Systemic Risk Authority Transparency Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The Systemic Risk Authority Transparency Act requires federal banking regulators to provide detailed reports to Congress following the failure of an insured depository institution that could pose a risk to the broader financial system. These reports will include an analysis of the failure by the Government Accountability Office (GAO), information about the institution’s leadership and compensation practices, and a review of regulatory oversight. The act also mandates that the relevant federal banking agency submit a report within 90 days of the determination, including examination reports and communications related to the institution, to promote transparency and accountability.
Key provisions
- The GAO must review and report on the systemic risk determination, including factors contributing to the failure.
- Federal banking agencies must submit detailed reports to Congress within 90 days of a systemic risk determination.
- These reports must include examination reports, supervisory communications, and an assessment of mismanagement.
- The reports must examine compensation practices and regulatory shortcomings.
- The reports must analyze dynamics that contributed to the failure.
- Recommendations for improving the safety and soundness of similar institutions are required.
- Federal banking agencies can request extensions to reporting deadlines under specific circumstances.
- The act allows for consolidation of multiple reports to streamline the process.
Who is affected
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