Bill > S940

This bill, known as the "Transparency in Banking Act," requires several key U.S. financial regulatory agencies (including the Federal Reserve, Federal Reserve Bank of New York, Office of the Comptroller of the Currency, and Federal Deposit Insurance Corporation) to provide increased transparency about their involvement with the Basel Committee on Bank Supervision. Specifically, these agencies must submit an annual report to Congress by January 31st detailing their goals, participants, and planned discussions for Basel Committee meetings. The report must comprehensively outline the potential standards being considered, their potential impact on U.S. businesses and individuals, and the implementation authority for proposed standards. Additionally, the agencies must notify Congress within 30 days of any significant changes to their planned activities, including meeting results, economic implications, meeting minutes, proposed changes, and the specific positions taken by U.S. representatives. Furthermore, the Chair and Vice Chair for Supervision of the Federal Reserve Board must include these report details in their annual testimony before the Senate and House financial committees. The bill aims to increase legislative oversight and public understanding of international banking standard negotiations.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/940/all-info