Bill > HR6550

This bill, titled the American Financial Institution Regulatory Sovereignty and Transparency Act of 2025, also known as the American FIRST Act of 2025, requires federal banking supervisory agencies, specifically the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC), to provide detailed annual reports to Congress about their interactions with international bodies that set financial regulations and standards. These international bodies, referred to as "global financial regulatory or supervisory forums," include organizations like the Bank for International Settlements and the Financial Stability Board, but exclude certain international financial institutions and organizations where the U.S. participates through treaties. The reports must outline the purpose of these forums, how their goals align with U.S. law, funding sources, the structure of the U.S. agencies' engagement, discussions on regulatory issues, positions taken by U.S. representatives, meeting summaries, adopted policies, and any anticipated changes to U.S. laws or regulations needed to implement these international standards, including economic impact analyses. Additionally, the bill mandates biannual congressional testimony from the Federal Reserve regarding its engagement with these global forums.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/6550/all-info