S. 3095 — Introduced in Senate

II 118th CONGRESS 1st Session S. 3095 IN THE SENATE OF THE UNITED STATES October 19, 2023Mr. Hagerty (for himself and Mrs. Britt) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend the Consumer Financial Protection Act of 2010 to clarify the funding of the Bureau of Consumer Financial Protection. 1. Short title This Act may be cited as the Federal Reserve Loss Transparency Act. 2. Bureau funding Section 1017(a) of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5497(a)) is amended— (1) by redesignating paragraphs (3) through (5) as paragraphs (4) through (6), respectively; and (2) by inserting after paragraph (2) the following: (3) Prohibition on transfer when the Federal reserve banks incur a loss Notwithstanding paragraph (1), no transfer may be made to the Bureau if the Federal reserve banks, in the aggregate, incurred an operating loss in the most recently completed calendar quarter until the loss is offset with subsequent earnings. . 3. Calculation of net earnings using GAAP Section 7 of the Federal Reserve Act is amended— (1) by redesignating the second subsection (b) (12 U.S.C. 290) (relating to the use of earnings transferred to the Secretary) and subsection (c) (12 U.S.C. 531) as subsections (c) and (d), respectively; and (2) by adding at the end the following: (e) Calculation of net earnings and total capital using GAAP For purposes of this section, earnings and total capital shall be calculated in accordance with United States generally accepted accounting principles. .