The House yesterday passed a bill to require the Government Accountability Office and the appropriate regulatory agency to report on any use of systemic risk authority to wind down a failed bank. It now heads to the Senate.
The Systemic Risk Authority Transparency Act (H.R. 3716), introduced by Rep. Al Green (D-Texas), was part of a package of bipartisan legislation passed by voice vote. It was one of several bills supported by the American Bankers Association that cleared the House Financial Services Committee earlier this year.
The bill “will increase transparency in the regulatory process,” ABA said in a letter to lawmakers.
