To require annual reporting on interactions between Federal banking supervisory agencies and global financial regulatory or supervisory forums, and for other purposes.
Sponsors
Legislative Progress
IntroducedMr. Loudermilk (for himself, Mr. Barr, and Mr. Flood) introduced …
Summary
What This Bill Does
This bill requires federal banking supervisory agencies (the Federal Reserve Board, Comptroller of the Currency, and FDIC) to submit detailed annual reports to Congress about their involvement in international financial regulatory organizations. It also requires the Federal Reserve Chair to provide biannual congressional testimony on these international engagements. The bill aims to increase congressional oversight of U.S. participation in global financial standard-setting bodies.
Who Benefits and How
Congress benefits by gaining significantly more visibility and oversight into how federal banking regulators interact with international bodies like the Basel Committee on Banking Supervision and the Financial Stability Board. Congressional banking committees specifically gain the power to request additional information on specific topics. The general public also benefits through increased transparency about how global financial standards are developed and adopted into U.S. law.
Who Bears the Burden and How
The Federal Reserve Board, Office of the Comptroller of the Currency, and FDIC face substantial new reporting requirements. These agencies must annually compile extensive documentation including: membership lists for each international forum, organizational charts, meeting summaries, positions taken with rationale, funding sources, and economic impact analyses for any adopted policies. This represents a significant compliance burden requiring new administrative processes.
Key Provisions
- Requires the Federal Reserve, OCC, and FDIC to annually report to Congress on their participation in global financial regulatory forums
- Mandates disclosure of positions taken by U.S. representatives at international meetings, including rationale and potential impacts
- Requires economic impact analysis justifying that benefits outweigh costs for any domestic regulatory changes implementing international standards
- Defines covered forums to include the Bank for International Settlements, Basel Committee, Financial Stability Board, and Network of Central Banks for Greening the Financial System
- Adds requirement for biannual Federal Reserve congressional testimony on international engagements
Evidence Chain:
This summary is derived from the structured analysis below. See "Detailed Analysis" for per-title beneficiaries/burden bearers with clause-level evidence links.
Primary Purpose
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