Stress Testing Accountability and Transparency Act

This bill requires the Federal Reserve Board to be more open about how it runs stress tests, which are checks on whether big financial companies could survive a major economic downturn. The Federal Reserve would have to publicly share the methods and assumptions it uses, follow a formal rule-making process before making big changes to how it conducts these tests, and it would be banned from running stress tests related to climate change. The bill also says the Federal Reserve must make sure it isn't requiring companies to hold extra money for the same risks twice. Finally, the Government Accountability Office would have to review how well the stress tests are working every three years.

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