The Transparency in Banking Act requires four major banking regulators—the Federal Reserve, the Federal Reserve Bank of New York, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation—to report to Congress annually by January 31st about their participation in international banking standard-setting discussions through the Basel Committee on Bank Supervision. These reports must detail who is attending meetings, what problems will be discussed, what banking standards are being considered, and how the agencies plan to implement any new rules affecting U.S. businesses and consumers. The bill also requires agencies to notify Congress within 30 days of any significant changes to these plans, including meeting results and the specific positions taken by U.S. representatives. Additionally, the Federal Reserve's leadership must discuss these Basel Committee activities during their annual testimony before Congress. Overall, the legislation aims to give Congress greater visibility and oversight into international banking regulations before they are adopted in the United States.
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