Bill Summary
The Federal Reserve Supervision Testimony Clarification Act is a law that amends the Federal Reserve Act to require the Vice Chairman for Supervision of the Board of Governors of the Federal Reserve System to provide a written report during testimony, rather than just appearing in person. This requirement also applies if the position of Vice Chairman for Supervision is vacant, in which case the Chairman or their designee must appear and provide the written report. The Act also specifies that the budgetary effects of the Act will be determined based on the latest statement submitted to Congress prior to the vote on passage. The Act was passed by the House of Representatives on March 11, 2019.
Possible Impacts
1. This legislation may affect the Vice Chairman for Supervision, as they are now required to provide written testimony in addition to appearing before the Federal Reserve. This could add more responsibility and workload to their role.
2. The legislation may also affect the Chairman or their designee, as they would need to fill in for the Vice Chairman if the position is vacant at the time of the required appearance and written testimony. This could add additional tasks and responsibilities to their role.
3. The budgetary effects of the legislation may also affect taxpayers, as the determination of budgetary effects for compliance with the Statutory Pay-As-You-Go Act may impact government spending and potentially lead to changes in taxes or government programs.
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 974 Referred in Senate (RFS)]
<DOC>
116th CONGRESS
1st Session
H. R. 974
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
March 12, 2019
Received; read twice and referred to the Committee on Banking,
Housing, and Urban Affairs
_______________________________________________________________________
AN ACT
To amend the Federal Reserve Act to require the Vice Chairman for
Supervision of the Board of Governors of the Federal Reserve System to
provide a written report, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Federal Reserve Supervision
Testimony Clarification Act''.
SEC. 2. VICE CHAIRMAN FOR SUPERVISION REPORT REQUIREMENT.
Paragraph (12) of section 10 of the Federal Reserve Act (12 U.S.C.
247b) is amended--
(1) by redesignating such paragraph as paragraph (11); and
(2) in such paragraph--
(A) by striking ``shall appear'' and inserting
``shall provide written testimony and appear''; and
(B) by adding at the end the following: ``If, at
the time of any appearance described in this paragraph,
the position of Vice Chairman for Supervision is
vacant, the Chairman or their designee shall appear
instead and provide the required written testimony.''.
SEC. 3. DETERMINATION OF BUDGETARY EFFECTS.
The budgetary effects of this Act, for the purpose of complying
with the Statutory Pay-As-You-Go Act of 2010, shall be determined by
reference to the latest statement titled ``Budgetary Effects of PAYGO
Legislation'' for this Act, submitted for printing in the Congressional
Record by the Chairman of the House Budget Committee, provided that
such statement has been submitted prior to the vote on passage.
Passed the House of Representatives March 11, 2019.
Attest:
CHERYL L. JOHNSON,
Clerk.