Bill Aims at FSOC Veil
Rep. Scott Garrett (R-N.J.) has introduced the Financial Stability Oversight Council Transparency and Accountability Act, aimed at increasing transparency at the FSOC.
“Over the last two years, it has become increasingly apparent that the Financial Stability Oversight Council, created by the Dodd-Frank Act, is in serious need of reform,” Garrett said in a statement. “The council meets in secret, refuses to disclose substantive transcripts, and blocks any requests by other regulators or members of Congress for a more open and transparent process.
Garrett said he was barred from an FSOC meeting on March 27. The board currently consists of appointed heads of each financial services regulator. The bill would subject the FSOC to the Government in the Sunshine Act and the Federal Advisory Committee Act.