House Passes Lucas Bill to Increase Transparency at Fed

Oct 01, 2018
Press

Today, the House passed H.R. 4753, the Federal Reserve Supervision Testimony Clarification Act, sponsored by Congressman Frank Lucas (OK-03). This bill mandates that in the absence of a Vice Chair of Supervision at the Federal Reserve, someone from the Federal Reserve Board is designated to appear before Congress to testify on supervisory issues. 

“Dodd-Frank established the Vice Chair for Supervision position to oversee those efforts, but the first confirmed appointee to that position took office only last year, a full seven years since Dodd-Frank,” said Rep. Frank Lucas.  “During that time, Congress received minimal testimony on regulatory issues from the Fed. Typically, other officials who don’t oversee regulatory efforts gave testimony in this regard. But the key point is Dodd-Frank requires only the Vice Chair for Supervision to give that testimony. While we are grateful that other Fed officials decided to speak to Congress on regulatory issues, they didn’t have to under the law.”

Despite the simplicity, this bill is about the oversight authority of Congress. Congress gave the Federal Reserve much greater regulatory authority under Dodd-Frank, so it is vitally important that Congress hears from it on regulatory developments.  Not only that, hearing from officials that are very knowledgeable on issues in their areas, particularly when these regulations have a large effect on capital and money markets, allows more transparency in government agencies.

Recent Posts


Jun 3, 2024
Agriculture

Lucas Statement on Farm Bill

Washington, D.C. – Congressman Frank Lucas (OK-03) released the following statement after the House Committee on Agriculture completed its markup of the next Farm Bill: “I applaud Chairman Thompson for completing the gargantuan task of passing this Farm Bill out of Committee. As a former Chairman of the House Ag Committee, I know firsthand just how […]



May 16, 2024
Economy

Lucas: Basel Endgame Will Penalize Central Clearing

Washington, D.C. –  At today’s House Financial Services Committee hearing, Congressman Frank Lucas (OK-03) questioned FDIC Chair Gruenberg and Federal Reserve Vice-Chair Barr on the consequences of the Basel Endgame proposal. Specifically, Congressman Lucas brought to attention his concern that the Basel requirements will constrain the capacity of banks to offer central clearing. He has previously pressed this […]



May 14, 2024
Press

Lucas Advocates for FAA Reauthorization

Washington, D.C. – Today, Congressman Frank Lucas (OK-03) spoke on the Floor in support of the Senate’s amendment to the Federal Aviation Administration (FAA) reauthorization bill, which the House will be voting on tomorrow. The bill includes Rep. Lucas’s language for the FAA to submit a plan to Congress to improve air traffic controller training and set the air traffic […]