Vice Chair of Supervision Banking Experience Requirement Act

Vice Chair of Supervision Banking Experience Requirement Act

This bill establishes requirements for the Vice Chairman for Supervision of the Board of Governors of the Federal Reserve System. Specifically, an individual must have primary experience working in or supervising insured depository institutions, bank holding companies, or savings and loan holding companies. Additionally, any recommendations provided by the Vice Chairman to the board regarding regulation and supervision must be provided to the board before the recommendation is made public.

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3558 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 3558

To establish experience requirements for the Federal Reserve Vice Chair 
                            for Supervision.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 22, 2023

  Mr. Fitzgerald (for himself and Mr. Barr) introduced the following 
    bill; which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To establish experience requirements for the Federal Reserve Vice Chair 
                            for Supervision.

    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 ``Vice Chair of Supervision Banking 
Experience Requirement Act''.

SEC. 2. ESTABLISHMENT OF REQUIREMENTS TO BE VICE CHAIRMAN FOR 
              SUPERVISION.

    (a) In General.--The second undesignated paragraph of section 10 of 
the Federal Reserve Act (12 U.S.C. 242) is amended--
            (1) by inserting the following after the third sentence: 
        ``In designating the Vice Chairman for Supervision, the 
        President shall designate an individual with demonstrated 
        primary experience working in, or supervising, insured 
        depository institutions, bank holding companies, or savings and 
        loan holding companies.''; and
            (2) in the fourth sentence--
                    (A) by inserting after ``supervised by the Board'' 
                the following: ``(with any such recommendations being 
                provided to the Board with ample and sufficient time 
                for review prior to the Vice Chairman making the 
                recommendation public)''; and
                    (B) by inserting after ``regulation of such firms'' 
                the following: ``, subject to such oversight and 
                control of the Board as the Board determines necessary 
                and appropriate''.
    (b) Rule of Application.--The amendment made by subsection (a) 
shall apply to individuals who are designated by the President on or 
after the date of enactment of this Act to serve as the Vice Chairman 
for Supervision.
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