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To require certain entities to submit to Congress information on the Basel Committee on Bank Supervision, and for other purposes.
Summary
This bill requires the Federal Reserve Board of Governors, Federal Reserve Bank of New York, Office of the Comptroller of the Currency, and FDIC to submit annual reports to Congress by January 31 detailing their activities related to the Basel Committee on Bank Supervision, including meeting attendees, problems to be addressed, options under consideration, banking standards being discussed, and subcommittee activities. The agencies must also notify Congress within 30 days of any significant changes to planned activities, including meeting results, proposed changes, voting positions of U.S. representatives, and impacts on the economy. The Federal Reserve Chair and Vice Chair for Supervision must include these report details in their annual testimony before the Senate Banking Committee and House Financial Services Committee.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Sen. Kennedy, John [R-LA] (R-LA)
Actions (2)
- Mar 11, 2025 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. · senate
- Mar 11, 2025 Introduced in Senate
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE SENATE OF THE UNITED STATES
March 11 (legislative day, March 10), 2025
Mr. Kennedy introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
A BILL
To require certain entities to submit to Congress information on the Basel Committee on Bank Supervision, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Transparency in Banking Act”.
SEC. 2. BASEL COMMITTEE ON BANK SUPERVISION.
(a) In General.—The Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation, in consultation with the Secretary of the Treasury, shall—
(1) not later than January 31 of each year, jointly submit to Congress, and make available on the website of the Board of Governors, a report on the Basel Committee on Bank Supervision, including the goals of the entities for the Basel Committee on Bank Supervision meetings, including—
(A) who from each entity will be attending the meetings;
(B) the various problems to be addressed;
(C) the various options likely to be considered;
(D) the nature of the standards being considered for application in the United States or affecting United States persons or businesses;
(E) what authority will be relied upon to implement the proposed standards; and
(F) the activities or proposed activities of all of the subcommittees that report to the Basel Committee on Bank Supervision; and
(2) not later than 30 days after the date of any significant change in the planned activities described in the report submitted under paragraph (1), inform Congress of such changes, including—
(A) the meeting results;
(B) the economy in general;
(C) a summary of the minutes of the meeting that includes the proposed changes and a public record of votes or any other of the positions taken by members of the Committee;
(D) the description of any proposals being discussed at the meeting; and
(E) the position taken by each of the United States representatives attending the meeting.
(b) Testimony.—The Chair and Vice Chair for Supervision of the Board of Governors of the Federal Reserve System shall include in their annual testimony before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives the details of the annual report required under subsection (a). <all>
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