1. Short title This Act may be cited as the Financial Regulators Transparency Act of 2023 . 2. Transparency of the Federal reserve banks The Federal Reserve Act is amended— (1) by redesignating sections 30 and 31 as sections 31 and 32, respectively; and (2) by inserting after section 29 ( 12 U.S.C. 504 ) the following: 30. Transparency of Federal reserve banks and Board of Governors (a) Application of FOIA and the Federal Records Act of 1950 to the Federal reserve banks (1) FOIA Each Federal reserve bank shall be considered an agency, as defined in subsection (f) of section 552 of title 5, United States Code (commonly known as the Freedom of Information Act ), for purposes of applying the requirements under that section. (2) Federal Records Act of 1950 Each Federal reserve bank shall be considered a Federal agency for purposes of applying the requirements under chapter 31 of title 44, United States Code (commonly known as the Federal Records Act of 1950 ). (b) Congressional FOIA requests for information from Federal reserve banks (1) Definitions In this subsection— (A) the term committee confidential basis , with respect to information, means not publicly disclosing the information, in whole or in part or by way of summary, unless the chair and ranking member of the relevant committee or subcommittee described in subparagraph (C) agree to publicly disclose the information; (B) the term confidential supervisory information has the meaning given the term in section 261.2(b) of title 12, Code of Federal Regulations, or any successor regulation; (C) the term covered Member of Congress means— (i) the chair and ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate; (ii) the chair and ranking member of the Subcommittee on Economic Policy of the Committee on Banking, Housing, and Urban Affairs of the Senate; (iii) the chair and ranking member of the Subcommittee on Financial Institutions and Consumer Protection of the Committee on Banking, Housing, and Urban Affairs of the Senate