I 

118TH CONGRESS 

2D SESSION H. R. 9512 

To protect the sovereignty of the United States and strengthen Congress’s 

oversight of the activities of the Federal financial agencies by improving 

accountability and transparency with respect to the effect of membership 

and participation in covered international organizations on the statutes, 

regulations, and guidance applicable to companies in the United States, 

and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

SEPTEMBER 10, 2024 

Mr. BARR introduced the following bill; which was referred to the Committee 

on Financial Services, and in addition to the Committee on Rules, for a 

period to be subsequently determined by the Speaker, in each case for 

consideration of such provisions as fall within the jurisdiction of the committee concerned 

A BILL 

To protect the sovereignty of the United States and strengthen Congress’s oversight of the activities of the Federal 

financial agencies by improving accountability and transparency with respect to the effect of membership and 

participation in covered international organizations on 

the statutes, regulations, and guidance applicable to companies in the United States, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 


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1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Congressional Banking 

3 Regulation Priorities and Accountability Act of 2024’’. 

4 SEC. 2. MEMBERSHIP AND PARTICIPATION IN COVERED 

5 INTERNATIONAL ORGANIZATIONS. 

6 (a) CONGRESSIONAL NOTICE AND CONSULTATION.— 

7 (1) IN GENERAL.—A Federal financial agency 

8 may not join, become a member or observer of, or 

9 otherwise participate in, any covered international 

10 organization that the agency was not a member or 

11 observer of, or participant in, before the date of en12 actment of this Act, unless the agency— 

13 (A) submits a notice to the appropriate 

14 congressional committees; and 

15 (B) notifies the covered international orga16 nization that the agency is subject to— 

17 (i) this Act; and 

18 (ii) subchapter II of chapter 5 of title 

19 5, United States Code, and chapter 7 of 

20 such title (commonly known as the ‘‘Ad21 ministrative Procedure Act’’). 

22 (2) NOTICE CONTENTS.—A notice described 

23 under paragraph (1) shall be in writing and con24 tain— 

25 (A) an overview of the covered inter26 national organization; 


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1 (B) the charter of the covered international 

2 organization; 

3 (C) a list of current members and observ4 ers of the covered international organization; 

5 (D) the work that the covered international 

6 organization engages in and how that work re7 lates to the statutory mandates and responsibil8 ities of the Federal financial agency; 

9 (E) the objectives that the Federal finan10 cial agency intends to pursue in conformity with 

11 the covered international organization’s objec12 tives; 

13 (F) the expectations that the covered inter14 national organization has with respect to the 

15 members and observers of the covered inter16 national organization; 

17 (G) commitments required for membership 

18 in the covered international organization; 

19 (H) identification of funding sources for 

20 the covered international organization’s oper21 ating expenses; 

22 (I) the role that the Federal financial 

23 agency will play in, and the extent of the Fed24 eral financial agency’s participation in, the cov25 ered international organization; and 


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1 (J) such other information as may be re2 quested by the appropriate congressional com3 mittees. 

4 (b) DELAY FOR CONGRESSIONAL CONSIDERATION; 

5 EFFECT OF JOINT RESOLUTION OF DISAPPROVAL.—With 

6 respect to an action described in a notice submitted under 

7 subsection (a) in connection with a covered international 

8 organization— 

9 (1) the Federal financial agency may not take 

10 such action until the end of the 60-day period begin11 ning on the date the notice was submitted; and 

12 (2) if a joint resolution of disapproval described 

13 under subsection (c) with respect to the notice is en14 acted before the end of the 60-day period described 

15 under paragraph (1), the Federal financial agency 

16 may not take such action. 

17 (c) JOINT RESOLUTION OF DISAPPROVAL.— 

18 (1) JOINT RESOLUTION OF DISAPPROVAL.—In 

19 this subsection, the term ‘‘joint resolution of dis20 approval’’ means only a joint resolution introduced 

21 during the 60-day period described under subsection 

22 (b)— 

23 (A) the title of which is as follows: ‘‘A joint 

24 resolution disapproving a Federal financial 


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1 agency’s participation in a covered international 

2 organization.’’; and 

3 (B) the sole matter after the resolving 

4 clause of which is the following: ‘‘Congress dis5 approves of the participation of llllll 

6 with llllll, as described in the notice 

7 submitted to the appropriate congressional com8 mittees on llllll, and the agency may 

9 not so participate.’’, with the first blank space 

10 being filled with the appropriate name of the 

11 Federal financial agency submitting the notice, 

12 the second blank space being filled with the 

13 name of the applicable covered international or14 ganization, and the third blank space being 

15 filled with the date on which the notice under 

16 subsection (a) was submitted to the appropriate 

17 congressional committees. 

18 (2) FLOOR CONSIDERATION IN HOUSE OF REP19 RESENTATIVES.—If a committee of the House of 

20 Representatives to which a joint resolution of dis21 approval has been referred has not reported the joint 

22 resolution within 10 calendar days after the date of 

23 referral, that committee shall be discharged from 

24 further consideration of the joint resolution. 

25 (3) CONSIDERATION IN THE SENATE.— 


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1 (A) COMMITTEE REFERRAL.—A joint reso2 lution of disapproval introduced in the Senate 

3 shall be referred to the Committee on Banking, 

4 Housing, and Urban Affairs. 

5 (B) REPORTING AND DISCHARGE.—If the 

6 committee to which a joint resolution of dis7 approval was referred has not reported the joint 

8 resolution within 10 calendar days after the 

9 date of referral of the joint resolution, that 

10 committee shall be discharged from further con11 sideration of the joint resolution and the joint 

12 resolution shall be placed on the appropriate 

13 calendar. 

14 (C) PROCEEDING TO CONSIDERATION.— 

15 Notwithstanding Rule XXII of the Standing 

16 Rules of the Senate, it is in order at any time 

17 after the Committee on Banking, Housing, and 

18 Urban Affairs reports a joint resolution of dis19 approval to the Senate or has been discharged 

20 from consideration of such a joint resolution 

21 (even though a previous motion to the same ef22 fect has been disagreed to) to move to proceed 

23 to the consideration of the joint resolution, and 

24 all points of order against the joint resolution 

25 (and against consideration of the joint resoluVerDate Sep 11 2014 19:11 Sep 16, 2024 Jkt 049200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6201 E:\BILLS\H9512.IH H9512

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1 tion) are waived. The motion to proceed is not 

2 debatable. The motion is not subject to a mo3 tion to postpone. A motion to reconsider the 

4 vote by which the motion is agreed to or dis5 agreed to shall not be in order. 

6 (D) RULINGS OF THE CHAIR ON PROCE7 DURE.—Appeals from the decisions of the Chair 

8 relating to the application of the rules of the 

9 Senate, as the case may be, to the procedure re10 lating to a joint resolution of disapproval shall 

11 be decided without debate. 

12 (E) CONSIDERATION OF VETO MES13 SAGES.—Debate in the Senate of any veto mes14 sage with respect to a joint resolution of dis15 approval, including all debatable motions and 

16 appeals in connection with the joint resolution, 

17 shall be limited to 10 hours, to be equally di18 vided between, and controlled by, the majority 

19 leader and the minority leader or their des20 ignees. 

21 (4) RULES RELATING TO SENATE AND HOUSE

22 OF REPRESENTATIVES.— 

23 (A) TREATMENT OF SENATE JOINT RESO24 LUTION IN HOUSE.—In the House of Rep25 resentatives, the following procedures shall 


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1 apply to a joint resolution of disapproval re2 ceived from the Senate (unless the House has 

3 already passed a joint resolution relating to the 

4 same proposed action): 

5 (i) The joint resolution shall be re6 ferred to the Committee on Financial Serv7 ices. 

8 (ii) If a committee to which a joint 

9 resolution has been referred has not re10 ported the joint resolution within 2 cal11 endar days after the date of referral, that 

12 committee shall be discharged from further 

13 consideration of the joint resolution. 

14 (iii) Beginning on the third legislative 

15 day after each committee to which a joint 

16 resolution has been referred reports the 

17 joint resolution to the House or has been 

18 discharged from further consideration 

19 thereof, it shall be in order to move to pro20 ceed to consider the joint resolution in the 

21 House. All points of order against the mo22 tion are waived. Such a motion shall not be 

23 in order after the House has disposed of a 

24 motion to proceed on the joint resolution. 

25 The previous question shall be considered 


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1 as ordered on the motion to its adoption 

2 without intervening motion. The motion 

3 shall not be debatable. A motion to recon4 sider the vote by which the motion is dis5 posed of shall not be in order. 

6 (iv) The joint resolution shall be con7 sidered as read. All points of order against 

8 the joint resolution and against its consid9 eration are waived. The previous question 

10 shall be considered as ordered on the joint 

11 resolution to final passage without inter12 vening motion except 2 hours of debate 

13 equally divided and controlled by the spon14 sor of the joint resolution (or a designee) 

15 and an opponent. A motion to reconsider 

16 the vote on passage of the joint resolution 

17 shall not be in order. 

18 (B) TREATMENT OF HOUSE JOINT RESO19 LUTION IN SENATE.— 

20 (i) If, before the passage by the Sen21 ate of a joint resolution of disapproval, the 

22 Senate receives an identical joint resolution 

23 from the House of Representatives, the fol24 lowing procedures shall apply: 


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1 (I) That joint resolution shall not 

2 be referred to a committee. 

3 (II) With respect to that joint 

4 resolution— 

5 (aa) the procedure in the 

6 Senate shall be the same as if no 

7 joint resolution had been received 

8 from the House of Representa9 tives; but 

10 (bb) the vote on passage 

11 shall be on the joint resolution 

12 from the House of Representa13 tives. 

14 (ii) If, following passage of a joint 

15 resolution of disapproval in the Senate, the 

16 Senate receives an identical joint resolution 

17 from the House of Representatives, that 

18 joint resolution shall be placed on the ap19 propriate Senate calendar. 

20 (iii) If a joint resolution of dis21 approval is received from the House, and 

22 no companion joint resolution has been in23 troduced in the Senate, the Senate proce24 dures under this subsection shall apply to 

25 the House joint resolution. 


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1 (5) RULES OF HOUSE OF REPRESENTATIVES

2 AND SENATE.—This subsection is enacted by Con3 gress— 

4 (A) as an exercise of the rulemaking power 

5 of the Senate and the House of Representa6 tives, respectively, and as such is deemed a part 

7 of the rules of each House, respectively, and su8 persedes other rules only to the extent that it 

9 is inconsistent with such rules; and 

10 (B) with full recognition of the constitu11 tional right of either House to change the rules 

12 (so far as relating to the procedure of that 

13 House) at any time, in the same manner, and 

14 to the same extent as in the case of any other 

15 rule of that House. 

16 (d) ONGOING REPORTING.—Each Federal financial 

17 agency that becomes a member or observer of, or other18 wise participates in, a covered international organization 

19 after the date of enactment of this Act shall, every 2 years 

20 while the Federal financial agency continues to be a mem21 ber or observer of, or participant in, the covered inter22 national organization, issue a statement to the appropriate 

23 congressional committees that— 


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1 (1) contains a justification for the Federal fi2 nancial agency’s continued membership, observer 

3 status, or participation; and 

4 (2) includes— 

5 (A) a description of the covered inter6 national organization’s objectives; 

7 (B) any objectives that have been pursued 

8 by the Federal financial agency in conformity 

9 with the covered international organization’s ob10 jectives; 

11 (C) an explanation of whether the Federal 

12 financial agency’s objectives within the covered 

13 international organization have been met; 

14 (D) an explanation of whether there have 

15 been changes in the Federal financial agency’s 

16 objectives for such ongoing and continued mem17 bership, observer status, or participation in the 

18 covered international organization; and 

19 (E) any objectives that have been pursued 

20 by the Federal financial agency in conformity 

21 with the international organization’s objectives. 

22 (e) CALCULATION OF TIME PERIODS.— 

23 (1) IN GENERAL.—In this section, for purposes 

24 of calculating a period of time, the term ‘‘day’’ does 

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1 journed for more than 3 days during a session of 

2 Congress. 

3 (2) EXCEPTION.—Paragraph (1) shall not 

4 apply to any reference to a ‘‘calendar day’’ or a 

5 ‘‘legislative day’’. 

6 SEC. 3. DEVELOPMENT AND IMPLEMENTATION OF NEW 

7 INTERNATIONAL POLICIES, STANDARDS, AND 

8 RECOMMENDATIONS. 

9 (a) CONGRESSIONAL NOTICE AND CONSULTATION

10 DURING DEVELOPMENT.— 

11 (1) IN GENERAL.—A Federal financial agency 

12 may not negotiate, participate, or otherwise delib13 erate, sign, vote for, agree to, finalize, or otherwise 

14 conclude any new policies, standards, or rec15 ommendations that are being developed by a covered 

16 international organization unless the agency submits 

17 a notice to the appropriate congressional committees 

18 at least 90 days before taking such action. 

19 (2) NOTICE CONTENTS.—A notice described 

20 under paragraph (1) shall be in writing and con21 tain— 

22 (A) a summary of the issues to be dis23 cussed, including the policies, standards, or rec24 ommendations that the Federal financial agency 

25 intends to negotiate, participate, or otherwise 


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1 deliberate, sign, vote for, agree to, finalize, or 

2 otherwise conclude; 

3 (B) a summary of the proposed new poli4 cies, standards or recommendations; 

5 (C) a draft of the proposed new policies, 

6 standards, or recommendations, if appropriate; 

7 (D) a plan for how the Federal financial 

8 agency will promote U.S. economic growth, fi9 nancial stability, and the competitiveness of the 

10 U.S. financial system during any negotiation, 

11 participation, or deliberation; and 

12 (E) a full statement of the schedule and 

13 objectives of the negotiations, discussions, or 

14 deliberations. 

15 (b) ONGOING REQUIREMENTS DURING DEVELOP16 MENT.—With respect to negotiations, discussions or delib17 erations on any new policies, standards, or recommenda18 tions described under subsection (a), the Federal financial 

19 agency shall— 

20 (1) inform the appropriate congressional com21 mittees quarterly on the developments affecting such 

22 policies, standards, or recommendations; 

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1 tions that may be proposed to implement the new 

2 policies, standards, or recommendations; 

3 (3) upon request, meet with the appropriate 

4 congressional committees to discuss the status of the 

5 negotiations, discussions or deliberations; and 

6 (4) upon request, provide the appropriate con7 gressional committees with access to documents re8 lating to the negotiations, discussions or delibera9 tions, including classified materials or materials that 

10 otherwise contain confidential information in a se11 cured environment. 

12 (c) CONGRESSIONAL NOTICE ON FINALIZED POLI13 CIES, STANDARDS, OR RECOMMENDATIONS.—A Federal 

14 financial agency may not act to finalize a policy, standard, 

15 or recommendation described under subsection (a) by a 

16 covered international organization unless the Federal fi17 nancial agency submits a notice to the appropriate con18 gressional committees containing— 

19 (1) the text of the policies, standards, or rec20 ommendations, including any implementing material, 

21 annex, appendix, side letter, or similar document en22 tered into contemporaneously and in conjunction 

23 with the underlying standard or recommendation; 

24 (2) a description of any amendments to Federal 

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1 visory practices, the Federal financial agency antici2 pates are necessary to implement the new policies, 

3 standards, or recommendations; and 

4 (3) a justification, with quantitative and analyt5 ical support, setting forth how the policies, stand6 ards, or recommendations serve the interests of the 

7 United States financial system and commerce. 

8 (d) REQUIREMENTS ON IMPLEMENTING POLICIES, 

9 STANDARDS, AND RECOMMENDATIONS.—A Federal finan10 cial agency may not issue any policy change, rule, or guid11 ance intended to implement any policies, standards, or rec12 ommendations developed by a covered international orga13 nization unless the Federal financial agency— 

14 (1) notifies the appropriate congressional com15 mittees; 

16 (2) provides the appropriate congressional com17 mittees (and publishes publicly) a justification, with 

18 quantitative and analytical support, for why the poli19 cies, standards, or recommendations developed by 

20 the covered international organization are suitable 

21 for the national security, financial stability, eco22 nomic, and other interests of the United States; and 

23 (3) provides the appropriate congressional com24 mittees (and publishes publicly)— 


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1 (A) an analysis, including a detailed cost2 benefit analysis, of the implementation of the 

3 policy change, rule, or guidance; and 

4 (B) a justification for why the expected 

5 costs of such implementation are at least offset 

6 by the expected benefits related to economic, 

7 national security, financial stability, or other 

8 national interests. 

9 SEC. 4. PUBLIC REPORTS ON PARTICIPATION IN COVERED 

10 INTERNATIONAL ORGANIZATIONS. 

11 Not later than March 31 of each year, each Federal 

12 financial agency shall publish a public report and provide 

13 testimony to the appropriate congressional committees on 

14 the activities of the agency with each covered international 

15 organization that the Federal financial agency joined, was 

16 a member or observer of, engaged with, or otherwise par17 ticipated in during the preceding year. 

18 SEC. 5. APPLICATION TO FEDERAL RESERVE BANKS. 

19 This Act shall apply to each Federal reserve bank to 

20 the same extent as this Act applies to a Federal financial 

21 agency, except that any action that a Federal reserve bank 

22 would be required to take under this Act shall be taken 

23 by the Board of Governors of the Federal Reserve System, 

24 on behalf of the Federal reserve bank. 


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1 SEC. 6. DEFINITIONS. 

2 In this Act: 

3 (1) APPROPRIATE CONGRESSIONAL COMMIT4 TEES.—The term ‘‘appropriate congressional com5 mittees’’ means the Committee on Financial Services 

6 of the House of Representatives and the Committee 

7 on Banking, Housing, and Urban Affairs of the Sen8 ate. 

9 (2) FEDERAL FINANCIAL AGENCY.—The term 

10 ‘‘Federal financial agency’’ means— 

11 (A) the Board of Governors of the Federal 

12 Reserve System; 

13 (B) the Bureau of Consumer Financial 

14 Protection; 

15 (C) the Federal Deposit Insurance Cor16 poration; 

17 (D) the National Credit Union Administra18 tion; 

19 (E) the Office of the Comptroller of the 

20 Currency; 

21 (F) the Federal Housing Finance Agency; 

22 (G) the Federal Insurance Office; and 

23 (H) the Securities and Exchange Commis24 sion. 

25 (3) COVERED INTERNATIONAL ORGANIZA26 TION.— 


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1 (A) IN GENERAL.—The term ‘‘covered 

2 international organization’’ means any associa3 tion or union of nations through or by which 

4 two or more foreign governments engage in 

5 some aspect of their conduct of international af6 fairs, including— 

7 (i) the Bank for International Settle8 ments; 

9 (ii) the Basel Committee on Banking 

10 Supervision; 

11 (iii) the Committee on Payments and 

12 Market Infrastructures; 

13 (iv) the Council of Securities Regu14 lators of the Americas; 

15 (v) the Financial Stability Board; 

16 (vi) the Global Financial Innovation 

17 Network; 

18 (vii) the IFRS Foundation Monitoring 

19 Board; 

20 (viii) the International Association of 

21 Deposit Insurers; 

22 (ix) the International Association of 

23 Insurance Supervisors; 

24 (x) the International Organization of 

25 Securities Commissions; 


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1 (xi) the Monitoring Group; 

2 (xii) the Network of Central Banks 

3 and Supervisors for Greening the Financial 

4 System; 

5 (xiii) the Organization for Economic 

6 Cooperation and Development; and 

7 (xiv) any committee, subcommittee, 

8 working group, task force, or other subunit 

9 of an organization described under clause 

10 (i) through (xiii). 

11 (B) EXCEPTION.—The term ‘‘covered 

12 international organization’’ does not include— 

13 (i) international financial institutions, 

14 as defined in section 1701(c)(2) of the 

15 International Financial Institutions Act 

16 (22 U.S.C. 262r(c)(2)); or 

17 (ii) any international organization 

18 with respect to which a Federal financial 

19 agency participates pursuant to a treaty to 

20 which the United States is a party. 

Æ 


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