Sponsor: Rep Luetkemeyer R-MO 3rd
In the wake of the financial crisis Congress passed sweeping financial services reform with the Frank Dodd Wall Street Reform and Consumer Protection Act (HR 4173). One of the provisions of the Frank Dodd Act is an oversight council that was given certain powers such as:
- The council reports directly to congress and can direct the Office of Financial Research to conduct research.
- With a ⅔ vote of the council’s members it has the ability to place distressed nonbank financial companies and US pieces of foreign banks under the control of the Federal Reserve if they pose a threat to US financial stability.
- The Council may advise congress of more stringent regulations that need to be introduced to ensure US financial stability.
- The Council may require any bank or nonbank financial institution with assets over $50 billion to submit certified financial reports.
HR 6392 is a bill submitted in the House of Representatives to make amendments to the Dodd Frank Act. It changes the definition on how a bank will be put under the supervision of the Council while it is under financial distress. It also removes the Council’s ability to require banks and nonfinancial institutions with more than $50 billion in assets to submit certified financial reports. With this amendment the Council may only require certified financial reports once the Bank has been determined to be distressed by a ⅔ vote of council members.
Co-Sponsors
Rep. Murphy, Patrick D-FL 13th
Rep. Sinema, Krysten D-AZ 9th
Rep. Sewell, Terri A. D-AL 7th
Rep. Scott, David D-GA 13th
Rep. William, Rodgers R-TX 25th
Rep. Stivers, Steve R-OH 15th
Rep. Hill, J. French R-AR 2nd
Rep. Sessions, Pete R-TX 32nd
Rep. Love, Mila B. R-UT 4th