254 
mortgage securities markets and housing fi-
nance. 
‘‘(B) STAGGERING.—The members of the 
Board shall serve staggered terms, which ini-
tially shall be established by the President for 
terms of 1, 2, 3, 4, and 5 years, respectively. 
‘‘(C) TERMS.— 
‘‘(i) IN
GENERAL.—Each member of 
the Board, including the Chair, shall serve 
for a term of 5 years. 
‘‘(ii) REMOVAL.—The President may 
remove any member of the Board for ineffi-
ciency, neglect of duty, or malfeasance in 
office. 
‘‘(iii) VACANCIES.—Any member of the 
Board appointed to fill a vacancy occurring 
before the expiration of the term to which 
that member’s predecessor was appointed 
(including the Chair) shall be appointed 
only for the remainder of the term. 
‘‘(iv) CONTINUATION
OF
SERVICE.— 
Each member of the Board may continue to 
serve after the expiration of the term of of-
fice to which that member was appointed 
until a successor has been appointed by the 
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255 
President and confirmed by the Senate, ex-
cept that a member may not continue to 
serve more than 1 year after the date on 
which that member’s term would otherwise 
expire. 
‘‘(v) OTHER
EMPLOYMENT
PROHIB-
ITED.—No member of the Board shall en-
gage in any other business, vocation, or em-
ployment. 
‘‘(2) AFFILIATION.—Not more than 3 members of 
the Board shall be members of any one political 
party. 
‘‘(3) CHAIR OF THE BOARD.— 
‘‘(A) APPOINTMENT.—The Chair of the 
Board shall be appointed by the President. 
‘‘(B) AUTHORITY.—The Chair shall be the 
principal executive officer of the Agency, and 
shall exercise all of the executive and administra-
tive functions of the Agency, including with re-
spect to— 
‘‘(i) the appointment and supervision 
of personnel employed under the Agency 
(other than personnel employed regularly 
and full time in the immediate offices of 
members of the Board other than the Chair); 
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256 
‘‘(ii) 
the 
distribution 
of 
business 
among personnel appointed and supervised 
by the Chair and among administrative 
units of the Agency; and 
‘‘(iii) the use and expenditure of funds. 
‘‘(C) LIMITATION.—In carrying out any of 
the Chair’s functions under the provisions of this 
paragraph the Chair shall be governed by general 
policies of the Agency and by such regulatory de-
cisions, findings, and determinations as the 
Agency may by law be authorized to make. 
‘‘(4) NO
IMPAIRMENT
BY
REASON
OF
VACAN-
CIES.—No vacancy in the members of the Board shall 
impair the right of the remaining members of the 
Board to exercise all the powers of the Board. Three 
members of the Board shall constitute a quorum for 
the transaction of business, except that if there are 
only 3 members serving on the Board because of va-
cancies in the Board, 2 members of the Board shall 
constitute a quorum for the transaction of business. If 
there are only 2 members serving on the Board be-
cause of vacancies in the Board, 2 members shall con-
stitute a quorum for the 6-month period beginning on 
the date of the vacancy which caused the number of 
Board members to decline to 2. 
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257 
‘‘(5) COMPENSATION.— 
‘‘(A) CHAIR.—The Chair shall receive com-
pensation at the rate prescribed for level I of the 
Executive Schedule under section 5313 of title 5, 
United States Code. 
‘‘(B) OTHER MEMBERS OF THE BOARD.— 
The 4 other members of the Board shall each re-
ceive compensation at the rate prescribed for 
level II of the Executive Schedule under section 
5314 of title 5, United States Code. 
‘‘(6) INITIAL
QUORUM
ESTABLISHED.—During 
any time period prior to the confirmation of at least 
two members of the Board, one member of the Board 
shall constitute a quorum for the transaction of busi-
ness. Following the confirmation of at least 2 addi-
tional members of the Board, the quorum require-
ments of paragraph (4) shall apply.’’. 
(b) CONFORMING AMENDMENT.—Section 5313 of title 
5, United States Code, is amended by striking ‘‘Director 
of the Federal Housing Finance Agency.’’. 
(c) DEEMING.—Any reference in a law, regulation, 
document, paper, or other record of the United States to 
the position of the Director of the Federal Housing Finance 
Agency shall be deemed a reference to the Board of Directors 
of the Federal Housing Finance Agency. 
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258 
SEC. 653. NATIONAL CREDIT UNION ADMINISTRATION. 
Section 102 of the Federal Credit Union Act (12 
U.S.C. 1752a) is amended— 
(1) in subsection (b)(1)— 
(A) by striking ‘‘three’’ and inserting 
‘‘five’’; and 
(B) by striking ‘‘two’’ and inserting 
‘‘three’’; and 
(2) by amending subsection (c) to read as fol-
lows: 
‘‘(c) TERMS.—The term of office of each member of the 
Board shall be five years, and the members shall serve stag-
gered terms. Board members shall not be appointed to suc-
ceed themselves. Any Board member may continue to serve 
as such after the expiration of said member’s term until 
a successor has qualified.’’. 
SEC. 654. OFFICE OF THE COMPTROLLER OF THE CUR-
RENCY. 
(a) ESTABLISHMENT OF BOARD.—Subsection (b) of 
section 324 of the Revised Statutes of the United States (12 
U.S.C. 1) is amended to read as follows: 
‘‘(b) BOARD OF DIRECTORS.— 
‘‘(1) ESTABLISHMENT.—There is established the 
Board of Directors of the Office of the Comptroller of 
the Currency (hereinafter referred to as the ‘Board’), 
which shall serve as the head of the Office. 
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‘‘(2) COMPOSITION OF THE BOARD.— 
‘‘(A) IN
GENERAL.—The Board shall be 
composed of 5 members who shall be appointed 
by the President, by and with the advice and 
consent of the Senate, from among individuals 
who— 
‘‘(i) are citizens of the United States; 
and 
‘‘(ii) have strong competencies and ex-
periences related to the banking industry. 
‘‘(B) STAGGERING.—The members of the 
Board shall serve staggered terms, which ini-
tially shall be established by the President for 
terms of 1, 2, 3, 4, and 5 years, respectively. 
‘‘(C) TERMS.— 
‘‘(i) IN
GENERAL.—Each member of 
the Board, including the Chair, shall serve 
for a term of 5 years. 
‘‘(ii) REMOVAL.—The President may 
remove any member of the Board for ineffi-
ciency, neglect of duty, or malfeasance in 
office. 
‘‘(iii) VACANCIES.—Any member of the 
Board appointed to fill a vacancy occurring 
before the expiration of the term to which 
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260 
that member’s predecessor was appointed 
(including the Chair) shall be appointed 
only for the remainder of the term. 
‘‘(iv) CONTINUATION
OF
SERVICE.— 
Each member of the Board may continue to 
serve after the expiration of the term of of-
fice to which that member was appointed 
until a successor has been appointed by the 
President and confirmed by the Senate, ex-
cept that a member may not continue to 
serve more than 1 year after the date on 
which that member’s term would otherwise 
expire. 
‘‘(v) OTHER
EMPLOYMENT
PROHIB-
ITED.—No member of the Board shall en-
gage in any other business, vocation, or em-
ployment. 
‘‘(3) AFFILIATION.—Not more than 3 members of 
the Board shall be members of any one political 
party. 
‘‘(4) CHAIR OF THE BOARD.— 
‘‘(A) APPOINTMENT.—The Chair of the 
Board shall be appointed by the President. 
‘‘(B) AUTHORITY.—The Chair shall be the 
principal executive officer of the Office, and shall 
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261 
exercise all of the executive and administrative 
functions of the Office, including with respect 
to— 
‘‘(i) the appointment and supervision 
of personnel employed under the Office 
(other than personnel employed regularly 
and full time in the immediate offices of 
members of the Board other than the Chair); 
‘‘(ii) 
the 
distribution 
of 
business 
among personnel appointed and supervised 
by the Chair and among administrative 
units of the Office; and 
‘‘(iii) the use and expenditure of funds. 
‘‘(C) LIMITATION.—In carrying out any of 
the Chair’s functions under the provisions of this 
paragraph the Chair shall be governed by general 
policies of the Office and by such regulatory deci-
sions, findings, and determinations as the Office 
may by law be authorized to make. 
‘‘(5) NO
IMPAIRMENT
BY
REASON
OF
VACAN-
CIES.—No vacancy in the members of the Board shall 
impair the right of the remaining members of the 
Board to exercise all the powers of the Board. Three 
members of the Board shall constitute a quorum for 
the transaction of business, except that if there are 
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262 
only 3 members serving on the Board because of va-
cancies in the Board, 2 members of the Board shall 
constitute a quorum for the transaction of business. If 
there are only 2 members serving on the Board be-
cause of vacancies in the Board, 2 members shall con-
stitute a quorum for the 6-month period beginning on 
the date of the vacancy which caused the number of 
Board members to decline to 2. 
‘‘(6) COMPENSATION.— 
‘‘(A) CHAIR.—The Chair shall receive com-
pensation at the rate prescribed for level I of the 
Executive Schedule under section 5313 of title 5, 
United States Code. 
‘‘(B) OTHER MEMBERS OF THE BOARD.— 
The 4 other members of the Board shall each re-
ceive compensation at the rate prescribed for 
level II of the Executive Schedule under section 
5314 of title 5, United States Code. 
‘‘(7) INITIAL
QUORUM
ESTABLISHED.—During 
any time period prior to the confirmation of at least 
two members of the Board, one member of the Board 
shall constitute a quorum for the transaction of busi-
ness. Following the confirmation of at least 2 addi-
tional members of the Board, the quorum require-
ments of paragraph (5) shall apply.’’. 
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263 
(b) CONFORMING AMENDMENT.—Section 5314 of title 
5, United States Code, is amended by striking ‘‘Comptroller 
of the Currency.’’. 
(c) DEEMING.—Any reference in a law, regulation, 
document, paper, or other record of the United States to 
the position of the Comptroller of the Currency shall be 
deemed a reference to the Board of Directors of the Office 
of the Comptroller of the Currency. 
Subtitle E—Congressional 
Oversight of Appropriations 
SEC. 661. BRINGING THE FEDERAL DEPOSIT INSURANCE 
CORPORATION INTO THE REGULAR APPRO-
PRIATIONS PROCESS. 
(a) IN GENERAL.—Section 10 of the Federal Deposit 
Insurance Act (12 U.S.C. 1820) is amended— 
(1) in subsection (a)— 
(A) by striking ‘‘(a) The’’ and inserting the 
following: 
‘‘(a) POWERS.— 
‘‘(1) IN GENERAL.—The’’; 
(B) by inserting ‘‘, subject to paragraph (2) 
and subsection (l),’’ after ‘‘The Board of Direc-
tors of the Corporation’’; and 
(C) by adding at the end the following new 
paragraph: 
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264 
‘‘(2) APPROPRIATIONS REQUIREMENT.—The Cor-
poration may only incur obligations or allow and 
pay expenses pursuant to an appropriations Act, 
other than with respect to obligations or expenses 
paid for with funds from the Deposit Insurance Fund 
or incurred, allowed, or paid for the purpose of car-
rying out the insurance function of the Corporation.’’; 
and 
(2) by adding at the end the following new sub-
section: 
‘‘(l) NON-INSURANCE FEES AS OFFSETTING COLLEC-
TIONS.—Any fees collected by the Corporation, except pur-
suant to section 5(d), shall be deposited and credited as off-
setting collections to the account providing appropriations 
to the Corporation.’’. 
(b) EFFECTIVE DATE.—The amendments made by this 
section shall apply with respect to expenses paid and fees 
collected on or after the date that is 90 days after the date 
of the enactment of the first appropriation Act that provides 
for appropriations to the Federal Deposit Insurance Cor-
poration and that is enacted after the date of the enactment 
of this Act. 
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265 
SEC. 662. BRINGING THE FEDERAL HOUSING FINANCE 
AGENCY INTO THE REGULAR APPROPRIA-
TIONS PROCESS. 
(a) IN GENERAL.—Section 1316(f) of the Housing and 
Community Development Act of 1992 (12 U.S.C. 4516(f)) 
is amended to read as follows: 
‘‘(f) APPROPRIATIONS REQUIREMENT; ASSESSMENTS 
DEPOSITED AS OFFSETTING COLLECTIONS.— 
‘‘(1) 
APPROPRIATIONS
REQUIREMENT.—The 
Agency may only incur obligations or allow and pay 
expenses pursuant to an appropriations Act. 
‘‘(2) OFFSETTING
COLLECTIONS.—Any assess-
ments or other fees collected by the Agency shall be de-
posited and credited as offsetting collections to the ac-
count providing appropriations to the Agency.’’. 
(b) EFFECTIVE DATE.—The amendments made by this 
section shall apply with respect to expenses paid and fees 
collected on or after the date that is 90 days after the date 
of the enactment of the first appropriation Act that provides 
for appropriations to the Federal Housing Finance Agency 
and that is enacted after the date of the enactment of this 
Act. 
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266 
SEC. 663. BRINGING THE NATIONAL CREDIT UNION ADMIN-
ISTRATION INTO THE REGULAR APPROPRIA-
TIONS PROCESS. 
(a) IN GENERAL.—Section 105 of the Federal Credit 
Union Act (12 U.S.C. 1755) is amended by striking sub-
sections (d) and (e) and inserting the following: 
‘‘(d) APPROPRIATIONS REQUIREMENT.—The Adminis-
tration may only incur obligations or allow and pay ex-
penses pursuant to an appropriations Act, other than with 
respect to obligations or expenses paid for with funds from 
the National Credit Union Share Insurance Fund or in-
curred, allowed, or paid for the purpose of carrying out the 
insurance function of the Administration. 
‘‘(e) NON-INSURANCE FEES AS OFFSETTING COLLEC-
TIONS.—Any fees collected by the Administration, except for 
insurance fees collected under title II, shall be deposited and 
credited as offsetting collections to the account providing 
appropriations to the Administration.’’. 
(b) EFFECTIVE DATE.—The amendments made by this 
section shall apply with respect to expenses paid and fees 
collected on or after the date that is 90 days after the date 
of the enactment of the first appropriation Act that provides 
for appropriations to the National Credit Union Adminis-
tration and that is enacted after the date of the enactment 
of this Act. 
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267 
SEC. 664. BRINGING THE OFFICE OF THE COMPTROLLER OF 
THE CURRENCY INTO THE REGULAR APPRO-
PRIATIONS PROCESS. 
(a) IN GENERAL.—Section 5240A of the Revised Stat-
utes of the United States is amended— 
(1) by striking ‘‘Sec. 5240A. The Comptroller of 
the Currency may’’ and inserting the following: 
‘‘SEC. 5240A. APPROPRIATIONS REQUIREMENT; ASSESS-
MENTS DEPOSITED AS OFFSETTING COLLEC-
TIONS. 
‘‘(a) IN GENERAL.—The Board of Directors of the Of-
fice of the Comptroller of the Currency may’’; 
(2) by striking ‘‘Funds derived’’ and all that fol-
lows through the end of the section; and 
(3) by adding at the end the following: 
‘‘(b) APPROPRIATIONS REQUIREMENT.—The Chair of 
the Board of Directors of the Office of the Comptroller of 
the Currency may only incur obligations or allow and pay 
expenses pursuant to an appropriations Act. 
‘‘(c) OFFSETTING COLLECTIONS.—Any assessments or 
other fees collected by the Chair shall be deposited and cred-
ited as offsetting collections to the account providing appro-
priations to the Board of Directors of the Office of the 
Comptroller of the Currency.’’. 
(b) EFFECTIVE DATE.—The amendments made by this 
section shall apply with respect to expenses paid and fees 
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268 
collected on or after the date that is 90 days after the date 
of the enactment of the first appropriation Act that provides 
for appropriations to the Board of Directors of the Office 
of the Comptroller of the Currency and that is enacted after 
the date of the enactment of this Act. 
SEC. 665. BRINGING THE NON-MONETARY POLICY RELATED 
FUNCTIONS OF THE BOARD OF GOVERNORS 
OF THE FEDERAL RESERVE SYSTEM INTO 
THE REGULAR APPROPRIATIONS PROCESS. 
The Federal Reserve Act is amended by inserting after 
section 11B the following: 
‘‘SEC. 11C. APPROPRIATIONS REQUIREMENT FOR NON-MON-
ETARY POLICY RELATED ADMINISTRATIVE 
COSTS. 
‘‘(a) APPROPRIATIONS REQUIREMENT.—The Board of 
Governors of the Federal Reserve System and the Federal 
reserve banks may only incur obligations or allow and pay 
expenses with respect to non-monetary policy related ad-
ministrative costs pursuant to an appropriations Act. 
‘‘(b) EARNINGS AND ASSESSMENTS USED TO RECOVER 
THE COST OF APPROPRIATIONS.— 
‘‘(1) IN GENERAL.—Except as provided under 
paragraph (2) and notwithstanding any other provi-
sion of law, all earnings of the Board of Governors of 
the Federal Reserve System and the Federal reserve 
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269 
banks and all amounts collected pursuant to section 
11(t) that would, absent this section, be used to fund 
the non-monetary policy related administrative costs 
of the Board of Governors of the Federal Reserve Sys-
tem and each of the Federal reserve banks shall be de-
posited into the general fund of the Treasury and 
credited as offsetting collections for the amounts ap-
propriated to fund such non-monetary policy related 
administrative costs. 
‘‘(2) NO DEPOSITS IN EXCESS OF APPROPRIA-
TIONS.—The amount deposited pursuant to para-
graph (1) with respect to a fiscal year shall not exceed 
the amount appropriated to fund the non-monetary 
policy related administrative costs of the Board of 
Governors of the Federal Reserve System and each of 
the Federal reserve banks for such fiscal year. 
‘‘(c) DEFINITIONS.—For purposes of this section: 
‘‘(1) MONETARY POLICY.—The term ‘monetary 
policy’ means a strategy for producing a generally ac-
ceptable exchange medium that supports the produc-
tive employment of economic resources by reliably 
serving as both a unit of account and store of value. 
‘‘(2) NON-MONETARY POLICY RELATED ADMINIS-
TRATIVE COSTS.—The term ‘non-monetary policy re-
lated administrative costs’ means administrative costs 
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270 
not related to the conduct of monetary policy, and in-
clude— 
‘‘(A) direct operating expenses for super-
vising and regulating entities supervised and 
regulated by the Board of Governors of the Fed-
eral Reserve System, including conducting ex-
aminations, conducting stress tests, commu-
nicating with the entities regarding supervisory 
matters and laws, and regulations; 
‘‘(B) operating expenses for activities inte-
gral to carrying out supervisory and regulatory 
responsibilities, such as training staff in the su-
pervisory function, research and analysis func-
tions including library subscription services, and 
collecting and processing regulatory reports filed 
by supervised institutions; and 
‘‘(C) support, overhead, and pension ex-
penses related to the items described under sub-
paragraphs (A) and (B).’’. 
Subtitle F—International Processes 
SEC. 671. REQUIREMENTS FOR INTERNATIONAL PROC-
ESSES. 
(a) BOARD OF GOVERNORS REQUIREMENTS.—Section 
11 of the Federal Reserve Act (12 U.S.C. 248), as amended 
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271 
by section 706, is further amended by adding at the end 
the following new subsection: 
‘‘(w) INTERNATIONAL PROCESSES.— 
‘‘(1) NOTICE OF PROCESS; CONSULTATION.—At 
least 30 calendar days before any member or em-
ployee of the Board of Governors of the Federal Re-
serve System participates in a process of setting fi-
nancial standards as a part of any foreign or multi-
national entity, the Board of Governors shall— 
‘‘(A) issue a notice of the process, including 
the subject matter, scope, and goals of the proc-
ess, to the Committee on Financial Services of 
the House of Representatives and the Committee 
on Banking, Housing, and Urban Affairs of the 
Senate; 
‘‘(B) make such notice available to the pub-
lic, including on the website of the Board of Gov-
ernors; and 
‘‘(C) solicit public comment, and consult 
with the committees described under subpara-
graph (A), with respect to the subject matter, 
scope, and goals of the process. 
‘‘(2) PUBLIC REPORTS ON PROCESS.—After the 
end of any process described under paragraph (1), the 
Board of Governors shall issue a public report on the 
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272 
topics that were discussed during the process and any 
new or revised rulemakings or policy changes that the 
Board of Governors believes should be implemented as 
a result of the process. 
‘‘(3) NOTICE OF AGREEMENTS; CONSULTATION.— 
At least 90 calendar days before any member or em-
ployee of the Board of Governors of the Federal Re-
serve System participates in a process of setting fi-
nancial standards as a part of any foreign or multi-
national entity, the Board of Governors shall— 
‘‘(A) issue a notice of agreement to the Com-
mittee on Financial Services of the House of 
Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate; 
‘‘(B) make such notice available to the pub-
lic, including on the website of the Board of Gov-
ernors; and 
‘‘(C) consult with the committees described 
under subparagraph (A) with respect to the na-
ture of the agreement and any anticipated effects 
such agreement will have on the economy. 
‘‘(4) DEFINITION.—For purposes of this sub-
section, the term ‘process’ shall include any official 
proceeding or meeting on financial regulation of a 
recognized international organization with authority 
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273 
to set financial standards on a global or regional 
level, including the Financial Stability Board, the 
Basel Committee on Banking Supervision (or a simi-
lar organization), and the International Association 
of Insurance Supervisors (or a similar organiza-
tion).’’. 
(b) FDIC REQUIREMENTS.—The Federal Deposit In-
surance Act (12 U.S.C. 1811 et seq.) is amended by adding 
at the end the following new section: 
‘‘SEC. 51. INTERNATIONAL PROCESSES. 
‘‘(a) NOTICE OF PROCESS; CONSULTATION.—At least 
30 calendar days before the Board of Directors participates 
in a process of setting financial standards as a part of any 
foreign or multinational entity, the Board of Directors 
shall— 
‘‘(1) issue a notice of the process, including the 
subject matter, scope, and goals of the process, to the 
Committee on Financial Services of the House of Rep-
resentatives and the Committee on Banking, Housing, 
and Urban Affairs of the Senate; 
‘‘(2) make such notice available to the public, in-
cluding on the website of the Corporation; and 
‘‘(3) solicit public comment, and consult with the 
committees described under paragraph (1), with re-
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274 
spect to the subject matter, scope, and goals of the 
process. 
‘‘(b) PUBLIC REPORTS ON PROCESS.—After the end of 
any process described under subsection (a), the Board of 
Directors shall issue a public report on the topics that were 
discussed at the process and any new or revised rulemakings 
or policy changes that the Board of Directors believes should 
be implemented as a result of the process. 
‘‘(c) NOTICE OF AGREEMENTS; CONSULTATION.—At 
least 90 calendar days before the Board of Directors partici-
pates in a process of setting financial standards as a part 
of any foreign or multinational entity, the Board of Direc-
tors shall— 
‘‘(1) issue a notice of agreement to the Committee 
on Financial Services of the House of Representatives 
and the Committee on Banking, Housing, and Urban 
Affairs of the Senate; 
‘‘(2) make such notice available to the public, in-
cluding on the website of the Corporation; and 
‘‘(3) consult with the committees described under 
paragraph (1) with respect to the nature of the agree-
ment and any anticipated effects such agreement will 
have on the economy. 
‘‘(d) DEFINITION.—For purposes of this section, the 
term ‘process’ shall include any official proceeding or meet-
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275 
ing on financial regulation of a recognized international 
organization with authority to set financial standards on 
a global or regional level, including the Financial Stability 
Board, the Basel Committee on Banking Supervision (or 
a similar organization), and the International Association 
of Insurance Supervisors (or a similar organization).’’. 
(c) TREASURY REQUIREMENTS.—Section 325 of title 
31, United States Code, is amended by adding at the end 
the following new subsection: 
‘‘(d) INTERNATIONAL PROCESSES.— 
‘‘(1) NOTICE OF PROCESS; CONSULTATION.—At 
least 30 calendar days before the Secretary partici-
pates in a process of setting financial standards as a 
part of any foreign or multinational entity, the Sec-
retary shall— 
‘‘(A) issue a notice of the process, including 
the subject matter, scope, and goals of the proc-
ess, to the Committee on Financial Services of 
the House of Representatives and the Committee 
on Banking, Housing, and Urban Affairs of the 
Senate; 
‘‘(B) make such notice available to the pub-
lic, including on the website of the Department 
of the Treasury; and 
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‘‘(C) solicit public comment, and consult 
with the committees described under subpara-
graph (A), with respect to the subject matter, 
scope, and goals of the process. 
‘‘(2) PUBLIC REPORTS ON PROCESS.—After the 
end of any process described under paragraph (1), the 
Secretary shall issue a public report on the topics 
that were discussed at the process and any new or re-
vised rulemakings or policy changes that the Sec-
retary believes should be implemented as a result of 
the process. 
‘‘(3) NOTICE OF AGREEMENTS; CONSULTATION.— 
At least 90 calendar days before the Secretary partici-
pates in a process of setting financial standards as a 
part of any foreign or multinational entity, the Sec-
retary shall— 
‘‘(A) issue a notice of agreement to the Com-
mittee on Financial Services of the House of 
Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate; 
‘‘(B) make such notice available to the pub-
lic, including on the website of the Department 
of the Treasury; and 
‘‘(C) consult with the committees described 
under subparagraph (A) with respect to the na-
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277 
ture of the agreement and any anticipated effects 
such agreement will have on the economy. 
‘‘(4) DEFINITION.—For purposes of this sub-
section, the term ‘process’ shall include any official 
proceeding or meeting on financial regulation of a 
recognized international organization with authority 
to set financial standards on a global or regional 
level, including the Financial Stability Board, the 
Basel Committee on Banking Supervision (or a simi-
lar organization), and the International Association 
of Insurance Supervisors (or a similar organiza-
tion).’’. 
(d) OCC REQUIREMENTS.—Chapter one of title LXII 
of the Revised Statutes of the United States (12 U.S.C. 21 
et seq.) is amended— 
(1) by adding at the end the following new sec-
tion: 
‘‘SEC. 5156B. INTERNATIONAL PROCESSES. 
‘‘(a) NOTICE OF PROCESS; CONSULTATION.—At least 
30 calendar days before the Board of Directors of the Office 
of the Comptroller of the Currency participates in a process 
of setting financial standards as a part of any foreign or 
multinational entity, the Board of Directors shall— 
‘‘(1) issue a notice of the process, including the 
subject matter, scope, and goals of the process, to the 
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278 
Committee on Financial Services of the House of Rep-
resentatives and the Committee on Banking, Housing, 
and Urban Affairs of the Senate; 
‘‘(2) make such notice available to the public, in-
cluding on the website of the Office of the Comptroller 
of the Currency; and 
‘‘(3) solicit public comment, and consult with the 
committees described under paragraph (1), with re-
spect to the subject matter, scope, and goals of the 
process. 
‘‘(b) PUBLIC REPORTS ON PROCESS.—After the end of 
any process described under subsection (a), the Board of 
Directors shall issue a public report on the topics that were 
discussed at the process and any new or revised rulemakings 
or policy changes that the Board of Directors believes should 
be implemented as a result of the process. 
‘‘(c) NOTICE OF AGREEMENTS; CONSULTATION.—At 
least 90 calendar days before the Board of Directors partici-
pates in a process of setting financial standards as a part 
of any foreign or multinational entity, the Board of Direc-
tors shall— 
‘‘(1) issue a notice of agreement to the Committee 
on Financial Services of the House of Representatives 
and the Committee on Banking, Housing, and Urban 
Affairs of the Senate; 
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279 
‘‘(2) make such notice available to the public, in-
cluding on the website of the Office of the Comptroller 
of the Currency; and 
‘‘(3) consult with the committees described under 
paragraph (1) with respect to the nature of the agree-
ment and any anticipated effects such agreement will 
have on the economy. 
‘‘(d) DEFINITION.—For purposes of this section, the 
term ‘process’ shall include any official proceeding or meet-
ing on financial regulation of a recognized international 
organization with authority to set financial standards on 
a global or regional level, including the Financial Stability 
Board, the Basel Committee on Banking Supervision (or 
a similar organization), and the International Association 
of Insurance Supervisors (or a similar organization).’’; and 
(2) in the table of contents for such chapter, by 
adding at the end the following new item: 
‘‘5156B. International processes.’’. 
(e) SECURITIES
AND EXCHANGE COMMISSION RE-
QUIREMENTS.—Section 4 of the Securities Exchange Act of 
1934 (15 U.S.C. 78d) is amended by adding at the end the 
following new subsection: 
‘‘(j) INTERNATIONAL PROCESSES.— 
‘‘(1) NOTICE OF PROCESS; CONSULTATION.—At 
least 30 calendar days before the Commission partici-
pates in a process of setting financial standards as a 
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280 
part of any foreign or multinational entity, the Com-
mission shall— 
‘‘(A) issue a notice of the process, including 
the subject matter, scope, and goals of the proc-
ess, to the Committee on Financial Services of 
the House of Representatives and the Committee 
on Banking, Housing, and Urban Affairs of the 
Senate; 
‘‘(B) make such notice available to the pub-
lic, including on the website of the Commission; 
and 
‘‘(C) solicit public comment, and consult 
with the committees described under subpara-
graph (A), with respect to the subject matter, 
scope, and goals of the process. 
‘‘(2) PUBLIC REPORTS ON PROCESS.—After the 
end of any process described under paragraph (1), the 
Commission shall issue a public report on the topics 
that were discussed at the process and any new or re-
vised rulemakings or policy changes that the Commis-
sion believes should be implemented as a result of the 
process. 
‘‘(3) NOTICE OF AGREEMENTS; CONSULTATION.— 
At least 90 calendar days before the Commission par-
ticipates in a process of setting financial standards as 
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281 
a part of any foreign or multinational entity, the 
Commission shall— 
‘‘(A) issue a notice of agreement to the Com-
mittee on Financial Services of the House of 
Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate; 
‘‘(B) make such notice available to the pub-
lic, including on the website of the Commission; 
and 
‘‘(C) consult with the committees described 
under subparagraph (A) with respect to the na-
ture of the agreement and any anticipated effects 
such agreement will have on the economy. 
‘‘(4) DEFINITION.—For purposes of this sub-
section, the term ‘process’ shall include any official 
proceeding or meeting on financial regulation of a 
recognized international organization with authority 
to set financial standards on a global or regional 
level, including the Financial Stability Board, the 
Basel Committee on Banking Supervision (or a simi-
lar organization), and the International Association 
of Insurance Supervisors (or a similar organiza-
tion).’’. 
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