Garrett to FSOC: Unlike FSOC, Our Deliberations are Actually Open and Transparent to the Public

Statement

Rep. Scott Garrett (NJ-05), Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, delivered the following remarks at a Financial Services Committee hearing entitled "Oversight of the Financial Stability Oversight Council." Garrett is the author of H.R. 3557, the Financial Stability Oversight Council (FSOC) Transparency and Accountability Act, to bring much-needed transparency and accountability to the FSOC.

Congressman Scott Garrett's opening remarks as prepared for delivery:

Thank you Mr. Chairman and welcome to all of our witnesses.

So I would guess that all of you have gotten to know each other pretty well during those closed-door FSOC sessions where you discuss ways to fundamentally re-make the United States economy

But I thought I would take this opportunity to introduce you to the group up here on the dais

We're known as "Congress", we were created by Article I of our Constitution, and we are the elected representatives of the American people

We're the ones that send you those pesky letters that you routinely ignore, and while I am sure that you are confused by the public seating and the cameras here today, unlike FSOC, our deliberations are actually open and transparent to the public

I hope that if there's one thing you take away from today's hearing, it's that FSOC needs to do the same, and stop hiding its operations from the view of the American public, and begin to adopt some of the transparency measures that each of your individual agencies are subject to

With that Mr. Chairman, I yield back

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.

This bill passed the Financial Services Committee on November 8th.

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