GAO ruled the Federal Reserve is out of compliance with the Congressional Review Act

WASHINGTON, D.C. – Today, Senator Thom Tillis (R-NC) issued the following statement on the Government Accountability Office (GAO) ruling that guidance letters issued by the Federal Reserve imposing the framework for consolidated supervision of large financial institutions is out of compliance with the Congressional Review Act (CRA).

Read the letters from the GAO HERE and HERE.

“I applaud the GAO for holding the Federal Reserve to the same standard as all government agencies and ensuring they abide by the Administrative Procedure Act to remain transparent and accountable to Congress,” said Senator Tillis. “Federal regulatory agencies should not be using rules improperly to place unnecessary regulations on financial institutions, and I will continue to work with my colleagues to hold regulatory agencies accountable.”

In February, Senator Tillis led a letter signed by Senators Mike Crapo (R-ID), David Perdue (R-GA), Mike Rounds (R-SD), and Kevin Cramer (R-ND).

The Large Institution Supervision Coordinating Committee (LISCC) is the Board of Governors of the Federal Reserve System’s enhanced regulatory and supervisory framework for large and complex financial institutions.

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