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This bill would require federal financial agencies to obtain congressional approval before joining international banking and financial organizations, and to provide extensive reporting on their participation in these groups. The legislation applies to major regulators including the Federal Reserve, SEC, FDIC, and others, and specifies which international organizations fall under this requirement, such as the Basel Committee on Banking Supervision and the Financial Stability Board. Before joining a new organization, agencies must submit detailed notices to Congress and wait 60 days, during which Congress can pass a joint resolution to block the participation. The bill also requires agencies to notify Congress at least 90 days before agreeing to new international policies or standards, with quarterly updates on negotiations and detailed analyses of how proposed rules serve U.S. interests. Agencies must publish annual public reports on their international activities and provide biennial justifications for continued participation in these organizations. The goal stated in the bill is to strengthen congressional oversight of how international agreements affect U.S. financial regulations and to ensure that banking rules developed internationally align with American economic and national security interests.

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