Financial Regulatory Accountability Act of 2023

The Financial Regulatory Accountability Act of 2023 establishes a new Office of the Special Inspector General within the Treasury Department to investigate allegations of misconduct, bias, or abuse by major financial regulators - including the SEC, Federal Reserve, FDIC, and Consumer Financial Protection Bureau. The Inspector General will receive and review complaints from regulated entities about regulatory actions, including alleged ideological bias, and recommend corrective measures to the agencies or Congress. The bill also prohibits these agencies from taking enforcement actions based on "reputational risk" and requires quarterly reports to Congress detailing complaints received, agency responses, and data on misconduct allegations. This directly affects the covered agencies and the financial institutions they regulate, adding oversight without altering existing regulatory authority.