The American FIRST Act of 2025 requires federal banking regulators to provide detailed annual reports to Congress about their participation in international financial regulatory forums like the Basel Committee and Financial Stability Board. The bill affects the Federal Reserve, Office of the Comptroller of the Currency, and Federal Deposit Insurance Corporation, mandating they disclose their positions in these forums, any standards they adopt, economic impact analyses, and how international agreements align with U.S. law and interests. The legislation also requires the Federal Reserve Chair to testify about these international interactions during their existing biannual congressional appearances. The bill aims to increase congressional oversight and transparency of how U.S. banking regulators engage with global standard-setting bodies that influence domestic financial regulations. No specific funding or implementation timeline is provided beyond the annual reporting requirement.
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