Public Financial Reporting

HR 2727, introduced by Rep. Walter Jones, R-NC, will reinstate public financial reporting through newspaper public notice. The bill would require the Treasury Department to create new regulations defining the information that must be disclosed.

Background and legislative action

September 18, 2011

Since the 1920s, national banks were required by Congress, and state banks by legislatures, to publish statements of condition in the newspapers in communities where they did business. The “call reports” ran periodically in newspapers. They provided information about solvency, indebtedness and reserves. The reports are still required by the Comptroller of the Currency, but in 1994 Congress eliminated publication. The repeal occurred with no public hearing, and little explanation. Most state legislatures quickly followed suit, repealing their own requirements

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