Sponsor
John Neely Kennedy
Senator · R-LA
Senator · R-LA
The bill increases transparency and congressional oversight of U.S. positions on international banking standards—helping banks, consumers, and policymakers anticipate changes—but at the cost of higher administrative burdens, greater risk of implementation delays from early challenges, and potential loss of negotiating flexibility in international forums.
Banks, financial institutions, Congress, state governments, and the public receive clearer and timelier transparency about U.S. positions and proposed implementation of international (Basel) banking standards, helping prevent unexpected regulatory shifts and allowing earlier adaptation.
Taxpayers and consumers benefit from increased transparency about U.S. stances in global banking rule‑setting, which can improve understanding of impacts on financial stability and consumer protections.
Revealing detailed U.S. negotiation positions and rationales may constrain negotiators' flexibility, reduce candid deliberations in international fora, and weaken U.S. leverage in shaping global banking rules.
Publishing proposed regulatory approaches and legal authorities could invite early lobbying and legal challenges, slowing domestic rulemaking and delaying implementation of policy changes.
Regulators will incur additional administrative burdens and costs to prepare more frequent, detailed reports and disclosures required by the bill.
Based on analysis of 2 sections of legislative text.
Requires U.S. banking regulators to jointly publish annual and event-driven reports disclosing participation, proposals, votes, and legal authority related to Basel Committee activities.
Official title: Require certain entities to submit to Congress information on the Basel Committee on Bank Supervision, and for other purposes.
Introduced March 11, 2025 by John Neely Kennedy · Last progress March 11, 2025
Requires the Federal Reserve Board, Federal Reserve Bank of New York, OCC, and FDIC (with Treasury consultation) to regularly report to Congress and publish detailed information about U.S. participation in Basel Committee on Banking Supervision activities. Reports must be filed annually by January 31 and agencies must notify Congress within 30 days after significant changes, including meeting results, attendees, proposals discussed, and positions of U.S. representatives. The Fed's Chair and Vice Chair for Supervision must include the annual report details in their yearly testimony to key congressional banking committees.