House Financial Services Committee member Scott Garrett (R-N.J.), who chairs the panel’s capital markets subcommittee, introduced legislation to increase transparency at the FSOC.
The legislation, among other things, would subject the FSOC to the Government in the Sunshine Act and allow members of Congress who serve on FSOC oversight committees to attend council meetings.
The bill also would allow all members of the regulatory agency boards and commissions that are represented on FSOC to participate in meetings — not just the politically appointed head — and to indirectly vote on FSOC proposals.
“The council meets in secret, refuses to disclose substantive transcripts, and blocks any requests by other regulators or Members of Congress for a more open and transparent process,” said Garrett, who was recently denied access to an FSOC meeting. He noted the “tremendous changes” that the FSOC is considering in the way capital and credit are allocated and said “it is imperative these changes are not carried out in secret or behind closed doors.”