Sponsors
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4947)
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Last progress December 2, 2025 (2 months ago)
Introduced on June 4, 2025 by Al Green
Requires the Government Accountability Office (Comptroller General) and the relevant federal banking regulator to review any bank failure that relied on the systemic risk exception and report findings to Congress on set timelines. Reports must disclose supervisory materials and analyses of causes, mismanagement, and regulatory shortcomings, recommend corrective actions, and be published to the fullest extent possible while protecting privileged or FOIA-exempt material. Sets short deadlines for initial and follow-up reports (Comptroller General: 60 and 180 days; banking agency: 90 and 210 days), allows limited deadline extensions or consolidated reporting in exceptional cases, and requires agencies to consult congressional committee leaders before withholding protected materials.
Comptroller General (GAO) review and report: The Comptroller General shall, not later than 60 days after a determination is made under clause (i), and again 180 days thereafter, review and report to Congress on that determination.
Rule of construction tied to GAO review: Nothing in the GAO review clause or a report issued under it may be construed to limit a Federal agency's authority to enforce violations of Federal statutes, rules, or orders.
Appropriate Federal banking agency reporting timing: The appropriate Federal banking agency of an insured depository institution subject to a determination under paragraph (4)(G)(i) must, not later than 90 days after that determination and again 210 days thereafter, submit a report to Congress disclosing specified materials and analyses.
Disclosure — reports of examination and inspection: Subject to redacting personally identifiable information about customers and other financial institutions, the agency must include reports of examination and inspection that relate to the failed insured depository institution in the previous 3-year period.
Disclosure — formal communications of material supervisory determinations: The agency must include formal communications of a material supervisory determination conveyed to the failed institution in the previous 3-year period.
Primary impacts fall on federal banking supervisors and failed banks. Supervisory agencies must assemble and disclose detailed materials and analyses on tight deadlines, increasing near-term workload and potentially legal review for privilege and FOIA issues. Failed banks (and their former management) may face greater public scrutiny and reputational harm from broader disclosure about management failures or supervisory lapses. Financial firms and markets may see increased transparency after such failures, which could inform investor and depositor decisions and shape future regulatory or legislative reforms. Congress gains more timely, documented information to consider policy or oversight changes. The requirement does not create new spending programs or change regulatory powers directly, but could lead to future rulemaking or supervisory practice changes based on report findings.
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