April 04, 2014

Garrett bill seeks FSOC transparency

April 7, 2014 – A bill to require the Financial Services Oversight Council to hold open meetings, subject it to requirements of the Federal Advisory Committee Act and more was introduced last week by Rep. Scott Garrett, R-N.J.

The bill is H.R. 4387 and awaits action of the House Financial Services Committee. Garrett is a committee member.

In February, the House passed the NAFCU-backed H.R. 3193, a bill introduced by Rep. Sean Duffy, R-Wis., to improve CFPB's structure and operations. The bill, approved by a vote of 232-182, would, among other things, allow the council to veto CFPB rules on a simple majority vote of council members (excluding the CFPB director).

House Financial Services Committee Chairman Jeb Hensarling, R-Texas, last month also called on CFPB to open up its advisory council meetings to the public.