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 com-
mittee concerned 
A BILL 
To protect the sovereignty of the United States and strength-
en Congress’s oversight of the activities of the Federal 
financial agencies by improving accountability and trans-
parency with respect to the effect of membership and 
participation in covered international organizations on 
the statutes, regulations, and guidance applicable to com-
panies in the United States, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Congressional Banking 
Regulation Priorities and Accountability Act of 2024’’. 
SEC. 2. MEMBERSHIP AND PARTICIPATION IN COVERED 
INTERNATIONAL ORGANIZATIONS. 
(a) CONGRESSIONAL NOTICE AND CONSULTATION.— 
(1) IN GENERAL.—A Federal financial agency 
may not join, become a member or observer of, or 
otherwise participate in, any covered international 
organization that the agency was not a member or 
observer of, or participant in, before the date of en-
actment of this Act, unless the agency— 
(A) submits a notice to the appropriate 
congressional committees; and 
(B) notifies the covered international orga-
nization that the agency is subject to— 
(i) this Act; and 
(ii) subchapter II of chapter 5 of title 
5, United States Code, and chapter 7 of 
such title (commonly known as the ‘‘Ad-
ministrative Procedure Act’’). 
(2) NOTICE
CONTENTS.—A notice described 
under paragraph (1) shall be in writing and con-
tain— 
(A) an overview of the covered inter-
national organization; 
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(B) the charter of the covered international 
organization; 
(C) a list of current members and observ-
ers of the covered international organization; 
(D) the work that the covered international 
organization engages in and how that work re-
lates to the statutory mandates and responsibil-
ities of the Federal financial agency; 
(E) the objectives that the Federal finan-
cial agency intends to pursue in conformity with 
the covered international organization’s objec-
tives; 
(F) the expectations that the covered inter-
national organization has with respect to the 
members and observers of the covered inter-
national organization; 
(G) commitments required for membership 
in the covered international organization; 
(H) identification of funding sources for 
the covered international organization’s oper-
ating expenses; 
(I) the role that the Federal financial 
agency will play in, and the extent of the Fed-
eral financial agency’s participation in, the cov-
ered international organization; and 
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(J) such other information as may be re-
quested by the appropriate congressional com-
mittees. 
(b) DELAY FOR CONGRESSIONAL CONSIDERATION; 
EFFECT OF JOINT RESOLUTION OF DISAPPROVAL.—With 
respect to an action described in a notice submitted under 
subsection (a) in connection with a covered international 
organization— 
(1) the Federal financial agency may not take 
such action until the end of the 60-day period begin-
ning on the date the notice was submitted; and 
(2) if a joint resolution of disapproval described 
under subsection (c) with respect to the notice is en-
acted before the end of the 60-day period described 
under paragraph (1), the Federal financial agency 
may not take such action. 
(c) JOINT RESOLUTION OF DISAPPROVAL.— 
(1) JOINT RESOLUTION OF DISAPPROVAL.—In 
this subsection, the term ‘‘joint resolution of dis-
approval’’ means only a joint resolution introduced 
during the 60-day period described under subsection 
(b)— 
(A) the title of which is as follows: ‘‘A joint 
resolution disapproving a Federal financial 
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agency’s participation in a covered international 
organization.’’; and 
(B) the sole matter after the resolving 
clause of which is the following: ‘‘Congress dis-
approves of the participation of llllll 
with llllll, as described in the notice 
submitted to the appropriate congressional com-
mittees on llllll, and the agency may 
not so participate.’’, with the first blank space 
being filled with the appropriate name of the 
Federal financial agency submitting the notice, 
the second blank space being filled with the 
name of the applicable covered international or-
ganization, and the third blank space being 
filled with the date on which the notice under 
subsection (a) was submitted to the appropriate 
congressional committees. 
(2) FLOOR CONSIDERATION IN HOUSE OF REP-
RESENTATIVES.—If a committee of the House of 
Representatives to which a joint resolution of dis-
approval has been referred has not reported the joint 
resolution within 10 calendar days after the date of 
referral, that committee shall be discharged from 
further consideration of the joint resolution. 
(3) CONSIDERATION IN THE SENATE.— 
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tion) are waived. The motion to proceed is not 
debatable. The motion is not subject to a mo-
tion to postpone. A motion to reconsider the 
vote by which the motion is agreed to or dis-
agreed to shall not be in order. 
(D) RULINGS OF THE CHAIR ON PROCE-
DURE.—Appeals from the decisions of the Chair 
relating to the application of the rules of the 
Senate, as the case may be, to the procedure re-
lating to a joint resolution of disapproval shall 
be decided without debate. 
(E) 
CONSIDERATION
OF
VETO
MES-
SAGES.—Debate in the Senate of any veto mes-
sage with respect to a joint resolution of dis-
approval, including all debatable motions and 
appeals in connection with the joint resolution, 
shall be limited to 10 hours, to be equally di-
vided between, and controlled by, the majority 
leader and the minority leader or their des-
ignees. 
(4) RULES RELATING TO SENATE AND HOUSE 
OF REPRESENTATIVES.— 
(A) TREATMENT OF SENATE JOINT RESO-
LUTION
IN
HOUSE.—In the House of Rep-
resentatives, the following procedures shall 
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apply to a joint resolution of disapproval re-
ceived from the Senate (unless the House has 
already passed a joint resolution relating to the 
same proposed action): 
(i) The joint resolution shall be re-
ferred to the Committee on Financial Serv-
ices. 
(ii) If a committee to which a joint 
resolution has been referred has not re-
ported the joint resolution within 2 cal-
endar days after the date of referral, that 
committee shall be discharged from further 
consideration of the joint resolution. 
(iii) Beginning on the third legislative 
day after each committee to which a joint 
resolution has been referred reports the 
joint resolution to the House or has been 
discharged 
from 
further 
consideration 
thereof, it shall be in order to move to pro-
ceed to consider the joint resolution in the 
House. All points of order against the mo-
tion are waived. Such a motion shall not be 
in order after the House has disposed of a 
motion to proceed on the joint resolution. 
The previous question shall be considered 
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as ordered on the motion to its adoption 
without intervening motion. The motion 
shall not be debatable. A motion to recon-
sider the vote by which the motion is dis-
posed of shall not be in order. 
(iv) The joint resolution shall be con-
sidered as read. All points of order against 
the joint resolution and against its consid-
eration are waived. The previous question 
shall be considered as ordered on the joint 
resolution to final passage without inter-
vening motion except 2 hours of debate 
equally divided and controlled by the spon-
sor of the joint resolution (or a designee) 
and an opponent. A motion to reconsider 
the vote on passage of the joint resolution 
shall not be in order. 
(B) TREATMENT OF HOUSE JOINT RESO-
LUTION IN SENATE.— 
(i) If, before the passage by the Sen-
ate of a joint resolution of disapproval, the 
Senate receives an identical joint resolution 
from the House of Representatives, the fol-
lowing procedures shall apply: 
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(I) That joint resolution shall not 
be referred to a committee. 
(II) With respect to that joint 
resolution— 
(aa) the procedure in the 
Senate shall be the same as if no 
joint resolution had been received 
from the House of Representa-
tives; but 
(bb) the vote on passage 
shall be on the joint resolution 
from the House of Representa-
tives. 
(ii) If, following passage of a joint 
resolution of disapproval in the Senate, the 
Senate receives an identical joint resolution 
from the House of Representatives, that 
joint resolution shall be placed on the ap-
propriate Senate calendar. 
(iii) If a joint resolution of dis-
approval is received from the House, and 
no companion joint resolution has been in-
troduced in the Senate, the Senate proce-
dures under this subsection shall apply to 
the House joint resolution. 
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(5) RULES
OF
HOUSE
OF
REPRESENTATIVES 
AND SENATE.—This subsection is enacted by Con-
gress— 
(A) as an exercise of the rulemaking power 
of the Senate and the House of Representa-
tives, respectively, and as such is deemed a part 
of the rules of each House, respectively, and su-
persedes other rules only to the extent that it 
is inconsistent with such rules; and 
(B) with full recognition of the constitu-
tional right of either House to change the rules 
(so far as relating to the procedure of that 
House) at any time, in the same manner, and 
to the same extent as in the case of any other 
rule of that House. 
(d) ONGOING REPORTING.—Each Federal financial 
agency that becomes a member or observer of, or other-
wise participates in, a covered international organization 
after the date of enactment of this Act shall, every 2 years 
while the Federal financial agency continues to be a mem-
ber or observer of, or participant in, the covered inter-
national organization, issue a statement to the appropriate 
congressional committees that— 
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(1) contains a justification for the Federal fi-
nancial agency’s continued membership, observer 
status, or participation; and 
(2) includes— 
(A) a description of the covered inter-
national organization’s objectives; 
(B) any objectives that have been pursued 
by the Federal financial agency in conformity 
with the covered international organization’s ob-
jectives; 
(C) an explanation of whether the Federal 
financial agency’s objectives within the covered 
international organization have been met; 
(D) an explanation of whether there have 
been changes in the Federal financial agency’s 
objectives for such ongoing and continued mem-
bership, observer status, or participation in the 
covered international organization; and 
(E) any objectives that have been pursued 
by the Federal financial agency in conformity 
with the international organization’s objectives. 
(e) CALCULATION OF TIME PERIODS.— 
(1) IN GENERAL.—In this section, for purposes 
of calculating a period of time, the term ‘‘day’’ does 
not include days either House of Congress is ad-
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journed for more than 3 days during a session of 
Congress. 
(2) EXCEPTION.—Paragraph (1) shall not 
apply to any reference to a ‘‘calendar day’’ or a 
‘‘legislative day’’. 
SEC. 3. DEVELOPMENT AND IMPLEMENTATION OF NEW 
INTERNATIONAL POLICIES, STANDARDS, AND 
RECOMMENDATIONS. 
(a) CONGRESSIONAL NOTICE
AND CONSULTATION 
DURING DEVELOPMENT.— 
(1) IN GENERAL.—A Federal financial agency 
may not negotiate, participate, or otherwise delib-
erate, sign, vote for, agree to, finalize, or otherwise 
conclude any new policies, standards, or rec-
ommendations that are being developed by a covered 
international organization unless the agency submits 
a notice to the appropriate congressional committees 
at least 90 days before taking such action. 
(2) NOTICE
CONTENTS.—A notice described 
under paragraph (1) shall be in writing and con-
tain— 
(A) a summary of the issues to be dis-
cussed, including the policies, standards, or rec-
ommendations that the Federal financial agency 
intends to negotiate, participate, or otherwise 
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deliberate, sign, vote for, agree to, finalize, or 
otherwise conclude; 
(B) a summary of the proposed new poli-
cies, standards or recommendations; 
(C) a draft of the proposed new policies, 
standards, or recommendations, if appropriate; 
(D) a plan for how the Federal financial 
agency will promote U.S. economic growth, fi-
nancial stability, and the competitiveness of the 
U.S. financial system during any negotiation, 
participation, or deliberation; and 
(E) a full statement of the schedule and 
objectives of the negotiations, discussions, or 
deliberations. 
(b) ONGOING REQUIREMENTS DURING DEVELOP-
MENT.—With respect to negotiations, discussions or delib-
erations on any new policies, standards, or recommenda-
tions described under subsection (a), the Federal financial 
agency shall— 
(1) inform the appropriate congressional com-
mittees quarterly on the developments affecting such 
policies, standards, or recommendations; 
(2) notify the appropriate congressional com-
mittees of new Federal policy, guidance, or regula-
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tions that may be proposed to implement the new 
policies, standards, or recommendations; 
(3) upon request, meet with the appropriate 
congressional committees to discuss the status of the 
negotiations, discussions or deliberations; and 
(4) upon request, provide the appropriate con-
gressional committees with access to documents re-
lating to the negotiations, discussions or delibera-
tions, including classified materials or materials that 
otherwise contain confidential information in a se-
cured environment. 
(c) CONGRESSIONAL NOTICE ON FINALIZED POLI-
CIES, STANDARDS, OR RECOMMENDATIONS.—A Federal 
financial agency may not act to finalize a policy, standard, 
or recommendation described under subsection (a) by a 
covered international organization unless the Federal fi-
nancial agency submits a notice to the appropriate con-
gressional committees containing— 
(1) the text of the policies, standards, or rec-
ommendations, including any implementing material, 
annex, appendix, side letter, or similar document en-
tered into contemporaneously and in conjunction 
with the underlying standard or recommendation; 
(2) a description of any amendments to Federal 
statute, regulation, or guidance, or change to super-
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visory practices, the Federal financial agency antici-
pates are necessary to implement the new policies, 
standards, or recommendations; and 
(3) a justification, with quantitative and analyt-
ical support, setting forth how the policies, stand-
ards, or recommendations serve the interests of the 
United States financial system and commerce. 
(d) REQUIREMENTS ON IMPLEMENTING POLICIES, 
STANDARDS, AND RECOMMENDATIONS.—A Federal finan-
cial agency may not issue any policy change, rule, or guid-
ance intended to implement any policies, standards, or rec-
ommendations developed by a covered international orga-
nization unless the Federal financial agency— 
(1) notifies the appropriate congressional com-
mittees; 
(2) provides the appropriate congressional com-
mittees (and publishes publicly) a justification, with 
quantitative and analytical support, for why the poli-
cies, standards, or recommendations developed by 
the covered international organization are suitable 
for the national security, financial stability, eco-
nomic, and other interests of the United States; and 
(3) provides the appropriate congressional com-
mittees (and publishes publicly)— 
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(A) an analysis, including a detailed cost- 
benefit analysis, of the implementation of the 
policy change, rule, or guidance; and 
(B) a justification for why the expected 
costs of such implementation are at least offset 
by the expected benefits related to economic, 
national security, financial stability, or other 
national interests. 
SEC. 4. PUBLIC REPORTS ON PARTICIPATION IN COVERED 
INTERNATIONAL ORGANIZATIONS. 
Not later than March 31 of each year, each Federal 
financial agency shall publish a public report and provide 
testimony to the appropriate congressional committees on 
the activities of the agency with each covered international 
organization that the Federal financial agency joined, was 
a member or observer of, engaged with, or otherwise par-
ticipated in during the preceding year. 
SEC. 5. APPLICATION TO FEDERAL RESERVE BANKS. 
This Act shall apply to each Federal reserve bank to 
the same extent as this Act applies to a Federal financial 
agency, except that any action that a Federal reserve bank 
would be required to take under this Act shall be taken 
by the Board of Governors of the Federal Reserve System, 
on behalf of the Federal reserve bank. 
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SEC. 6. DEFINITIONS. 
In this Act: 
(1) APPROPRIATE
CONGRESSIONAL
COMMIT-
TEES.—The term ‘‘appropriate congressional com-
mittees’’ means the Committee on Financial Services 
of the House of Representatives and the Committee 
on Banking, Housing, and Urban Affairs of the Sen-
ate. 
(2) FEDERAL FINANCIAL AGENCY.—The term 
‘‘Federal financial agency’’ means— 
(A) the Board of Governors of the Federal 
Reserve System; 
(B) the Bureau of Consumer Financial 
Protection; 
(C) the Federal Deposit Insurance Cor-
poration; 
(D) the National Credit Union Administra-
tion; 
(E) the Office of the Comptroller of the 
Currency; 
(F) the Federal Housing Finance Agency; 
(G) the Federal Insurance Office; and 
(H) the Securities and Exchange Commis-
sion. 
(3) 
COVERED
INTERNATIONAL
ORGANIZA-
TION.— 
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(A) IN
GENERAL.—The term ‘‘covered 
international organization’’ means any associa-
tion or union of nations through or by which 
two or more foreign governments engage in 
some aspect of their conduct of international af-
fairs, including— 
(i) the Bank for International Settle-
ments; 
(ii) the Basel Committee on Banking 
Supervision; 
(iii) the Committee on Payments and 
Market Infrastructures; 
(iv) the Council of Securities Regu-
lators of the Americas; 
(v) the Financial Stability Board; 
(vi) the Global Financial Innovation 
Network; 
(vii) the IFRS Foundation Monitoring 
Board; 
(viii) the International Association of 
Deposit Insurers; 
(ix) the International Association of 
Insurance Supervisors; 
(x) the International Organization of 
Securities Commissions; 
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(xi) the Monitoring Group; 
(xii) the Network of Central Banks 
and Supervisors for Greening the Financial 
System; 
(xiii) the Organization for Economic 
Cooperation and Development; and 
(xiv) any committee, subcommittee, 
working group, task force, or other subunit 
of an organization described under clause 
(i) through (xiii). 
(B) 
EXCEPTION.—The 
term 
‘‘covered 
international organization’’ does not include— 
(i) international financial institutions, 
as defined in section 1701(c)(2) of the 
International Financial Institutions Act 
(22 U.S.C. 262r(c)(2)); or 
(ii) any international organization 
with respect to which a Federal financial 
agency participates pursuant to a treaty to 
which the United States is a party. 
Æ 
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