Garrett Bill to Shed Light on FSOC Passes Committee

Statement

Rep. Scott Garrett (NJ-05), Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, issued the following statement after the Financial Services Committee passed his bill, H.R. 3557, the Financial Stability Oversight Council (FSOC) Transparency and Accountability Act:

"The Financial Stability Oversight Council is a powerful government body created by Dodd-Frank that holds closed-door meetings, refuses to publish substantive transcripts, and stonewalls requests from Congress when we need more information about its operations. This complete lack of transparency and accountability is an affront to anyone who believes that government should operate as a fair and open servant to the American people. With the committee passage of my bill, the FSOC Transparency and Accountability Act, the American people are one step closer to seeing behind the shroud of this secretive and unaccountable government body."

The FSOC Transparency and Accountability Act would:

Subject the FSOC to the Government in the Sunshine Act

Subject the FSOC to the Federal Advisory Committee Act

At all FSOC meetings, allow for the participation of all members of the Commissions and Boards represented
Require that any vote taken by the principal of a Commission or Board represented must first be taken by that Commission or Board and the principal must then in turn vote that same decision at the Council

Allow for Members of Congress on the Congressional oversight committees of FSOC to be able to attend all FSOC meetings

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