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House Bill 4630
118th Congress(2023-2024)
Supervision Reform Act of 2023
Introduced
Introduced
Introduced in House on Jul 13, 2023
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Text
Introduced in House 
Jul 13, 2023
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Introduced in House(Jul 13, 2023)
Jul 13, 2023
About Linkage
Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
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H. R. 4630 (Introduced-in-House)


118th CONGRESS
1st Session
H. R. 4630


To amend the Federal Reserve Act to remove the designation of one of the members of the Board of Governors of the Federal Reserve System as the “Vice Chairman for Supervision”, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

July 13, 2023

Mr. Ogles introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the Federal Reserve Act to remove the designation of one of the members of the Board of Governors of the Federal Reserve System as the “Vice Chairman for Supervision”, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Supervision Reform Act of 2023”.

SEC. 2. Removal of the Vice Chairman for Supervision designation.

(a) In general.—The second undesignated paragraph of section 10 of the Federal Reserve Act (12 U.S.C. 242) (relating to the Chairman and Vice Chairman of the Board) is amended by striking “and 2 shall be designated by the President, by and with the advice and consent of the Senate, to serve as Vice Chairmen of the Board, each for a term of 4 years, 1 of whom shall serve in the absence of the Chairman, as provided in the fourth undesignated paragraph of this section, and 1 of whom shall be designated Vice Chairman for Supervision. The Vice Chairman for Supervision shall develop policy recommendations for the Board regarding supervision and regulation of depository institution holding companies and other financial firms supervised by the Board, and shall oversee the supervision and regulation of such firms.” and inserting “and 1 shall be designated by the President, by and with the consent of the Senate, to serve as Vice Chairman of the Board for a term of 4 years.”.

(b) Conforming amendment.—Section 10 of the Federal Reserve Act (12 U.S.C. 241 et seq.) is amended by striking paragraph (12).