Sponsors (13)
The bill trades narrower regulatory enforcement and greater confidentiality for financial firms (reducing compliance burdens) against increased legal uncertainty and weaker oversight that could hinder investigations, reduce public transparency, and raise risks to customers and taxpayers.
Banks and other regulated financial firms will face reduced agency subpoena/enforcement authority, lowering compliance burden and legal exposure for those firms.
Financial regulators gain clearer authority to designate certain supervisory and systemic-risk information as confidential, protecting sensitive supervisory data from public disclosure.
Removing or narrowing agency subpoena/enforcement power (e.g., Treasury/OCC authority) will weaken regulators' ability to compel documents or testimony, hindering investigations and oversight of banks and potentially increasing risk to customers and taxpayers.
Multiple drafting errors and missing text across the bill create widespread legal uncertainty for regulators, insurers, banks, and ongoing investigations, likely complicating compliance, delaying intended policy changes, and requiring Congress to spend time/resources to correct errors.
Expanding the scope of information that regulators can treat as confidential will reduce public transparency into prudential supervisory actions and systemic-risk information, limiting taxpayers' and the public's ability to monitor regulatory responses.
Based on analysis of 5 sections of legislative text.
Repeals a specified subpoena paragraph and adds unspecified confidentiality and insertion language to financial-data statutes, altering subpoena/confidentiality rules but leaving key text blank.
Official title: Prohibit the Federal Insurance Office of the Department of the Treasury and other financial regulators from collecting data directly from an insurance company.
Introduced April 30, 2025 by Katie Boyd Britt · Last progress April 30, 2025
Makes targeted changes to federal subpoena and confidentiality rules that govern financial-sector data collection and sharing. One section immediately repeals a specific subpoena/enforcement paragraph in federal law; other sections add or alter confidentiality and subpoena-related language in the Dodd‑Frank Financial Stability Act and related statutes, but the bill text provided omits the actual inserted language so the substantive effect of those changes is unclear.