I 
117TH CONGRESS 
1ST SESSION H. R. 3948 
To require the global systemically important bank holding companies to pro-
vide annual reports to the Board of Governors of the Federal Reserve 
System, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 16, 2021 
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. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Greater Supervision 
In Banking Act of 2021’’ or the ‘‘GSIB Act of 2021’’. 
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SEC. 2. GSIB ANNUAL REPORTS. 
The Bank Holding Company Act of 1956 (12 U.S.C. 
1841 et seq.) is amended by adding at the end the fol-
lowing: 
‘‘SEC. 15. GSIB ANNUAL REPORTS. 
‘‘(a) ANNUAL REPORT.—Each global systemically 
important bank holding company shall issue an annual re-
port to the Board containing a description of the activities 
of the company during the previous year and a description 
of the company’s objectives and goals for the following 
year. 
‘‘(b) SPECIFIC CONTENTS.—Each report required 
under subsection (a) shall include a description of— 
‘‘(1) the company’s size and complexity, includ-
ing a listing of all company subsidiaries and their re-
lationship to specified company business lines; 
‘‘(2) with respect to each depository institution 
subsidiary of the company, the number and geo-
graphic distribution of the branches of such sub-
sidiary; 
‘‘(3) any enforcement actions, including any 
consent orders and settlements, against the company 
(including any affiliate or subsidiary of the com-
pany), including enforcement actions related to labor 
and health and safety law violations (in addition to 
consumer protection); 
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‘‘(4) with respect to each enforcement action 
described under paragraph (3), the total number of 
consumers, employees, or investors harmed by the 
conduct that was the basis for such enforcement ac-
tion; 
‘‘(5) the number of employees dismissed for 
misconduct, and whether any such employees were 
company executives; 
‘‘(6) the company’s capital market activities, in-
cluding with respect to securities (including under-
writing, trading, and securitization) and derivatives, 
including— 
‘‘(A) the trading desk structure of the 
company, identifying each desk and the instru-
ments traded or held at each desk; 
‘‘(B) the average and standard deviation of 
a metric of inventory, constructed using data on 
individual trading desk positions, for long secu-
rities positions, short securities positions, and 
derivatives, at each individual trading desk for 
a quarterly period six months prior to the re-
porting date; 
‘‘(C) how the company complies with re-
strictions under section 13 of the Bank Holding 
Company Act of 1956 (commonly referred to as 
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the ‘Volcker Rule’) at each trading desk, includ-
ing a general description of the methodology for 
determining reasonably expected near term cus-
tomer demand and for designing compensation 
practices at the desk so as not to create incen-
tives for proprietary trading; and 
‘‘(D) the total profit or loss attributed to 
the company’s trading account, including a 
breakdown of profit earned on fees, commis-
sions, and spreads, and a description of the 
source of trading account profit or loss that 
cannot be attributed to fees, commissions, and 
spreads; 
‘‘(7) the extent to which the company utilizes 
forced arbitration clauses in contracts with con-
sumers, employees, investors, and contractors; 
‘‘(8) the company’s compensation and clawback 
policies, including— 
‘‘(A) how these policies are designed to 
promote accountability of company executives; 
‘‘(B) how the compensation of the chief ex-
ecutive officer and other senior executives com-
pares to the median compensation of an em-
ployee of the company; and 
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‘‘(C) a detailed description of any stipula-
tion that third-party vendor of the company 
pays its employees a minimum wage; 
‘‘(9) with respect to compensation paid by the 
company— 
‘‘(A) the average amount of compensation 
received by each decile of employees; 
‘‘(B) a break down of the base pay and in-
centive pay for each decile, including a descrip-
tions of metrics, sales goals, or cross selling re-
quired to be met in order to qualify for the in-
centive or bonus pay; 
‘‘(C) the minimum wage received by em-
ployees; and 
‘‘(D) the number of employees who receive 
the minimum wage; 
‘‘(10) the diversity of the directors of the com-
pany’s board and senior executives, the policies and 
practices implemented at the company to promote 
diversity and inclusion among the company’s work-
force, and the policies implemented by the company 
to promote the use of diverse contractors, including 
diverse asset managers, brokers and underwriters; 
‘‘(11) the company’s approach to cybersecurity 
and protecting consumer data; 
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‘‘(12) the total number of whistleblower and 
ethics complaints made by employees through inter-
nal company protocols over the past year, what 
issues were involved in the complaints, and what the 
resolutions of the complaints were; 
‘‘(13) the company’s actions taken in relation to 
climate risk and contribution to climate change, in-
cluding— 
‘‘(A) any financed emissions targets set by 
the company and whether they are aligned with 
the United States obligations to hold global 
warming as close to 1.5 degrees Celsius as pos-
sible; 
‘‘(B) their reliance on offsets to achieve 
those targets and the expected sources of those 
offsets; 
‘‘(C) amount of financing provided in the 
last year and committed to in future years to 
companies involved in fossil fuel expansion and 
any plans to phase out financing to companies 
involved in fossil fuel expansion; and 
‘‘(D) the projected effect of global failure 
to achieve the science-based emissions targets 
on the company’s solvency, including the pro-
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jected effect of 3 degrees Celsius or more of 
warming; 
‘‘(14) the company’s involvement in projects 
that contribute to or mitigate disproportionate envi-
ronmental harms to communities of color or indige-
nous peoples, or other forms of environmental rac-
ism, including— 
‘‘(A) financing for oil and gas extraction, 
oil and gas refineries, petrochemical plants and 
pipeline projects located in low-income census 
tracts, majority-minority census tracts, or on 
indigenous lands, or for companies that build or 
operate these projects; 
‘‘(B) financing for deforestation and min-
ing on indigenous lands anywhere in the world; 
‘‘(C) impact on indigenous people’s rights 
of any nature-based offsets purchased by the 
company; and 
‘‘(D) any investments made or other ac-
tions taken by the company to address and 
mitigate previous financing of environmental 
racism, including but not limited to efforts 
made to secure Free Prior and Informed Con-
sent; efforts made to compensate impacted indi-
viduals living in close proximity to financed oil 
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and gas facilities or projects; and funds for site 
cleanup; 
‘‘(15) the company’s investments in, partner-
ships with, and support provided to minority deposi-
tory institutions and community development finan-
cial institutions; 
‘‘(16) any merger or acquisition that was com-
pleted in the previous year, including— 
‘‘(A) a description of how each merger or 
acquisition affected the company’s size and 
complexity; 
‘‘(B) an account of the retail branch clo-
sures that resulted from the merger or acquisi-
tion; 
‘‘(C) a description of any regional markets 
that experienced a change in market concentra-
tion, as measured by the Herfindahl-Hirschman 
Index, resulting from the merger or acquisition; 
‘‘(D) a description of any regional markets 
that experienced a change in the company’s re-
gional share of deposits resulting from the 
merger or acquisition; 
‘‘(E) a list of Federal or State government 
agencies that approved the transaction; and 
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‘‘(F) a description of any conditions placed 
by a Federal or State government agency on 
the company when the transaction was ap-
proved; and 
‘‘(17) a comparison of how the company’s re-
sponses to paragraphs (1) through (15) have 
changed over the last ten years. 
‘‘(c) PUBLIC
AVAILABILITY
OF
REPORTS.—The 
Board shall make the reports received under this section 
available to the public, including on the website of the 
Board. 
‘‘(d) GLOBAL
SYSTEMICALLY
IMPORTANT
BANK 
HOLDING COMPANY DEFINED.—In this section, the term 
‘global systemically important bank holding company’ 
means a global systemically important bank holding com-
pany, as such term is defined under section 217.402 of 
title 12, Code of Federal Regulations.’’. 
Æ 
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