To enhance Federal Deposit Insurance Corporation transparency.

Summary

This bill requires additional notice and reporting by agencies when providing assistance to an insured depository institution. First, the Federal Deposit Insurance Corporation (FDIC) must notify the appropriate congressional committees prior to taking action or providing assistance for the purpose of winding up an institution in receivership that presents the risk for serious adverse effects on economic conditions or financial stability. The bill also revises the basis for determining the least costly approach to satisfy the FDIC's obligations to depositors. The Department of the Treasury must preserve specified information that documents a determination of an institution's potential to cause serious adverse effects on economic conditions or financial stability. The Board of Directors of the FDIC, Treasury, and Board of Governors of the Federal Reserve System must report to the appropriate congressional committees additional information on emergency determinations.

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Timeline

1. 18 May 2023

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 18 May 2023

   Introduced

   Introduced in House

   Source: IntroReferral

3. 18 May 2023

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 18 May 2023 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 18 May 2023

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 18 May 2023

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 18 May 2023

  Open at official source

Sponsors

• Andy Barr · R · Sponsor
• Barry Loudermilk · R · Sponsor
• · hsba00 · Standing

Related records

• related to ← Increasing Financial Regulatory Accountability and Transparency Act