Bill > HR6550

This bill requires the Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation to provide detailed annual reports to Congress about their interactions with global financial regulatory or supervisory forums. These reports must include comprehensive information such as a list of forums they are members of, the purposes of those forums, funding sources, organizational structures, standard-setting discussions, positions taken by representatives, meeting summaries, final policies and recommendations, potential regulatory changes, and economic impact analyses. The bill specifically defines global financial regulatory forums to include organizations like the Bank for International Settlements, Basel Committee on Banking Supervision, and the Financial Stability Board, while excluding international financial institutions and treaty-based organizations. Additionally, the bill mandates that the Federal Reserve Chair provide biannual congressional testimony specifically addressing interactions with these global financial forums, enhancing transparency and congressional oversight of international financial regulatory engagement. The goal appears to be increasing accountability and providing Congress with more detailed insights into how U.S. financial regulators participate in and are influenced by international financial standard-setting bodies.

Business and Industry

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