,,ib ,union ,calendar ,no4 #afi #aaith ,,congress #ast ,session ,h4 ,r4 #cgaf ,report ,no4 #aai-bjf ,,in ,,the ,,house ,,of ,,representatives ,june #d1 #bjbe,mr4 ,green of ,texas introduced the following bill2 which was referred to the ,committee on ,financial ,services ,july #ae1 #bjbe,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed,strike out all after the enacting clause and insert the part printed in italic,for text of introduced bill1 see copy of bill as introduced on ,june #d1 #bjbe ,a ,,bill ,to amend the ,federal ,deposit ,insurance ,act to require reports on the use of the systemic risk authority applicable to winding up a failed insured depository institution1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,systemic ,risk ,authority ,transparency ,act4 #b4 ,bank failure transparency related to systemic risk exception 7a7 ,,gao review ,section #ac7;c77#d77;,g77iv7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbc7;c77#d77;,g77iv77 is amended to read as follows3 7iv7 ,,gao review 7,i7 ,in general ,the ,comptroller ,general of the ,united ,states shall1 not later than #fj days after a determination is made under clause 7i71 and again #ahj days thereafter1 review and report to the ,congress on the determination under clause 7i71 including-- 7aa7 the basis for the determination2 7bb7 the purpose for which any action was taken pursuant to such clause2 7cc7 the likely effect of the determination and such action on the incentives and conduct of insured depository institutions and uninsured depositors2 7dd7 any mismanagement by the executives and board of the insured depository institution that contributed to the failure of the insured depository institution2 7ee7 a review of the compensation practices of the insured depository institution2 7ff7 any supervisory or regulatory shortcomings with respect to the appropriate ,federal banking agency of the insured depository institution2 7gg7 any actions taken by the ,federal banking regulators1 ,financial ,stability ,oversight ,council1 ,department of the ,treasury1 and other relevant financial regulators in relation to the failure of the insured depository institution2 and 7hh7 any additional relevant entities or activities that may have contributed to the failure of the insured depository institution1 including with respect to auditing1 accounting1 credit rating agencies1 investment bank underwriters1 and emergency liquidity options such as loans from the ,federal reserve banks or advances through the ,federal ,home ,loan ,bank system4 7,,ii7 ,rule of construction ,nothing in this clause or a report issued pursuant to this clause may be construed to limit the authority of a ,federal agency to enforce violations of ,federal statutes1 rules1 or orders4 4 7b7 ,appropriate federal banking agency report ,section #ac7;c7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbc7;c77 is amended by adding at the end the following3 7#ab7 ,appropriate federal banking agency report 7,a7 ,in general ,the appropriate ,federal banking agency of an insured depository institution about which a determination is made under paragraph 7#d77;,g77i7 shall1 not later than #ij days after the date of such determination1 and again #baj days thereafter1 submit a report to the ,congress that discloses the following3 7i7 ,subject to such redactions as the appropriate ,federal banking agency determines appropriate of personally identifiable information about customers and other financial institutions 7as such term is defined under section #aa7;e77#i77;,d771 all-- 7,i7 reports of examination and inspection that relate to the failed insured depository institution in the previous #c-year period2 7,,ii7 formal communications of a material supervisory determination conveyed to the failed insured depository institution in the previous #c-year period2 and 7,,iii7 any additional exam reports and correspondence that the appropriate ,federal banking agency determines may be relevant to the failure of the insured depository institution4 7ii7 ,an examination of any mismanagement by the executives and board of the insured depository institution that contributed to the failure of the insured depository institution4 7iii7 ,any supervisory or regulatory shortcomings by such appropriate ,federal banking agency with respect to the insured depository institution4 7iv7 ,any dynamics that the appropriate ,federal banking agency determines may have contributed to the failure of the insured depository institution4 7v7 ,any supervisory1 regulatory1 or legislative recommendations such appropriate ,federal banking agency may have to improve the safety and soundness of similarly situated insured depository institutions1 the banking system1 and financial stability4 7,b7 ,protection of sensitive information 7i7 ,effect on privilege ,the provision of any information by a ,federal banking agency under this paragraph may not be construed as-- 7,i7 waiving1 destroying1 or otherwise affecting any privilege applicable to the information2 or 7,,ii7 waiving any exemption applicable to the information under section #eeb of title #e1 ,united ,states ,code 7commonly known as the ,freedom of ,information ,act74 7ii7 ,transparency 7,i7 ,in general ,a ,federal banking agency shall publish materials contained in a report required under subparagraph 7,a7 to the fullest extent possible to promote transparency4 7,,ii7 ,consultation on omitting materials ,if a ,federal banking agency determines particular materials described under subclause 7,i7 should not be published1 the ,federal banking agency shall consult with the chair and ranking member of the ,committee on ,financial ,services of the ,house of ,representatives and the chair and ranking member of the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate4 7,,iii7 ,omitting materials ,if1 after the consultation required under subclause 7,,ii71 the ,federal banking agency determines there is a substantial public interest in not publishing such materials1 the ,federal banking agency shall provide those materials to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate with a written explanation describing the reasons for not publishing those materials4 7iii7 ,privilege ,for purposes of this subparagraph1 the term privilege includes any work-product1 attorney-client1 or other privilege recognized under ,federal or ,state law4 7,c7 ,report extension ,a ,federal banking agency may extend a deadline described under subparagraph 7,a7 for an additional #fj days1 if the ,federal banking agency-- 7i7 faces ongoing circumstances that require the ,federal banking agency to prioritize activities to promote stability of the ,u4,s4 banking system2 and 7ii7 notifies the ,congress of such extension and the reasons for such extension4 7,d7 ,consolidated reports ,a ,federal banking agency may consolidate multiple reports required under this paragraph so long as the individual reports being consolidated all meet the timing requirements under this paragraph4 7,e7 ,rule of construction ,nothing in this paragraph or reports or materials provided pursuant to this paragraph may be construed to limit the authority of a ,federal agency to enforce violations of ,federal statutes1 rules1 or orders4 4 ,july #ae1 #bjbe,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed