Us Congress 2023-2024 Regular Session

Us Congress Senate Bill SB2335

Introduced
7/18/23  

Caption

Financial Regulatory Accountability Act of 2023

Impact

The bill is structured to strengthen the framework for accountability within financial regulatory bodies by providing a mechanism for entities under their supervision to report alleged abuses. The Special Inspector General is responsible for not only investigating these claims but also making recommendations for remedial actions and potential disciplinary measures for offending employees. This oversight is aimed at addressing reputational risks by preventing covered agencies from taking adverse actions based on such risks, thereby aiming to create a more transparent operating environment in the financial regulatory landscape.

Summary

SB2335, titled the 'Financial Regulatory Accountability Act of 2023', aims to establish the Office of the Special Inspector General for Financial Regulatory Abuses and Misconduct within the Department of the Treasury. This office is intended to oversee and investigate allegations related to supervisory, regulatory, and examination abuses that occur within various covered agencies such as the Securities and Exchange Commission and the Federal Reserve. A significant provision allows for a budget of $25 million to support the office's operations, signifying a federal commitment to enhance oversight in the financial sector.

Contention

Discussion around SB2335 may highlight points of contention regarding the extent of powers granted to the Special Inspector General. Critics may argue about the implications of enforcing strict oversight on well-established regulatory practices and the potential for political interference if such an office is mismanaged. Supporters, meanwhile, will likely emphasize the importance of holding regulatory agencies accountable for actions that could undermine public trust in the financial system, highlighting the necessity for effective oversight in safeguarding the interests of the general public against misconduct.

Companion Bills

No companion bills found.

Previously Filed As

US HB4642

International Regulatory Transparency and Accountability Act

US HB3556

Increasing Financial Regulatory Accountability and Transparency Act

US HB5041

Better CARE for Animals Act of 2023 Better Collaboration, Accountability, and Regulatory Enforcement for Animals Act of 2023

US SB2555

Better CARE for Animals Act of 2023 Better Collaboration, Accountability, and Regulatory Enforcement for Animals Act of 2023

US HB4807

Deep State Accountability Act of 2023

US HB4823

American Financial Institution Regulatory Sovereignty and Transparency Act of 2023

US SB1160

Financial Regulators Transparency Act of 2023

US SB2158

Restore VA Accountability Act of 2023 Restore Department of Veterans Affairs Accountability Act of 2023

US HB3446

Sunshine for Regulatory Decrees and Settlements Act of 2023

US SB1645

Sunshine for Regulatory Decrees and Settlements Act of 2023

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