To amend the Federal Credit Union Act, the Federal Deposit Insurance Act, the Revised Statutes, and the Federal Reserve Act to require Federal banking agencies to consider economic growth when conducting supervisory functions.
New Bill Requires Federal Banking Agencies to Prioritize Economic Growth During Bank Oversight
Legislative Progress
Key Points
- This bill, introduced by Representative Barr, would change the rules for how the government watches over banks and credit unions. It requires federal agencies to think about how their decisions affect the overall economy's growth, rather than focusing only on whether a bank is at risk of failing.
- Currently, banking regulators focus on 'safety and soundness,' which means making sure banks are managed carefully. This bill adds 'economic growth' to their official mission, meaning they must consider if their oversight is making it too hard for banks to lend money to people and businesses.
- The policy affects the major groups that run the U.S. financial system, including the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration, and the Office of the Comptroller of the Currency.
- The goal of this change is to ensure that government regulations do not accidentally slow down the economy. By requiring regulators to weigh growth, the bill aims to make it easier for banks to provide the loans that help communities thrive and create jobs.
Impact Analysis
Personal Impact
How this policy affects specific groups of people
Milestones
Referred to the House Committee on Financial Services.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
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Source Information
Document Type
Congressional Bill
Official Title
To amend the Federal Credit Union Act, the Federal Deposit Insurance Act, the Revised Statutes, and the Federal Reserve Act to require Federal banking agencies to consider economic growth when conducting supervisory functions.
Data Sources
Sponsor
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