HR7513-119

What This Bill Does

This bill adds a GSIB annual-reporting section to the Bank Holding Company Act. Each global systemically important bank holding company must submit an annual report to the Federal Reserve Board describing prior-year activities and next-year objectives. The report must cover subsidiaries and branches, enforcement actions and people harmed, misconduct dismissals, trading desks and Volcker Rule compliance, shareholder rights, forced arbitration, executive and employee compensation, diversity policies, cybersecurity and consumer data protection, whistleblower complaints, climate risk and financed emissions, environmental racism and indigenous-land financing, support for minority depository institutions and community development financial institutions, artificial-intelligence use, merger impacts, and a 10-year comparison. The Board must make the reports public, including online.

Who Benefits and How

Consumers, employees, investors, community development financial institutions, minority depository institutions, indigenous communities, environmental-justice communities, and public-interest researchers benefit from standardized disclosure on large-bank operations and harms. The Federal Reserve Board also receives a richer supervisory record for GSIB size, complexity, capital markets activity, risk controls, and governance.

Who Bears the Burden and How

Global systemically important bank holding companies must collect and report detailed operational, compensation, climate, AI, merger, enforcement, and governance information every year. The Federal Reserve Board must receive and publish the reports. GSIB compliance, legal, human-resources, risk, climate, cybersecurity, and trading-desk teams must maintain data and explanations across many business lines.

Key Provisions

• Adds a Bank Holding Company Act section requiring annual GSIB reports to the Federal Reserve Board.
• Requires disclosures on subsidiaries, branches, enforcement actions, harmed consumers, employee misconduct, trading desks, Volcker Rule controls, and shareholder rights.
• Requires reporting on forced arbitration, compensation and clawback policies, employee pay deciles, diversity practices, cybersecurity, consumer data, and whistleblower complaints.
• Requires climate-risk, financed-emissions, environmental-racism, indigenous-land, minority depository institution, CDFI, AI, merger, and 10-year comparison disclosures.
• Directs the Federal Reserve Board to make received GSIB annual reports available to the public, including on its website.