Rep. Scott Garrett (R-N.J.) introduced the Financial Stability Oversight Council Transparency and Accountability Act, aimed at increasing transparency at the FSOC.
"Over the last two years, it has become increasingly apparent that the Financial Stability Oversight Council, created by the Dodd-Frank Act, is in serious need of reform," Garrett said in a statement. "The council meets in secret, refuses to disclose substantive transcripts, and blocks any requests by other regulators or members of Congress for a more open and transparent process.
Garrett said the Department of Treasury would not allow him to attend the most recent FSOC meeting on March 27. The board currently consists of single-party, politically appointed heads of each financial services regulatory body. The FSOC meetings are not open to the press.
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