I 
119TH CONGRESS 
1ST SESSION H. R. 6550 
To require annual reporting on interactions between Federal banking super-
visory agencies and global financial regulatory or supervisory forums, 
and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
DECEMBER 10, 2025 
Mr. LOUDERMILK (for himself, Mr. BARR, and Mr. FLOOD) introduced the 
following bill; which was referred to the Committee on Financial Services 
A BILL 
To require annual reporting on interactions between Federal 
banking supervisory agencies and global financial regu-
latory or supervisory forums, 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 ‘‘American Financial 
Institution Regulatory Sovereignty and Transparency Act 
of 2025’’ or the ‘‘American FIRST Act of 2025’’. 
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SEC. 2. ANNUAL REPORTING ON INTERACTIONS BETWEEN 
FEDERAL BANKING SUPERVISORY AGENCIES 
AND GLOBAL FINANCIAL REGULATORY OR 
SUPERVISORY FORUMS. 
(a) BOARD OF GOVERNORS OF THE FEDERAL RE-
SERVE SYSTEM.—The seventh undesignated paragraph of 
section 10 of the Federal Reserve Act (12 U.S.C. 247) 
is amended— 
(1) by striking ‘‘The Board’’ and inserting the 
following: 
‘‘(7) ANNUAL REPORT.— 
‘‘(A) IN GENERAL.—The Board’’; 
(2) by striking the second sentence; and 
(3) by adding at the end the following: 
‘‘(B) INTERACTIONS WITH GLOBAL FINAN-
CIAL REGULATORY OR SUPERVISORY FORUMS.— 
The report required under subparagraph (A) 
shall include a description of the Board’s inter-
actions with global financial regulatory or su-
pervisory forums, including— 
‘‘(i) a list of the global financial regu-
latory or supervisory forums in which the 
Board maintained membership during the 
period covered by the report; and 
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‘‘(ii) for each such global financial 
regulatory or supervisory forum in the list 
provided pursuant to clause (i)— 
‘‘(I) a description of the general 
purposes of the global financial regu-
latory or supervisory forum, including 
a list of the current members and ob-
servers of the global financial regu-
latory or supervisory forum; 
‘‘(II) a discussion of how the 
general purposes of the global finan-
cial regulatory or supervisory forum 
align with the purposes of this Act 
and the other Acts that the Board im-
plements; 
‘‘(III) an identification of the 
sources that provided a material 
amount of funding for the operations 
of the global financial regulatory or 
supervisory forum during the period 
covered by the report; 
‘‘(IV) a description of the organi-
zation the Board maintained during 
the period covered by the report to 
conduct interactions with the global 
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financial regulatory or supervisory 
forum, including an organizational 
chart and an identification of the offi-
cial staff of the Board with oversight 
responsibility for interactions with the 
global financial regulatory or super-
visory forum; 
‘‘(V) a discussion of the financial 
regulatory or supervisory standard- 
setting issues under discussion at the 
global financial regulatory or super-
visory forum during the period cov-
ered by the report; 
‘‘(VI) a description of the posi-
tions taken by representatives of the 
Board at the global financial regu-
latory or supervisory forum during the 
period covered by the report, including 
the rationale, objectives, and potential 
impacts of such positions; 
‘‘(VII) a summary of the meet-
ings attended by representatives of 
the Board at the global financial regu-
latory or supervisory forum during the 
period covered by the report, including 
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a discussion of the key outcomes from 
such meetings; 
‘‘(VIII) the text of any final poli-
cies, standards, or recommendations 
adopted by the global financial super-
visory or regulatory forum during the 
period covered by the report, including 
any implementing material, annex, ap-
pendix, side letter, or similar docu-
ment entered into contemporaneously 
or in conjunction with the underlying 
policy, standard, or recommendation, 
or an identification of a publicly avail-
able source for the text of such policy, 
standard, recommendation, or imple-
menting material; 
‘‘(IX) 
a 
description 
of 
any 
amendments to Federal statutes, reg-
ulations of the Board, guidance of the 
Board, or changes to the Board’s su-
pervisory practices the Board antici-
pates will be necessary to implement 
any final policies, standards, or rec-
ommendations adopted by the global 
financial supervisory or regulatory 
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forum during the period covered by 
the report; 
‘‘(X) a discussion of rules pro-
posed, rules under consideration, final 
rules adopted, guidance proposed, 
guidance under consideration, final 
guidance adopted, or any other similar 
actions taken by the Board during the 
period covered by the report to imple-
ment agreements of the global finan-
cial regulatory or supervisory forum, 
including an economic impact analysis 
and a justification for why the ex-
pected costs of implementing actions 
are at least offset by the expected 
benefits related to economic, national 
security, financial stability, or other 
national interests; and 
‘‘(XI) such other information re-
lating to interactions with the global 
financial regulatory or supervisory 
forum during the period covered by 
the report separately requested in 
writing by the Committee on Banking, 
Housing, and Urban Affairs of the 
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Senate or the Committee on Financial 
Services of the House of Representa-
tives. 
‘‘(C) GLOBAL FINANCIAL REGULATORY OR 
SUPERVISORY FORUM.— 
‘‘(i) IN GENERAL.—In this paragraph, 
the term ‘global financial regulatory or su-
pervisory forum’ means any association or 
union of nations through or by which two 
or more foreign authorities engage in some 
aspect of their conduct of international af-
fairs regarding financial supervision and 
regulation, including— 
‘‘(I) the Bank for International 
Settlements; 
‘‘(II) the Basel Committee on 
Banking Supervision; 
‘‘(III) the Financial Stability 
Board; 
‘‘(IV) the International Associa-
tion of Insurance Supervisors; and 
‘‘(V) the Network of Central 
Banks and Supervisors for Greening 
the Financial System. 
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‘‘(ii) EXCEPTION.—The term ‘global 
financial regulatory or supervisory forum’ 
does not include— 
‘‘(I) international financial insti-
tutions, 
as 
defined 
in 
section 
1701(c)(2) of the International Finan-
cial 
Institutions 
Act 
(22 
U.S.C. 
262r(c)(2)); or 
‘‘(II) any international organiza-
tion with respect to which the Board 
participates pursuant to a treaty to 
which the United States is a party.’’. 
(b) OFFICE OF THE COMPTROLLER OF THE CUR-
RENCY.— 
(1) IN GENERAL.—The second section 333 of 
the Revised Statutes of the United States (12 
U.S.C. 14; relating to an annual report) is amended 
to read as follows: 
‘‘SEC. 333. REPORT OF COMPTROLLER. 
‘‘(a) IN GENERAL.—The Comptroller of the Currency 
shall make an annual report to Congress. 
‘‘(b) INTERACTIONS WITH GLOBAL FINANCIAL REG-
ULATORY
OR SUPERVISORY FORUMS.—The report re-
quired under subsection (a) shall include a description of 
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the Comptroller’s interactions with global financial regu-
latory or supervisory forums, including— 
‘‘(1) a list of the global financial regulatory or 
supervisory forums in which the Comptroller main-
tained membership during the period covered by the 
report; and 
‘‘(2) for each such global financial regulatory or 
supervisory forum in the list provided pursuant to 
paragraph (1)— 
‘‘(A) a description of the general purposes 
of the global financial regulatory or supervisory 
forum, including a list of the current members 
and observers of the global financial regulatory 
or supervisory forum; 
‘‘(B) a discussion of how the general pur-
poses of the global financial regulatory or su-
pervisory forum align with the purposes of this 
chapter, title LXII, and the other Acts that the 
Comptroller implements; 
‘‘(C) an identification of the sources that 
provided a material amount of funding for the 
operations of the global financial regulatory or 
supervisory forum during the period covered by 
the report; 
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‘‘(D) a description of the organization the 
Comptroller maintained during the period cov-
ered by the report to conduct interactions with 
the global financial regulatory or supervisory 
forum, including an organizational chart and an 
identification of the official staff of the Office 
of the Comptroller of the Currency with over-
sight responsibility for interactions with the 
global financial regulatory or supervisory forum; 
‘‘(E) a discussion of the financial regu-
latory or supervisory standard-setting issues 
under discussion at the global financial regu-
latory or supervisory forum during the period 
covered by the report; 
‘‘(F) a description of the positions taken 
by representatives of the Comptroller at the 
global financial regulatory or supervisory forum 
during the period covered by the report, includ-
ing the rationale, objectives, and potential im-
pacts of such positions; 
‘‘(G) a summary of the meetings attended 
by representatives of the Comptroller at the 
global financial regulatory or supervisory forum 
during the period covered by the report, includ-
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ing a discussion of the key outcomes from such 
meetings; 
‘‘(H) the text of any final policies, stand-
ards, or recommendations adopted by the global 
financial supervisory or regulatory forum dur-
ing the period covered by the report, including 
any implementing material, annex, appendix, 
side letter, or similar document entered into 
contemporaneously or in conjunction with the 
underlying policy, standard, or recommenda-
tion, or an identification of a publicly available 
source for the text of such policy, standard, rec-
ommendation, or implementing material; 
‘‘(I) a description of any amendments to 
Federal statutes, regulations of the Comp-
troller, guidance of the Comptroller, or changes 
to the Comptroller’s supervisory practices the 
Comptroller anticipates will be necessary to im-
plement any final policies, standards, or rec-
ommendations adopted by the global financial 
supervisory or regulatory forum during the pe-
riod covered by the report; 
‘‘(J) a discussion of rules proposed, rules 
under consideration, final rules adopted, guid-
ance proposed, guidance under consideration, 
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final guidance adopted, or any other similar ac-
tions taken by the Comptroller during the pe-
riod covered by the report to implement agree-
ments of the global financial regulatory or su-
pervisory forum, including an economic impact 
analysis and a justification for why the expected 
costs of implementing actions are at least offset 
by the expected benefits related to economic, 
national security, financial stability, or other 
national interests; and 
‘‘(K) such other information relating to 
interactions with the global financial regulatory 
or supervisory forum during the period covered 
by the report separately requested in writing by 
the Committee on Banking, Housing, and 
Urban Affairs of the Senate or the Committee 
on Financial Services of the House of Rep-
resentatives. 
‘‘(c) GLOBAL FINANCIAL REGULATORY OR SUPER-
VISORY FORUM.— 
‘‘(1) IN GENERAL.—In this section, the term 
‘global financial regulatory or supervisory forum’ 
means any association or union of nations through 
or by which two or more foreign authorities engage 
in some aspect of their conduct of international af-
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fairs regarding financial supervision and regulation, 
including— 
‘‘(A) the Bank for International Settle-
ments; 
‘‘(B) the Basel Committee on Banking Su-
pervision; 
‘‘(C) the Financial Stability Board; 
‘‘(D) the International Association of In-
surance Supervisors; and 
‘‘(E) the Network of Central Banks and 
Supervisors for Greening the Financial System. 
‘‘(2) EXCEPTION.—The term ‘global financial 
regulatory or supervisory forum’ does not include— 
‘‘(A) international financial institutions, as 
defined in section 1701(c)(2) of the Inter-
national Financial Institutions Act (22 U.S.C. 
262r(c)(2)); or 
‘‘(B) any international organization with 
respect to which the Comptroller participates 
pursuant to a treaty to which the United States 
is a party.’’. 
(2) TECHNICAL CORRECTION.—Chapter nine of 
title VII of the Revised Statutes of the United 
States is amended— 
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