Systemic Risk Authority Transparency Act
Sponsored By: Representative Green, Al [D-TX-9]
Passed House
Summary
More transparency and accountability for use of the systemic risk exception when winding up failed banks. It would require the Government Accountability Office (GAO) and federal banking agencies to produce timely, detailed reviews and reports about failures, their causes, and supervisory actions.
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- Households and depositors would get clearer public accounts of why regulators intervened and how those actions may have affected depositors, including examination of effects on uninsured depositors.
- Bank executives and boards would face formal scrutiny of mismanagement and compensation, with required review of examination materials covering the prior 3 years.
- Regulators and Congress would see faster, structured reporting: GAO and agencies must deliver reviews and targeted reports with deadlines between 60 and 210 days, provide recent exam reports subject to narrow redactions, and follow defined privilege protections.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Public reports after systemic bank failures
If enacted, after the government uses the systemic-risk exception to close a failed insured bank, two reviews would follow. The GAO would report to Congress within 60 days and again at 180 days. It would explain the decision, actions taken, and likely effects on banks and uninsured depositors. It would review executive mismanagement, pay practices, and regulator actions. It would also look at auditors, rating agencies, underwriters, and emergency loans like Federal Reserve or Home Loan Bank advances. The bank’s main federal regulator would report within 90 days and again at 210 days. It would release three years of exams and key supervisory letters, with personal data removed. It would assess mismanagement, supervisory gaps, causes, and recommend fixes. Agencies would publish as much as possible and consult banking committee leaders before omitting items. Omitted items would go to those committees with a written reason. Agencies could take one 60-day extension with notice and may combine reports if timing is met. Sharing these materials would not waive legal privilege or FOIA exemptions, and would not limit enforcement.
Sponsors & CoSponsors
Sponsor
Green, Al [D-TX-9]
TX • D
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov