Sec. 101. Report on the implementation of recommendations from the FSOC Chairperson and Executive Orders
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Section 10 of the Federal Reserve Act ( 12 U.S.C. 247b ), as amended by section 401(b), is further amended by adding at the end the following: The Board of Governors of the Federal Reserve System may not implement a non-binding recommendation made by the Chairperson of the Financial Stability Oversight Council or contained in an Executive Order unless the Board of Governors first provides the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate with— notice that the Board of Governors intends to implement such recommendation; a report containing the proposed implementation by the Board of Governors and a justification for such implementation; and upon request, not later than the end of the 120-day period beginning on the date of the notice under subparagraph (A), testimony on such proposed implementation. .
Section 324 of the Revised Statutes of the United States ( 12 U.S.C. 1 ) is amended by adding at the end the following: The Comptroller of the Currency may not implement a non-binding recommendation made by the Chairperson of the Financial Stability Oversight Council or contained in an Executive Order unless the Comptroller of the Currency first provides the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate with— notice that the Comptroller of the Currency intends to implement such recommendation; a report containing the proposed implementation by the Comptroller of the Currency and a justification for such implementation; and upon request, not later than the end of the 120-day period beginning on the date of the notice under paragraph (1), testimony on such proposed implementation. .
Section 2 of the Federal Deposit Insurance Act ( 12 U.S.C. 1812 ) is amended by inserting after subsection
(f)the following: The Board of Directors of the Corporation may not implement a non-binding recommendation made by the Chairperson of the Financial Stability Oversight Council or contained in an Executive Order unless the Board of Directors first provides the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate with— notice that the Board of Directors intends to implement such recommendation; a report containing the proposed implementation by the Board of Directors and a justification for such implementation; and upon request, not later than the end of the 120-day period beginning on the date of the notice under paragraph (1), testimony on such proposed implementation. . Section 102 of the Federal Credit Union Act ( 12 U.S.C. 1752a ) is amended by adding at the end the following: The Board may not implement a non-binding recommendation made by the Chairperson of the Financial Stability Oversight Council or contained in an Executive Order unless the Board first provides the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate with— notice that the Board intends to implement such recommendation; a report containing the proposed implementation by the Board and a justification for such implementation; and upon request, not later than the end of the 120-day period beginning on the date of the notice under paragraph (1), testimony on such proposed implementation. . Section 1311 of the Housing and Community Development Act of 1992 ( 12 U.S.C. 4511 ) is amended by adding at the end the following: The Director may not implement a non-binding recommendation made by the Chairperson of the Financial Stability Oversight Council or contained in an Executive Order unless the Director first provides the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate with— notice that the Director intends to implement such recommendation; a report containing the proposed implementation by the Director and a justification for such implementation; and upon request, not later than the end of the 120-day period beginning on the date of the notice under paragraph (1), testimony on such proposed implementation. .
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Sec. 101
Report on the implementation of recommendations from the FSOC Chairperson and Executive Orders
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