United States 118th Congress Status: In Committee 1 R cosponsors

HR 4737 — Stop Executive Capture of Banking Regulators Act

Last action — Referred to the House Committee on Financial Services.

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 118th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

To require Federal banking regulators to report on the implementation of recommendations from the FSOC Chairperson and Executive Orders, and for other purposes.

Bill Text

Sections of law this bill changes

5 sections in 5 laws

From the bill's own amending language, matched to the official United States Code (current through Public Law 119-121).

The comptroller of the currency · 12 U.S.C. ch. 1 1 section
  • § 1 Office of the Comptroller of the Currency Amends

    12 U.S.C. § 1

    The law today

    (a) Office of the Comptroller of the Currency established There is established in the Department of the Treasury a bureau to be known as the “Office of the Comptroller of the Currency” which is charged with assuring the safety and soundness of, and compliance with laws and regulations, fair access to financial services, and fair treatment of customers by, the institutions and other persons subject to its jurisdiction. (b) Comptroller of the Currency (1) In general The chief officer of the Office of the Comptroller of the Currency shall be known as the Comptroller of the Currency. The Comptroller of the Currency shall perform the duties of the Comptroller of the Currency under the general direction of the Secretary of the Treasury. The Secretary of the Treasury may not delay or prevent the issuance of any rule or the promulgation of any regulation by the Comptroller of the Currency, and may not intervene in any matter or proceeding before the Comptroller of the Currency (including agency enforcement actions), unless otherwise specifically provided by law. (2) Additional authority The Comptroller of the Currency shall have the same authority with respect to functions transferred to the Comptroller of the Currency under the Enhancing Financial Institution Safety and Soundness Act of 2010 as was vested in the Director of the Office of Thrift Supervision on the transfer date, as defined in section 311 of that Act [12 U.S.C. 5411].

    11 other bills also change this section · Follow it → Official text at uscode.house.gov ↗

Federal reserve system · 12 U.S.C. ch. 3 1 section
  • § 247b Appearances before Congress Amends

    12 U.S.C. § 247b

    The law today

    The Vice Chairman for Supervision shall appear before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives and at semi-annual hearings regarding the efforts, activities, objectives, and plans of the Board with respect to the conduct of supervision and regulation of depository institution holding companies and other financial firms supervised by the Board.

    10 other bills also change this section · Follow it → Official text at uscode.house.gov ↗

Federal credit unions · 12 U.S.C. ch. 14 1 section
  • § 1752a National Credit Union Administration Amends

    12 U.S.C. § 1752a

    The law today

    (a) Establishment; management under National Credit Union Administration Board There is established in the executive branch of the Government an independent agency to be known as the National Credit Union Administration. The Administration shall be under the management of a National Credit Union Administration Board. (b) Membership and appointment of Board (1) In general The Board shall consist of three members, who are broadly representative of the public interest, appointed by the President, by and with the advice and consent of the Senate. In appointing the members of the Board, the President shall designate the Chairman. Not more than two members of the Board shall be members of the same political party. (2) Appointment criteria (A) Experience in financial services In considering appointments to the Board under paragraph (1), the President shall give consideration to individuals who, by virtue of their education, training, or experience relating to a broad range of financial services, financial services regulation, or financial policy, are especially qualified to serve on the Board. (B) Limit on appointment of credit union officers Not more than one member of the Board may be appointed to the Board from among individuals who, at the time of the appointment, are, or have recently been, involved with any insured credit union as a committee member, director, officer, employee, or other institution-affiliated party. (c) Term of office The term of office of each member of the Board shall be six years, except that the terms of the two members, other than the Chairman, initially appointed shall expire one upon the expiration of two years after the date of appointment, and the other upon the expiration of four years after the date of appointment. Board members shall not be appointed to succeed themselves except the initial members appointed for less than a six-year term may be reappointed for a full six-year term and future members appointed to fill unexpired terms may be reappointed for a full six-year term. Any Board member may continue to serve as such after the expiration of said member’s term until a successor has qualified. (d) Management of Administration vested in Board; adoption of rules; quorum; report to President and Congress The management of the Administration shall be vested in the Board. The Board shall adopt such rules as it sees fit for the transaction of its business and shall keep permanent and complete records and minutes of its acts and proceedings. A majority of the Board shall constitute a quorum. Not later than April 1 of each calendar year, and at such other times as the Congress shall determine, the Board shall make a report to the President and to the Congress. Such a report shall summarize the operations of the Administration and set forth such information as is necessary for the Congress to review the financial program approved by the Board. (e) Functions of Chairman The Chairman of the Board shall be the spokesman for the Board and shall represent the Board and the National Credit Union Administration in its official relations with other branches of the Government. The Chairman shall determine each Board member’s area of responsibility and shall review such assignments biennially. It shall be the Chairman’s responsibility to direct the implementation of the adopted policies and regulations of the Board. (f) Audit by Government Accountability Office The financial transactions of the Administration shall be subject to audit by the Government Accountability Office in accordance with the principles and procedures applicable to commercial corporate transactions and under such rules and regulations as may be prescribed by the Comptroller General of the United States. The audit shall be conducted at the place or places where the accounts of the Administration are kept.

    9 other bills also change this section · Follow it → Official text at uscode.house.gov ↗

Federal deposit insurance corporation · 12 U.S.C. ch. 16 1 section
  • § 1812 Management Amends

    12 U.S.C. § 1812

    The law today

    (a) Board of Directors (1) In general The management of the Corporation shall be vested in a Board of Directors consisting of 5 members— (A) 1 of whom shall be the Comptroller of the Currency; (B) 1 of whom shall be the Director of the Consumer Financial Protection Bureau; and (C) 3 of whom shall be appointed by the President, by and with the advice and consent of the Senate, from among individuals who are citizens of the United States, 1 of whom shall have State bank supervisory experience. (2) Political affiliation After February 28, 1993, not more than 3 of the members of the Board of Directors may be members of the same political party. (b) Chairperson and Vice Chairperson (1) Chairperson 1 of the appointed members shall be designated by the President, by and with the advice and consent of the Senate, to serve as Chairperson of the Board of Directors for a term of 5 years. (2) Vice Chairperson 1 of the appointed members shall be designated by the President, by and with the advice and consent of the Senate, to serve as Vice Chairperson of the Board of Directors. (3) Acting Chairperson In the event of a vacancy in the position of Chairperson of the Board of Directors or during the absence or disability of the Chairperson, the Vice Chairperson shall act as Chairperson. (c) Terms (1) Appointed members Each appointed member shall be appointed for a term of 6 years. (2) Interim appointments Any member appointed to fill a vacancy occurring before the expiration of the term for which such member’s predecessor was appointed shall be appointed only for the remainder of such term. (3) Continuation of service The Chairperson, Vice Chairperson, and each appointed member may continue to serve after the expiration of the term of office to which such member was appointed until a successor has been appointed and qualified. (d) Vacancy (1) In general Any vacancy on the Board of Directors shall be filled in the manner in which the original appointment was made. (2) Acting officials may serve In the event of a vacancy in the office of the Comptroller of the Currency or the office of Director of the Consumer Financial Protection Bureau and pending the appointment of a successor, or during the absence or disability of the Comptroller of the Currency or the Director of the Consumer Financial Protection Bureau, the acting Comptroller of the Currency or the acting Director of the Consumer Financial Protection Bureau, as the case may be, shall be a member of the Board of Directors in the place of the Comptroller or Director. (e) Ineligibility for other offices (1) Postservice restriction (A) In general No member of the Board of Directors may hold any office, position, or employment in any insured depository institution or any depository institution holding company during— (i) the time such member is in office; and (ii) the 2-year period beginning on the date such member ceases to serve on the Board of Directors. (B) Exception for members who serve full term The limitation contained in subparagraph (A)(ii) shall not apply to any member who has ceased to serve on the Board of Directors after serving the full term for which such member was appointed. (2) Restriction during service No member of the Board of Directors may— (A) be an officer or director of any insured depository institution, depository institution holding company, Federal Reserve bank, or Federal home loan bank; or (B) hold stock in any insured depository institution or depository institution holding company. (3) Certification Upon taking office, each member of the Board of Directors shall certify under oath that such member has complied with this subsection and such certification shall be filed with the secretary of the Board of Directors. (f) Status of employees (1) In general A director, member, officer, or employee of the Corporation has no liability under the Securities Act of 1933 [15 U.S.C. 77a et seq.] with respect to any claim arising out of or resulting from any act or omiss...

    24 other bills also change this section · Follow it → Official text at uscode.house.gov ↗

Government sponsored enterprises · 12 U.S.C. ch. 46 1 section
  • § 4511 Establishment of the Federal Housing Finance Agency Amends

    12 U.S.C. § 4511

    The law today

    (a) Establishment There is established the Federal Housing Finance Agency, which shall be an independent agency of the Federal Government. (b) General supervisory and regulatory authority (1) In general Each regulated entity shall, to the extent provided in this chapter, be subject to the supervision and regulation of the Agency. (2) Authority over Fannie Mae, Freddie Mac, the Federal Home Loan Banks, and the Office of Finance The Director shall have general regulatory authority over each regulated entity and the Office of Finance, and shall exercise such general regulatory authority, including such duties and authorities set forth under section 4513 of this title, to ensure that the purposes of this Act, the authorizing statutes, and any other applicable law are carried out. (c) Savings provision The authority of the Director to take actions under subchapters II and III shall not in any way limit the general supervisory and regulatory authority granted to the Director under subsection (b).

    11 other bills also change this section · Follow it → Official text at uscode.house.gov ↗

How this bill changes current law

5 changes Share ↗

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill adds new reporting requirements for federal banking regulators before they can implement non-binding recommendations from the FSOC Chairperson and Executive Orders.

  • 12 U.S.C. 247b

    (11) Report on the implementation of recommendations from the fsoc chairperson and executive orders.--The Board of Governors of the Federal Reserve System may not implement a non-binding recommendation made by the Chairperson of the Financial Stability Oversight Council or contained in an Executive Order unless the Board of Governors first provides the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate with-- (A) notice that the Board of Governors intends to implement such recommendation; (B) a report containing the proposed implementation by the Board of Governors and a justification for such implementation; and (C) upon request, not later than the end of the 120-day period beginning on the date of the notice under subparagraph (A), testimony on such proposed implementation.

    This establishes a requirement for the Board of Governors to notify Congress and provide justification before acting on certain recommendations from the FSOC Chairperson.

  • 12 U.S.C. 1

    (c) Report on the Implementation of Recommendations From the FSOC Chairperson and Executive Orders.--The Comptroller of the Currency may not implement a non-binding recommendation made by the Chairperson of the Financial Stability Oversight Council or contained in an Executive Order unless the Comptroller of the Currency first provides the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate with-- (1) notice that the Comptroller of the Currency intends to implement such recommendation; (2) a report containing the proposed implementation by the Comptroller of the Currency and a justification for such implementation; and (3) upon request, not later than the end of the 120-day period beginning on the date of the notice under paragraph (1), testimony on such proposed implementation.

    This mandates that the Comptroller of the Currency must also notify Congress and justify actions related to FSOC recommendations before implementing them.

  • 12 U.S.C. 1812

    (g) Report on the Implementation of Recommendations From the FSOC Chairperson and Executive Orders.--The Board of Directors of the Corporation may not implement a non-binding recommendation made by the Chairperson of the Financial Stability Oversight Council or contained in an Executive Order unless the Board of Directors first provides the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate with-- (1) notice that the Board of Directors intends to implement such recommendation; (2) a report containing the proposed implementation by the Board of Directors and a justification for such implementation; and (3) upon request, not later than the end of the 120-day period beginning on the date of the notice under paragraph (1), testimony on such proposed implementation.

    This imposes similar reporting requirements for the Federal Deposit Insurance Corporation before it can act on recommendations from the FSOC Chairperson.

  • 12 U.S.C. 1752a

    (g) Report on the Implementation of Recommendations From the FSOC Chairperson and Executive Orders.--The Board may not implement a non-binding recommendation made by the Chairperson of the Financial Stability Oversight Council or contained in an Executive Order unless the Board first provides the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate with-- (1) notice that the Board intends to implement such recommendation; (2) a report containing the proposed implementation by the Board and a justification for such implementation; and (3) upon request, not later than the end of the 120-day period beginning on the date of the notice under paragraph (1), testimony on such proposed implementation.

    This requires the National Credit Union Administration Board to follow similar reporting protocols regarding FSOC recommendations.

  • 12 U.S.C. 4511

    (d) Report on the Implementation of Recommendations From the FSOC Chairperson and Executive Orders.--The Director may not implement a non-binding recommendation made by the Chairperson of the Financial Stability Oversight Council or contained in an Executive Order unless the Director first provides the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate with-- (1) notice that the Director intends to implement such recommendation; (2) a report containing the proposed implementation by the Director and a justification for such implementation; and (3) upon request, not later than the end of the 120-day period beginning on the date of the notice under paragraph (1), testimony on such proposed implementation.

    This adds reporting obligations for the Federal Housing Finance Agency regarding non-binding recommendations made by the FSOC Chairperson.

Action History

  1. Introduced in House

  2. Introduced in House

  3. Referred to the House Committee on Financial Services.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance
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Frequently asked questions

What does HR 4737 do?
To require Federal banking regulators to report on the implementation of recommendations from the FSOC Chairperson and Executive Orders, and for other purposes.
Who sponsors HR 4737?
HR 4737 is sponsored by Flood, Mike (Republican).
What is the current status of HR 4737?
This bill died with 118th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 4737?
Track HR 4737 free on One Click Politics — get push/email alerts when it moves.

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