WASHINGTON, D.C. – U.S. Congressman Mike Flood recently introduced the Stop Executive Capture of Banking Regulators Act. The act would add oversight of financial regulators implementing policy recommendations from the Financial Stability Oversight Council (FSOC).
“The Biden Administration has repeatedly tried to use the regulatory power of executive branch agencies to enact the policy wish list of activists,” said Congressman Flood. “The Stop Executive Capture of Banking Regulators Act helps ensure that federal agencies don’t end up enacting ESG or other radical policies. This week’s markup on this bill is a part of a broader effort by the committee to stop the Biden Administration’s regulatory overreach. I’m looking forward to bringing this work to the House floor so we can hold President Biden accountable.”
This bill would stop the following federal agencies from implementing the non-binding recommendations of the FSOC chair:
- Federal Reserve
- Office of the Comptroller of Currency
- Federal Deposit Insurance Corporation
- National Credit Union Administration
- Federal Housing Finance Authority
A copy of the bill can be found here. Congressman Flood is a member of the Financial Services Committee.
