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U.S. OVERNMENT
INFORMATION
Op
115TH CONGRESS REPORT
2d Session HOUSE OF REPRESENTATIVES 115-980
FEDERAL RESERVE SUPERVISION TESTIMONY
CLARIFICATION ACT
SEPTEMBER 26, 2018.-Committed to the Committee of the Whole House on the
State of the Union and ordered to be printed
Mr. HENSARLING, from the Committee on Financial Services,
submitted the following
REPORT
[To accompany H.R. 4753]
The Committee on Financial Services, to whom was referred the
bill (H.R. 4753) to amend the Federal Reserve Act to require the
Vice Chairman for Supervision of the Board of Governors of the
Federal Reserve System to provide a written report, and for other
purposes, having considered the same, report favorably thereon
with an amendment and recommend that the bill as amended do
pass.
The amendment is as follows:
Strike all after the enacting clause and insert the following:
SECTION 1. SHORT TITLE.
This Act may be cited as the Federal Reserve Supervision Testimony Clarifica-
tion Act.
SEC. 2. VICE CHAIRMAN FOR SUPERVISION REPORT REQUIREMENT.
Paragraph (12) of section 10 of the Federal Reserve Act (12 U.S.C. 247b) is
amended-
(1) by redesignating such paragraph as paragraph (11); and
(2) in such paragraph-
(A) by striking shall appear and inserting shall provide written testi-
mony and appear; and
(B) by adding at the end the following: If, at the time of any appearance
described in this paragraph, the position of Vice Chairman for Supervision
is vacant, the Chairman or their designee shall appear instead and provide
the required written testimony..
PURPOSE AND SUMMARY
On January 10, 2018, Representative Frank Lucas introduced
H.R. 4753, the Federal Reserve Supervision Testimony Clarifica-
tion Act, which clarifies Section 1108 of the Dodd-Frank Wall
Street Reform and Consumer Protection Act. This legislation estab-
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