Requires federal reports to Congress on how the government uses its systemic risk exception when a bank fails, including reviews by the Government Accountability Office and reports from the failed bank's federal regulator.

• Directs the Comptroller General to report to Congress within 60 days of a systemic risk determination and again 180 days later, covering the reasons for the decision, its likely effects, executive mismanagement, compensation practices, and other contributing factors.
• Requires the failed bank's appropriate federal banking agency to report to Congress within 90 days and again 210 days later, covering examination reports from the prior three years, mismanagement, agency shortcomings, and recommendations.
• Requires the agency to publish report materials to the fullest extent possible, consulting House and Senate banking committee leaders before withholding any material and giving a written reason to those committees.
• Allows a one-time 60-day extension of the agency's deadline if it notifies Congress, and states that the reports do not limit enforcement of federal laws and do not waive privileges or Freedom of Information Act exemptions.

• Financial Services Committee (House)
• Banking, Housing, and Urban Affairs Committee (Senate)

Finance and Financial Sector