Amending the Federal Reserve Act

Floor Speech

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Mr. OGLES. Madam Speaker, we have heard time and time again in the Financial Services Committee and in our hearings across the Hill that there is a dire need for transparency and accountability among the banking agencies.

Yet, blatant partisanship has dictated the appointments of leftist bank regulatory officials during the Harris-Biden administration.

One of my bills was included in H.R. 4790, which passed the House earlier today. My bill, the Supervision Reform Act, amends the Federal Reserve Act to remove the confusing designation established by the Dodd-Frank Act for one of the members of the Board of Governors to be designated as vice chair of supervision.

The vice chair of supervision should not be afforded special treatment and be allowed to abuse the position to rewrite the narrative for the failures of the banking system and to cook up unjustified climate rules and force them on banks.

Americans are watching Kamalanomics eat away at their hard-earned savings, and the Fed's ESG-related partisan regulations are part of the problem.

It is time to end the confusion, which has been the result of Dodd- Frank's misguided creation of the vice chair for supervision position.

Mr. Speaker, we have heard time and again--at Financial Services Committee hearings and across the Hill--that there is a dire need for transparency and accountability among the banking agencies.

Blatant partisanship has dictated the appointments of leftist bank regulatory officials during Harris-Biden Administration, to include the Federal Reserve's Vice Chairman for Supervision Michael Barr.

Mr. Barr in particular appears to be far more interested in advancing his own partisan plans than in confronting the serious financial and regulatory costs on the American people by the Harris-Biden administration.

One of my bills was included in H.R. 4790, which passed the House earlier today. My bill, the Supervision Reform Act amends the Federal Reserve Act to remove this confusing designation, established by the Dodd-Frank Act, for one of the members of the Board of Governors to be designated as the ``Vice Chairman for Supervision''.

The Vice Chair for Supervision should not be afforded special treatment to write his own narrative on bank failures on behalf of the Federal Reserve System as a whole, but the current Vice Chair for Supervision did just that.

The Vice Chair for Supervision should not be afforded special treatment to undertake his own experiments on climate change with private banks, or to cook up unjustified climate rules at the Fed, but the current Vice Chair for Supervision did just that.

The current Vice Chair for Supervision's assertion of special powers has led to disastrous results regarding policy positions of Federal Regulators.

Americans are watching ``Kamala-nomics'' eat away at their hard- earned savings, and the Fed's ESG-related partisan regulations are part of the problem.

Fed-Supervised banks are supervised by their regional Fed. Banks in regions where supervisors have stayed focused on practical supervision to ensure safety and soundness face the confusion of worrying about how to balance the sound supervisory guidance of their own supervisor with that of the unnecessary ``Vice Chair for Supervision.''

It's time to end that confusion, which has been the only result of Dodd-Frank's misguided creation of the Vice Chair for Supervision position.

I am happy that my colleagues recognized this and passed H.R. 4790 to provide more clarity and transparency for the Federal regulators to ensure that they do not overstep their authority by forcing ESG initiatives.

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