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This bill requires the largest U.S. banks designated as globally systemically important to submit detailed annual reports to the Federal Reserve covering their activities, objectives, and various operational metrics. The reports must include information on the banks' size and complexity, enforcement actions taken against them, employee misconduct and dismissals, trading activities and compliance with the Volcker Rule limiting proprietary trading, and executive compensation compared to median employee pay. Additionally, the reports must address diversity practices, cybersecurity measures, whistleblower complaints, climate risk exposure and fossil fuel financing, environmental justice concerns related to lending practices, investments in minority banks, mergers and acquisitions completed, and ten-year trends in all these areas. The Federal Reserve would be required to make all reports publicly available on its website, providing greater transparency into how these systemically important financial institutions operate. The bill does not specify new funding or implementation timelines beyond the annual reporting requirement.

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