Federal Reserve Supervision Testimony Clarification Act

Mr. Speaker, I rise today to tell my colleagues about H.R. 4753 and urge they pass it.

As this body knows, Congress gave the Federal Reserve much greater regulatory authority under Dodd-Frank. The bill established the Vice Chair for Supervision position to oversee those efforts. But the first confirmed appointee to that position took office only last year, a full 7 years since Dodd-Frank.

During that time, Congress received minimal testimony on regulatory issues from the Fed. Typically, other officials who didn't oversee regulatory efforts gave testimony in this regard. But the key point is, Dodd-Frank requires only the Vice Chair for Supervision to give that testimony. While we are grateful that other Fed officials decided to speak to Congress on regulatory issues, they didn't have to under the law.

My bill would prevent that situation from arising ever again. Under my bill, if there is no Vice Chair for Supervision, either the Fed Chair or their designee will be required to give annual testimony on regulatory matters.

It is that simple, and as a result, this bill passed unanimously out of the Financial Services Committee.

Despite the simplicity, this bill is about the oversight authority of Congress and the constituents we represent. It remains vitally important that we and our Senate friends hear from these agencies.

Not only that, we should hear from the officials who are very knowledgeable on the issues in their areas, particularly when these regulations have a large effect on capital and money markets. Otherwise, our constituents will become even more distrustful of government.

Transparency is key. In fact, it is one of our greatest responsibilities as Members of Congress.

My bill promotes that responsibility, and, thus, deserves to be passed. I thank the chairman, the ranking member, and a unanimous Financial Services Committee for supporting this bill. I hope my colleagues will follow their example and vote for the bill.

Mr. Speaker, I yield myself such time as I may consume.

Mr. Speaker, I rise today in support of H.R. 4753, the Federal Reserve Supervision Testimony Clarification Act. I thank Mr. Lucas for this piece of legislation, which provides for the Chair of the Board or their designee to offer testimony in place of the Vice Chairman for Supervision, should the Vice Chair position be vacant.

It makes good sense to codify who at the Board will testify before Congress on the status of the Fed's supervisory efforts, regardless of whether there is a person confirmed for the Vice Chair for Supervision or not.

Until Randal Quarles was confirmed, the position was vacant since its creation in 2010, so this bill is a commonsense measure.

With that, I urge all my colleagues to support passage of this bill, and I yield back the balance of my time.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 4753) to amend the Federal Reserve Act to require the Vice Chairman for Supervision of the Board of Governors of the Federal Reserve System to provide a written report, and for other purposes, as amended.

Mr. Speaker, I ask unanimous consent that all Members have 5 legislative days to revise and extend their remarks and include extraneous material on this bill.

Mr. Speaker, I yield 5 minutes to the gentleman from Oklahoma (Mr. Lucas).

Mr. Speaker, I yield back the balance of my time.