Pittenger Demands Transparency at Secretive Government Regulator

Press Release

Major Charlotte employers, including Bank of America, Wells Fargo, MetLife, Ally Financial, and BB&T, are regulated by the Financial Stability Oversight Council, a shadowy federal entity which holds two-thirds of its meetings in secret.

Today, Congressman Robert Pittenger (NC-09) officially introduced H.R. 4210, legislation that would require Voting Members of the Financial Stability Oversight Council (FSOC) to publicly testify before Congress at least twice each year, or allow Members of the House Financial Services Committee to attend the secret FSOC meetings.

"The fate of the American economy is in the hands of a secretive, highly-partisan board, with all but one member appointed by the President," said Congressman Pittenger. "There is no transparency. No oversight. We don't really know what takes place in their meetings. This isn't how we operate in the United States.

Currently, Treasury Secretary Jack Lew is the only FSOC member required to testify before Congress, with a focus on FSOC's annual report. The other nine voting members, including FHFA Director Mel Watt and CFPB Director Richard Cordray, are not required to answer questions from the People's elected representatives about their FSOC votes, which can include decisions potentially leading to taxpayer-funded bailouts, increased fees charged to consumers, or the loss of jobs.

Earlier this week, Federal Reserve Chair Janet Yellen declined to testify before the Financial Services Committee regarding her activity as an FSOC voting member.

The Financial Stability Oversight Council has broad authority over the U.S. financial system, including power to designate "Systemically Important Financial Institutions" (SIFIs).

The House Financial Services Committee is expected to consider H.R. 4210, Congressman Pittenger's FSOC transparency legislation, in January.

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