any record relating to--
``(I) ethics policies, procedures,
practices, or program implementation,
interpretation, counseling, management,
development, review, or complaints;
``(II) employee training and
education related to any ethics-related
policies, procedures, practices, or
program;
``(III) ethics waivers,
authorizations, and approvals;
``(IV) non-Federally funded travel;
``(V) any ethics-related annual
questionnaires relating to the ethics
program of the Agency; and
``(VI) any other ethics-related
policies, procedures, practices, or
program of the Agency; and
``(ii) any other record described in the
document entitled, `General Records Schedule
2.8: Employee Ethics Records' published in
September 2016 by the National Archives and
Records Administration, or any successor
document.
``(2) Exclusion of certain ethics-related information.--
Notwithstanding paragraph (1), a record of advice and
counseling provided by an ethics official to an individual
officer or employee, except for a record that has operative
legal effect such as a waiver, an authorization, an approval,
or a determination that alters the ethical obligations of such
officer or employee, shall not be included in the definition of
the term `ethics-related information' for the purposes of this
Act.
``(b) Disclosure of Ethics-Related Information to Members of
Congress.--
``(1) In general.--Section 552 of title 5, United States
Code, is not authority for the Agency to withhold ethics-
related information from a Member of Congress, including any
ethics-related information in a personnel file.
``(2) Rule of construction.--No provision of law, including
title I of the Ethics in Government Act (5 U.S.C. App.), shall
preclude or limit the disclosure of ethics-related information
to a Member of Congress under paragraph (1).
``(c) Priority of Requests From Members of Congress.--Any request
for ethics-related information from the Agency under section 552 of
title 5, United States Code, made by a Member of Congress--
``(1) shall be prioritized ahead of requests for
information made by persons other than Members of Congress; and
``(2) shall be processed without charging any fee to the
Member of Congress.
``(d) Common Law Privileges.--Notwithstanding any other provision
of law, the Agency may not withhold ethics-related information
requested by a Member of Congress under section 552 of title 5, United
States Code, on the basis that the information is privileged pursuant
to a common law privilege, such as the deliberative process privilege,
attorney-client privilege, or attorney work product privilege.
``(e) Maintenance and Security of Materials.--With respect to any
materials related to ethics-related information that are received by or
in the possession of a Member of Congress or any staff member of a
Member of Congress in response to a request made by a Member of
Congress under section 552 of title 5, United States Code, from the
Agency, the chief clerk of the Committee on Banking, Housing, and Urban
Affairs of the Senate, with respect to the Senate, and the chief clerk
of the Committee on Financial Services of the House of Representatives,
with respect to the House of Representatives, shall--
``(1) have responsibility for the maintenance and security
of those materials; and
``(2) ensure that--
``(A) the materials are stored in a safe with a
combination lock by the chief clerk of the relevant
committee in the offices of the relevant committee;
``(B) the materials do not leave the relevant
committee, except for a Member of Congress or any staff
member of a Member of Congress to review the materials
in a congressional office or to return the materials to
the Agency;
``(C) a Member of Congress or any staff member of a
Member of Congress shall review the materials in a
congressional office; and
``(D) a Member of Congress or any staff member of a
Member of Congress shall keep the materials in their
physical custody when reviewing them and keep the
materials in the safe of the chief clerk of the
relevant committee when not reviewing the materials.
``(f) Standing.--Any Member of Congress who makes a request for
ethics-related information from the Agency under section 552 of title
5, United States Code, has standing to file in the appropriate district
court of the United States an action to enjoin the Agency from
withholding records of the Agency and to order the production of any
records of the Agency improperly withheld from the Member of Congress
in the same manner as any other person under that section.''.
SEC. 4. PRESIDENTIAL APPOINTMENT OF INSPECTOR GENERAL OF THE BOARD OF
GOVERNORS OF THE FEDERAL RESERVE SYSTEM AND THE BUREAU OF
CONSUMER FINANCIAL PROTECTION.
(a) Amendments to the Inspector General Act of 1978.--The Inspector
General Act of 1978 (5 U.S.C. App.) is amended--
(1) in section 8G--
(A) in subsection (a)(2), by striking ``the Board
of Governors of the Federal Reserve System and the
Bureau of Consumer Financial Protection,'';
(B) in subsection (c), by striking the third and
fourth sentences; and
(C) in subsection (g)--
(i) by striking paragraph (3); and
(ii) by redesignating paragraph (4) as
paragraph (3);
(2) in section 8J, by striking ``or 8N'' and inserting
``8K, or 8N'';
(3) by inserting after section 8J the following:
``Sec. 8K. Special provisions concerning the Board of Governors of the
Federal Reserve System and the Bureau of Consumer
Financial Protection
``(a) In General.--The Inspector General of the Board of Governors
of the Federal Reserve System and the Bureau of Consumer Financial
Protection shall have all of the authorities and responsibilities
provided by this Act--
``(1) with respect to the Bureau of Consumer Financial
Protection, as if the Bureau were part of the Board of
Governors of the Federal Reserve System; and
``(2) with respect to a Federal reserve bank without the
permission of the Federal reserve bank.
``(b) Relationship to Department of Treasury.--The provisions of
subsection (a) of section 8D (other than the provisions of
subparagraphs (A), (B), (C), and (E) of subsection (a)(1)) shall apply
to the Inspector General of the Board of Governors of the Federal
Reserve System and the Bureau of Consumer Financial Protection and the
Chairman of the Board of Governors of the Federal Reserve System in the
same manner as such provisions apply to the Inspector General of the
Department of the Treasury and the Secretary of the Treasury,
respectively.''; and
(4) in section 12--
(A) in paragraph (1), by inserting ``the Chairman
of the Board of Governors of the Federal Reserve
System;'' after ``National Security Agency;''; and
(B) in paragraph (2), by inserting ``the Board of
Governors of the Federal Reserve System and the Bureau
of Consumer Financial Protection,'' after ``National
Security Agency,''.
<all>
Introduced in Senate
Read twice and referred to the Committee on the Judiciary.
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