Sponsor
John Neely Kennedy
Senator · R-LA
Senator · R-LA
The bill increases transparency and Congressional oversight of international banking standards—improving predictability for institutions and protections for consumers—while imposing administrative costs and risks that public disclosure could weaken negotiating effectiveness and delay domestic rulemaking.
Banks, financial institutions, and Congress gain clearer, more timely transparency into U.S. positions and proposed international banking standards, enabling better oversight and more predictable domestic implementation.
Taxpayers and consumers benefit from greater disclosure about U.S. positions on global banking rules, which can help prevent unexpected regulatory shifts and support financial stability and consumer protections.
Regulators will face additional administrative burdens and costs to produce more frequent, detailed reports and disclosures, which could increase government spending and compliance costs for the regulated industry.
Detailed public disclosure of U.S. negotiation positions may constrain negotiators' flexibility and reduce candid deliberations in international forums, potentially weakening U.S. leverage in setting standards.
Publishing proposed regulatory approaches and the underlying legal authorities before final rulemaking could invite lobbying and legal challenges that slow or complicate domestic implementation of standards.
Based on analysis of 2 sections of legislative text.
Requires federal banking regulators to report annually and promptly to Congress and the public on U.S. participation, proposals, and positions in Basel Committee activities.
Introduced March 11, 2025 by John Neely Kennedy · Last progress March 11, 2025
Requires the Federal Reserve Board, the Federal Reserve Bank of New York, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation, working with the Treasury Secretary, to provide regular public and congressional reports on U.S. participation in Basel Committee on Banking Supervision activities. It mandates a detailed annual joint report and faster notifications to Congress after significant changes, and it directs the Fed’s supervision leaders to incorporate the annual report details into their annual congressional testimony.