GSIB Act of 2024

Finance and Financial Sector

house

senate

president

Introduced on September 25, 2024 by Ayanna Pressley

Cosponsors

Legislation Details

Requires global systemically important bank holding companies to submit annual reports to the Board of Governors of the Federal Reserve System.
Reports must detail the company’s activities from the previous year and outline objectives for the upcoming year.
Specific contents of the reports include:
- Company size, complexity, and subsidiary relationships.
- Geographic distribution of branches for depository institution subsidiaries.
- Details of any enforcement actions against the company, including consumer and employee impact.
- Information on employee misconduct and dismissals, including executives.
- Overview of capital market activities, including trading desk structures and compliance with the Volcker Rule.
- Use of forced arbitration clauses in contracts.
- Compensation and clawback policies, including comparisons of executive pay to median employee pay.
- Diversity metrics for the board and workforce, and policies promoting diversity.
- Cybersecurity measures and consumer data protection.
- Whistleblower and ethics complaint statistics and resolutions.
- Company’s actions regarding climate risk and contributions to climate change, including financed emissions targets.
- Involvement in projects affecting environmental justice, particularly in communities of color and indigenous peoples.
- Support for minority depository institutions and community development financial institutions.
- Details of any mergers or acquisitions, including their impact on size, complexity, and market concentration.
- Historical comparison of the company’s responses to the specified report contents over the past ten years.
Reports will be made publicly available by the Board on its website.
Defines “global systemically important bank holding company” as per existing regulatory definitions.

Last updated 12/17/2024

Requires global systemically important bank holding companies to submit annual reports to the Board of Governors of the Federal Reserve System.
Reports must detail the company’s activities from the previous year and outline objectives for the upcoming year.
Specific contents of the reports include:
- Company size, complexity, and subsidiary relationships.
- Geographic distribution of branches for depository institution subsidiaries.
- Details of any enforcement actions against the company, including consumer and employee impact.
- Information on employee misconduct and dismissals, including executives.
- Overview of capital market activities, including trading desk structures and compliance with the Volcker Rule.
- Use of forced arbitration clauses in contracts.
- Compensation and clawback policies, including comparisons of executive pay to median employee pay.
- Diversity metrics for the board and workforce, and policies promoting diversity.
- Cybersecurity measures and consumer data protection.
- Whistleblower and ethics complaint statistics and resolutions.
- Company’s actions regarding climate risk and contributions to climate change, including financed emissions targets.
- Involvement in projects affecting environmental justice, particularly in communities of color and indigenous peoples.
- Support for minority depository institutions and community development financial institutions.
- Details of any mergers or acquisitions, including their impact on size, complexity, and market concentration.
- Historical comparison of the company’s responses to the specified report contents over the past ten years.
Reports will be made publicly available by the Board on its website.
Defines “global systemically important bank holding company” as per existing regulatory definitions.