San Antonio Corridor News

Congresswoman Monica De La Cruz (TX-15) introduced the “Banking Regulator Accountability Act” on Monday, May 22.

The bill mandates the head of each Federal banking agency to testify twice per year before the House Financial Services Committee and Senate Banking, Housing, and Urban Affairs Committee. Only the Fed’s Vice Chair for Supervision has a testimony requirement, and it’s only once a year.

As a result of this legislation, the Fed’s Vice Chair for Supervision, the Comptroller of the Currency, the Federal Deposit Insurance Corporation Chairman, and the National Credit Union Administration Chairman will be statutorily required to appear before Congress regularly.

This legislation also expands the reporting requirements for each federal banking agency relating to their supervision activities, including providing confidential reports to the chair and ranking member of the House Financial Services Committee and the Senate Banking Committee.

“As evidenced by the recent failures of Silicon Valley Bank, Signature Bank, and First Republic Bank, federal regulators missed opportunities to monitor the health of these institutions and hold them to the standards set by law,” De La Cruz said. “It put the assets of millions of Americans at risk and brought unnecessary fear to Americans. Accountability is a two-way street. Not only should the leaders of these banks be accountable for their failures, but the regulators charged with overseeing these institutions should also answer to Congress. That is why I introduced the Banking Regulator Accountability Act - because the American people deserve answers.”

Original source can be found here.