The Comptroller General must review a systemic risk determination twice
What the document says“The Comptroller General of the United States shall, not later than 60 days after a determination is made under clause (i), and again 180 days thereafter, review and report to the Congress on the determination under clause (i), including--”
The section rewrites section 13(c)(4)(G)(iv) of the Federal Deposit Insurance Act to require the Comptroller General of the United States to review a systemic risk determination and report to Congress within 60 days and again 180 days later. The review must cover the basis for the determination, the purpose of any action taken, its likely effect on the incentives and conduct of banks and uninsured depositors, mismanagement by the failed bank's executives and board, the bank's compensation practices, supervisory or regulatory shortcomings at its federal banking agency, actions taken by the banking regulators, the Financial Stability Oversight Council, the Treasury and other regulators, and any other entities or activities that contributed, including auditing, accounting, credit rating agencies, investment bank underwriters, and emergency liquidity such as loans from the Federal reserve banks or advances from the Federal Home Loan Bank system.
What the document actually says“The Comptroller General of the United States shall, not later than 60 days after a determination is made under clause (i), and again 180 days thereafter, review and report to the Congress on the determination under clause (i), including--”
The audit arm of Congress must review the choice and report on it. The first report is due within 60 days. A second follows 180 days later.
A systemic risk finding lets the government act outside the usual rules when a bank fails. The reviews ask why the finding was made and what it did. They also look at what went wrong at the bank.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.