Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, gave the following floor statement on H.R.974, the Federal Reserve Testimony Clarification Act, bipartisan legislation that clarifies who at the Board of Governors of the Federal Reserve System will testify before Congress on the status of the Federal Reserve’s supervisory efforts.

As Prepared for Delivery

Mr. Speaker, this is a very straight forward piece of legislation. 

It clarifies that the Vice Chairman for Supervision is required to provide testimony along with his appearance before the Committee. 

Additionally, if the position is vacant, the bill makes clear that the Chair of the Board shall appear and provide testimony on supervision and regulation efforts.

I think it makes good sense to codify who at the Board will testify before Congress on the status of the Fed’s supervisory efforts, regardless of whether there is a person confirmed for the Vice Chair for Supervision or not. 

When Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act it created the position of Vice Chair for Supervision so that there was one Fed Board Governor who was responsible for ensuring robust rules for the nation’s largest financial institutions.

We now have a Vice Chairman for Supervision at the Fed but the position had previously been vacant since its creation in 2010, so it is helpful to clarify how Congress will continue to be informed about developments at the Fed.

This bill already passed the House last year on a voice vote.

I thank the gentleman from New Jersey, Mr. Gottheimer, and the gentleman from Oklahoma, Mr. Lucas, for introducing this legislation. 

I urge all Members to vote “Yes” on H.R. 974.

H.R. 974 was introduced by Congressman Josh Gottheimer (D-NJ) and Congressman Frank Lucas (R-OK),  Members of the House Financial Services Committee. The bill passed by a voice vote.