Congressmen Send Letter Urging Fed to Delay Rulemaking Until New Vice Chairman is Confirmed

Federal Issues Congress Federal Reserve House Financial Services Committee Agency Rule-Making & Guidance

On February 23, several GOP members of the House Financial Services Committee sent a letter to Fed Chair Janet Yellen in response to Chair Yellen’s recent Congressional testimony that the Fed may advance a pending rulemaking “pertain[ing] to the stress tests and what is called the Stress Capital Buffer.” Among other things, the letter urged that, “[a]bsent an emergency, the Federal Reserve should neither propose nor adopt any new rules until the U.S. Senate confirms a [Fed] Vice Chairman for Supervision.” The GOP lawmakers also cautioned that, should the Fed adopt rules prior to the confirmation of the Vice Chairman for Supervision, they intend to “work with [their] colleagues to ensure that Congress scrutinizes the Federal Reserve’s actions—and, if appropriate, overturns them—pursuant to the Congressional Review Act.”