WASHINGTON, DC [11/5/2019] – Last week, the House Financial Services Committeeunanimously passed The Prudential Regulator Oversight Act (H.R. 4841), authored by Rep. Dean Phillips (MN-03), in a 55-0 vote. The bipartisan legislation requires federal prudential banking regulators to provide annual testimony to the House Financial Services Committee, along with semiannual reports on their supervisory and regulatory activities. Representatives Anthony Gonzalez (R, OH), Joyce Beatty (D, OH), and Barry Loudermilk (R, GA) are original co-sponsors.
Prudential regulators – the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency, and the National Credit Union Administration – are designed to promote bank solvency and avoid bank failures, and thus protect taxpayers and the stability of the financial system.
Click here to watch Rep. Phillips introduce The Prudential Regulator Oversight Act Continue reading “Phillips Bill To Increase Oversight of Banking Regulators Passes Unanimously Out of Committee”