Sponsors (25)
The bill codifies confidentiality protections that help regulators and supervised firms safeguard sensitive supervisory information (and adds a minor navigational fix) but leaves unspecified language and broad confidentiality rules that create legal uncertainty, potential compliance costs, and reduced transparency and oversight.
Financial regulators (FSOC and covered agencies) and supervised financial institutions would have an explicit statutory confidentiality protection for sensitive supervisory information, reducing the risk that proprietary or supervisory data are disclosed.
Lawyers, agency staff, and the public will find it easier to locate the confidentiality rule because the bill adds a table-of-contents entry, modestly improving legal clarity and navigation.
Insurers and other financial institutions (and related federal actors) face legal uncertainty because some inserted or omitted text is unspecified or non‑operative, which could produce later substantive changes, compliance burdens, or administrative costs if those provisions are filled in.
Taxpayers, Congress, and the public could see reduced transparency into systemic-risk oversight because broad confidentiality rules may limit disclosure and could impede independent oversight or whistleblowing about regulator actions.
Stakeholders seeking clarity or reform of Office of Financial Research (OFR) subpoena limits receive no change from some provisions because they contain no operative language or deadlines, preserving current legal uncertainty.
Based on analysis of 5 sections of legislative text.
Repeals one paragraph of 31 U.S.C. §313(e), identifies unspecified insertions to 31 U.S.C. and 12 U.S.C., and adds a placeholder financial regulator confidentiality provision; repeal effective on enactment.
Repeals a specific paragraph of 31 U.S.C. § 313(e), directs unspecified insertions into other parts of 31 U.S.C. and 12 U.S.C., and adds a placeholder confidentiality provision for financial regulators into the Financial Stability Act and the Dodd-Frank table of contents. The bill as submitted contains several insertion points but does not include the actual inserted text in most places, so most changes are either a repeal that takes effect on enactment or placeholders that have no clear substantive effect until the missing language is provided.
Introduced May 15, 2025 by Scott Fitzgerald · Last progress May 15, 2025