Federal Reserve Supervision Testimony Clarification Act

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 974) 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

may have 5 legislative days within which to revise and extend their remarks on this legislation and to insert extraneous material thereon.

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

Mr. Speaker, this is a very straightforward piece of legislation.

It clarifies that the Vice Chairman for Supervision is required to provide testimony along with his appearance before the committee.

Additionally, if the position is vacant, the bill makes clear that the Chair of the Board shall appear and provide testimony on supervision and regulation efforts.

I think 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 Chairman for Supervision or not.

When Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, it created the position of Vice Chairman for Supervision so that there was one Fed Board Governor who was responsible for ensuring robust rules for the Nation's largest financial institutions.

We now have a Vice Chairman for Supervision at the Fed, but the position had previously been vacant since its creation in 2010, so it is helpful to clarify how Congress will continue to be informed about developments at the Fed.

This bill already passed the House last year on a voice vote.

I thank the gentleman from New Jersey (Mr. Gottheimer) and the gentleman from Oklahoma (Mr. Lucas) for introducing this legislation.

I urge all Members to vote ``yes'' on H.R. 974.

Mr. Speaker, I reserve the balance of my time.

Mr. Speaker, I am pleased with the bipartisan cooperation shown by this legislation and fully support the efforts of the sponsors to increase accountability and transparency.

I want to thank the gentleman from Missouri (Mr. Luetkemeyer) for his engagement on the bill and, again, urge my colleagues to join me in supporting this important legislation, H.R. 974.

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

Mr. Speaker, I am here today to tell my colleagues about H.R. 974 and urge they pass it.

This is a bill about congressional oversight, pure and simple. As this body knows, Dodd-Frank gave the Federal Reserve greater regulatory authority and established the Vice Chairman for Supervision position to oversee those efforts; but the first confirmed appointee to that position took office in 2017, a full 7 years after Dodd-Frank.

During that time, Congress received minimal testimony on regulatory issues from the Fed. Typically, other officials who didn't oversee the regulatory efforts gave testimony in this regard. But the key point is, Dodd-Frank requires only the Vice Chairman for Supervision to give that testimony.

While we are grateful that other Federal officials decided to speak to Congress on regulatory issues, they didn't have to, under the law.

I introduced this bill last Congress as a way to prevent that situation from arising ever again. Under the bill, if there is no Vice Chairman for Supervision, either the Fed Chair or their designee will be required to give annual testimony on regulatory matters. It is that simple. As a result, this bill passed unanimously out of the Financial Services Committee last Congress.

As I said, this bill is about the oversight authority of Congress and the other constituents we represent.

It remains vitally important that we and our Senate friends hear from knowledgeable regulatory officials at these agencies, particularly when these regulations have a large effect on the capital money markets; otherwise, our constituents will become even more distrustful of government.

Transparency is key. In fact, it is one of the largest responsibilities of the Members of Congress. This promotes that responsibility and, thus, deserves to be passed.

Mr. Speaker, I appreciate Mr. Gottheimer's willingness to bring this bill to the floor. I thank the chairwoman and the ranking member for supporting this bill. I hope my colleagues will follow this example and vote in favor.

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

Mr. Speaker, I rise in support of H.R. 974, the Federal Reserve Supervision Testimony Clarification Act, an important bipartisan bill that will provide Congress greater oversight of regulation and supervision at the Federal Reserve.

The Vice Chairman for Supervision of the Federal Reserve exercises and oversees the Board's supervisory and regulatory authority over a variety of financial institutions and activities. This role is imperative to promote a safe, sound, and stable financial system that supports the growth and stability of the U.S. economy.

This bill before us today will ensure that the Federal Reserve will come forth and testify before Congress on issues relating to the supervision of financial institutions, giving added transparency to the American people, as well as increasing the Fed's accountability.

The issues overseen by this position are of high importance to the American people and our financial system. It is crucial that we have the ability to hear testimony and ask questions of the Federal Reserve on these complicated issues.

I would like to thank Congressman Gottheimer for sponsoring and Congressman Lucas for cosponsoring this much-needed legislation.

Mr. Speaker, I urge my colleagues to support this legislation.

Mr. Speaker, I yield 3 minutes to the gentleman from Oklahoma (Mr. Lucas).

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