I 

118TH CONGRESS 

2D SESSION H. R. 9848 

To require the global systemically important bank holding companies to provide annual reports to the Board of Governors of the Federal Reserve 

System, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

SEPTEMBER 25, 2024 

Ms. PRESSLEY introduced the following bill; which was referred to the 

Committee on Financial Services 

A BILL 

To require the global systemically important bank holding 

companies to provide annual reports to the Board of 

Governors of the Federal Reserve System, 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, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Greater Supervision 

5 In Banking Act of 2024’’ or the ‘‘GSIB Act of 2024’’. 


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1 SEC. 2. GSIB ANNUAL REPORTS. 

2 The Bank Holding Company Act of 1956 (12 U.S.C. 

3 1841 et seq.) is amended by adding at the end the fol4 lowing: 

5 ‘‘SEC. 15. GSIB ANNUAL REPORTS. 

6 ‘‘(a) ANNUAL REPORT.—Each global systemically 

7 important bank holding company shall issue an annual re8 port to the Board containing a description of the activities 

9 of the company during the previous year and a description 

10 of the company’s objectives and goals for the following 

11 year. 

12 ‘‘(b) SPECIFIC CONTENTS.—Each report required 

13 under subsection (a) shall include a description of— 

14 ‘‘(1) the company’s size and complexity, includ15 ing a listing of all company subsidiaries and their re16 lationship to specified company business lines; 

17 ‘‘(2) with respect to each depository institution 

18 subsidiary of the company, the number and geo19 graphic distribution of the branches of such sub20 sidiary; 

21 ‘‘(3) any enforcement actions, including any 

22 consent orders and settlements, against the company 

23 (including any affiliate or subsidiary of the com24 pany), including enforcement actions related to labor 

25 and health and safety law violations (in addition to 

26 consumer protection); 


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1 ‘‘(4) with respect to each enforcement action 

2 described under paragraph (3), the total number of 

3 consumers, employees, or investors harmed by the 

4 conduct that was the basis for such enforcement ac5 tion; 

6 ‘‘(5) the number of employees dismissed for 

7 misconduct, and whether any such employees were 

8 company executives; 

9 ‘‘(6) the company’s capital market activities, in10 cluding with respect to securities (including under11 writing, trading, and securitization) and derivatives, 

12 including— 

13 ‘‘(A) the trading desk structure of the 

14 company, identifying each desk and the instru15 ments traded or held at each desk; 

16 ‘‘(B) the average and standard deviation of 

17 a metric of inventory, constructed using data on 

18 individual trading desk positions, for long secu19 rities positions, short securities positions, and 

20 derivatives, at each individual trading desk for 

21 a quarterly period six months prior to the re22 porting date; 

23 ‘‘(C) how the company complies with re24 strictions under section 13 of the Bank Holding 

25 Company Act of 1956 (commonly referred to as 


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1 the ‘Volcker Rule’) at each trading desk, includ2 ing a general description of the methodology for 

3 determining reasonably expected near term cus4 tomer demand and for designing compensation 

5 practices at the desk so as not to create incen6 tives for proprietary trading; and 

7 ‘‘(D) the total profit or loss attributed to 

8 the company’s trading account, including a 

9 breakdown of profit earned on fees, commis10 sions, and spreads, and a description of the 

11 source of trading account profit or loss that 

12 cannot be attributed to fees, commissions, and 

13 spreads; 

14 ‘‘(7) the extent to which the company utilizes 

15 forced arbitration clauses in contracts with con16 sumers, employees, investors, and contractors; 

17 ‘‘(8) the company’s compensation and clawback 

18 policies, including— 

19 ‘‘(A) how these policies are designed to 

20 promote accountability of company executives; 

21 ‘‘(B) how the compensation of the chief ex22 ecutive officer and other senior executives com23 pares to the median compensation of an em24 ployee of the company; and 


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1 ‘‘(C) a detailed description of any stipula2 tion that third-party vendor of the company 

3 pays its employees a minimum wage; 

4 ‘‘(9) with respect to compensation paid by the 

5 company— 

6 ‘‘(A) the average amount of compensation 

7 received by each decile of employees; 

8 ‘‘(B) a break down of the base pay and in9 centive pay for each decile, including a descrip10 tions of metrics, sales goals, or cross selling re11 quired to be met in order to qualify for the in12 centive or bonus pay; 

13 ‘‘(C) the minimum wage received by em14 ployees; and 

15 ‘‘(D) the number of employees who receive 

16 the minimum wage; 

17 ‘‘(10) the diversity of the directors of the com18 pany’s board and senior executives, the policies and 

19 practices implemented at the company to promote 

20 diversity and inclusion among the company’s work21 force, and the policies implemented by the company 

22 to promote the use of diverse contractors, including 

23 diverse asset managers, brokers and underwriters; 

24 ‘‘(11) the company’s approach to cybersecurity 

25 and protecting consumer data; 


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1 ‘‘(12) the total number of whistleblower and 

2 ethics complaints made by employees through inter3 nal company protocols over the past year, what 

4 issues were involved in the complaints, and what the 

5 resolutions of the complaints were; 

6 ‘‘(13) the company’s actions taken in relation to 

7 climate risk and contribution to climate change, in8 cluding— 

9 ‘‘(A) any financed emissions targets set by 

10 the company and whether they are aligned with 

11 the United States obligations to hold global 

12 warming as close to 1.5 degrees Celsius as pos13 sible; 

14 ‘‘(B) their reliance on offsets to achieve 

15 those targets and the expected sources of those 

16 offsets; 

17 ‘‘(C) amount of financing provided in the 

18 last year and committed to in future years to 

19 companies involved in fossil fuel expansion and 

20 any plans to phase out financing to companies 

21 involved in fossil fuel expansion; and 

22 ‘‘(D) the projected effect of global failure 

23 to achieve the science-based emissions targets 

24 on the company’s solvency, including the proVerDate Sep 11 2014 03:28 Oct 11, 2024 Jkt 059200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6201 E:\BILLS\H9848.IH H9848

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1 jected effect of 3 degrees Celsius or more of 

2 warming; 

3 ‘‘(14) the company’s involvement in projects 

4 that contribute to or mitigate disproportionate envi5 ronmental harms to communities of color or indige6 nous peoples, or other forms of environmental rac7 ism, including— 

8 ‘‘(A) financing for oil and gas extraction, 

9 oil and gas refineries, petrochemical plants and 

10 pipeline projects located in low-income census 

11 tracts, majority-minority census tracts, or on 

12 indigenous lands, or for companies that build or 

13 operate these projects; 

14 ‘‘(B) financing for deforestation and min15 ing on indigenous lands anywhere in the world; 

16 ‘‘(C) impact on indigenous people’s rights 

17 of any nature-based offsets purchased by the 

18 company; and 

19 ‘‘(D) any investments made or other ac20 tions taken by the company to address and 

21 mitigate previous financing of environmental 

22 racism, including but not limited to efforts 

23 made to secure Free Prior and Informed Con24 sent; efforts made to compensate impacted indi25 viduals living in close proximity to financed oil 


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1 and gas facilities or projects; and funds for site 

2 cleanup; 

3 ‘‘(15) the company’s investments in, partner4 ships with, and support provided to minority deposi5 tory institutions and community development finan6 cial institutions; 

7 ‘‘(16) any merger or acquisition that was com8 pleted in the previous year, including— 

9 ‘‘(A) a description of how each merger or 

10 acquisition affected the company’s size and 

11 complexity; 

12 ‘‘(B) an account of the retail branch clo13 sures that resulted from the merger or acquisi14 tion; 

15 ‘‘(C) a description of any regional markets 

16 that experienced a change in market concentra17 tion, as measured by the Herfindahl-Hirschman 

18 Index, resulting from the merger or acquisition; 

19 ‘‘(D) a description of any regional markets 

20 that experienced a change in the company’s re21 gional share of deposits resulting from the 

22 merger or acquisition; 

23 ‘‘(E) a list of Federal or State government 

24 agencies that approved the transaction; and 


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1 ‘‘(F) a description of any conditions placed 

2 by a Federal or State government agency on 

3 the company when the transaction was ap4 proved; and 

5 ‘‘(17) a comparison of how the company’s re6 sponses to paragraphs (1) through (15) have 

7 changed over the last ten years. 

8 ‘‘(c) PUBLIC AVAILABILITY OF REPORTS.—The 

9 Board shall make the reports received under this section 

10 available to the public, including on the website of the 

11 Board. 

12 ‘‘(d) GLOBAL SYSTEMICALLY IMPORTANT BANK

13 HOLDING COMPANY DEFINED.—In this section, the term 

14 ‘global systemically important bank holding company’ 

15 means a global systemically important bank holding com16 pany, as such term is defined under section 217.402 of 

17 title 12, Code of Federal Regulations.’’. 

Æ 


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