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12 U.S.C. § 250Independence of financial regulatory agencies

submitted 52 years ago by Pub. L. 93-495 to r/title-12-BANKS-AND-BANKING · 132 words · no verdicts yet

in plain englishAI-generated · not legal advice

No federal officer or agency may pre-screen certain financial regulators' input to Congress. This covers agencies like the SEC, the Federal Reserve Board, and the FDIC. It applies only when the agency says the views are its own, not the President's.

No officer or agency of the United States may require any of these agencies — the Securities and Exchange Commission, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the Director of the Federal Housing Finance Agency, or the National Credit Union Administration — to submit legislative recommendations, testimony, or comments on legislation to any other federal officer or agency for approval, comment, or review, before sending them to Congress. This protection applies only when the recommendations, testimony, or comments include a statement saying the views expressed are the submitting agency's own, and don't necessarily reflect the President's views.
the actual law source: uscode.house.gov ↗public domain

No officer or agency of the United States shall have any authority to require the Securities and Exchange Commission, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the Director of the Federal Housing Finance Agency, or the National Credit Union Administration to submit legislative recommendations, or testimony, or comments on legislation, to any officer or agency of the United States for approval, comments, or review, prior to the submission of such recommendations, testimony, or comments to the Congress if such recommendations, testimony, or comments to the Congress include a statement indicating that the views expressed therein are those of the agency submitting them and do not necessarily represent the views of the President.

Source credit: (Pub. L. 93–495, title I, § 111, Oct. 28, 1974, 88 Stat. 1506; Pub. L. 103–325, title III, § 331(a), Sept. 23, 1994, 108 Stat. 2232; Pub. L. 106–102, title VI, § 606(e)(2), Nov. 12, 1999, 113 Stat. 1455; Pub. L. 110–289, div. A, title I, § 1102(b), July 30, 2008, 122 Stat. 2664.)

history & why it existsrecord from the source credit
  • 1974Enacted · Pub. L. 93-495 · 88 Stat. 1506
  • 1994Amended · Pub. L. 103-325 · 108 Stat. 2232
  • 1999Amended · Pub. L. 106-102 · 113 Stat. 1455
  • 2008Amended · Pub. L. 110-289 · 122 Stat. 2664

A history note hasn’t been published yet. The record shows enactment by Pub. L. 93-495 on 1974-10-28.

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