H.R. 3716
Requires reports after failed banks are rescued
When a bank fails and the Treasury decides its collapse threatens the wider financial system, banking regulators and the Government Accountability Office must report to Congress on what went wrong.
- Regulators must report within 90 days and again within 210 days
- Reports must cover bank executives' mismanagement and regulators' own shortcomings
- The Government Accountability Office reports at 60 days and again at 180 days
- The Government Accountability Office must also review the failed bank's pay practices
Passed the House · Senate's turn