WASHINGTON, D.C. – Senators JD Vance (R-OH), Cynthia Lummis (R-WY), and Roger Marshall (R-KS) will introduce the Financial Regulatory Accountability Act to establish an Inspector General within the Treasury Department. The IG’s office would oversee allegations of regulatory abuse and misconduct by financial regulators and kneecap the ability of regulators to push left-wing policy goals through the federal regulatory system by prohibiting the use of reputational risk.
“For far too long, federal regulators have focused on advancing the agenda of the far left at the expense of their core mission,” said Senator Vance. “Meanwhile, regulatory bias and misconduct has gone unreported, as institutions have feared retribution. This legislation aims to correct that imbalance by ensuring the banking system is governed by ethical and apolitical oversight.”
“Federal agencies have abused the concept of reputational risk to deny legal industries access to the banking system,” said Senator Lummis. “I’m proud to join my colleague Senator Vance in introducing the Financial Regulatory Accountability Act to protect access to our financial system and ensure financial regulators cannot evade Congressional oversight.”
“Federal regulators have continually abused their mandates to advance radical environmental, social, and governance (ESG) agendas,” said Senator Marshall. “Our legislation ensures that the Department of Treasury has an independent Inspector General that would provide relief to banks when regulators try to exploit their authority to take down oil and gas producers and others deemed by the woke Left as undesirable.”
Senators Vance and Lummis are both members of the Senate Committee on Banking, Housing, and Urban Affairs, the committee of jurisdiction over this legislation.
The legislation is supported by Americans for Tax Reform, Credit Union National Association, National Association of Federal Insured Credit Unions, Ohio Bankers League, and Ohio Credit Union League.