I 118th CONGRESS 2d Session H. R. 9512 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 committee concerned A BILL 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.

1. Short title This Act may be cited as the Congressional Banking Regulation Priorities and Accountability Act of 2024 . 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 enactment of this Act, unless the agency— (A) submits a notice to the appropriate congressional committees; and (B) notifies the covered international organization 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 Administrative Procedure Act ). (2) Notice contents A notice described under paragraph (1) shall be in writing and contain— (A) an overview of the covered international organization; (B) the charter of the covered international organization; (C) a list of current members and observers of the covered international organization; (D) the work that the covered international organization engages in and how that work relates to the statutory mandates and responsibilities of the Federal financial agency; (E) the objectives that the Federal financial agency intends to pursue in conformity with the covered international organization’s objectives; (F) the expectations that the covered international organization has with respect to the members and observers of the covered international organization; (G) commitments required for membership in the covered international organization; (H) identification of funding sources for the covered international organization’s operating expenses; (I) the role that the Federal financial agency will play in, and the extent of the Federal financial agency’s participation in, the covered international organization; and (J) such other information as may be requested by the appropriate congressional committees. (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 beginning 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 enacted 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 disapproval 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 agency’s participation in a covered international organization. ; and (B) the sole matter after the resolving clause of which is the following: Congress disapproves of the participation of ______ with ______, as described in the notice submitted to the appropriate congressional committees on ______, 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 organization, 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 Representatives If a committee of the House of Representatives to which a joint resolution of disapproval 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 (A) Committee referral A joint resolution of disapproval introduced in the Senate shall be referred to the Committee on Banking, Housing, and Urban Affairs. (B) Reporting and discharge If the committee to which a joint resolution of disapproval was referred has not reported the joint resolution within 10 calendar days after the date of referral of the joint resolution, that committee shall be discharged from further consideration of the joint resolution and the joint resolution shall be placed on the appropriate calendar. (C) Proceeding to consideration Notwithstanding Rule XXII of the Standing Rules of the Senate, it is in order at any time after the Committee on Banking, Housing, and Urban Affairs reports a joint resolution of disapproval to the Senate or has been discharged from consideration of such a joint resolution (even though a previous motion to the same effect has been disagreed to) to move to proceed to the consideration of the joint resolution, and all points of order against the joint resolution (and against consideration of the joint resolution) are waived. The motion to proceed is not debatable. The motion is not subject to a motion to postpone. A motion to reconsider the vote by which the motion is agreed to or disagreed to shall not be in order. (D) Rulings of the chair on procedure 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 relating to a joint resolution of disapproval shall be decided without debate. (E) Consideration of veto messages Debate in the Senate of any veto message with respect to a joint resolution of disapproval, including all debatable motions and appeals in connection with the joint resolution, shall be limited to 10 hours, to be equally divided between, and controlled by, the majority leader and the minority leader or their designees. (4) Rules relating to Senate and House of Representatives (A) Treatment of Senate joint resolution in House In the House of Representatives, the following procedures shall apply to a joint resolution of disapproval received from the Senate (unless the House has already passed a joint resolution relating to the same proposed action): (i) The joint resolution shall be referred to the Committee on Financial Services. (ii) If a committee to which a joint resolution has been referred has not reported the joint resolution within 2 calendar 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 proceed to consider the joint resolution in the House. All points of order against the motion 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 as ordered on the motion to its adoption without intervening motion. The motion shall not be debatable. A motion to reconsider the vote by which the motion is disposed of shall not be in order. (iv) The joint resolution shall be considered as read. All points of order against the joint resolution and against its consideration are waived. The previous question shall be considered as ordered on the joint resolution to final passage without intervening motion except 2 hours of debate equally divided and controlled by the sponsor 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 resolution in Senate (i) If, before the passage by the Senate of a joint resolution of disapproval, the Senate receives an identical joint resolution from the House of Representatives, the following procedures shall apply: (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 Representatives; but (bb) the vote on passage shall be on the joint resolution from the House of Representatives. (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 appropriate Senate calendar. (iii) If a joint resolution of disapproval is received from the House, and no companion joint resolution has been introduced in the Senate, the Senate procedures under this subsection shall apply to the House joint resolution. (5) Rules of House of Representatives and Senate This subsection is enacted by Congress— (A) as an exercise of the rulemaking power of the Senate and the House of Representatives, respectively, and as such is deemed a part of the rules of each House, respectively, and supersedes other rules only to the extent that it is inconsistent with such rules; and (B) with full recognition of the constitutional 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 otherwise 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 member or observer of, or participant in, the covered international organization, issue a statement to the appropriate congressional committees that— (1) contains a justification for the Federal financial agency’s continued membership, observer status, or participation; and (2) includes— (A) a description of the covered international organization’s objectives; (B) any objectives that have been pursued by the Federal financial agency in conformity with the covered international organization’s objectives; (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 membership, 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 adjourned 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 . 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 deliberate, sign, vote for, agree to, finalize, or otherwise conclude any new policies, standards, or recommendations 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 contain— (A) a summary of the issues to be discussed, including the policies, standards, or recommendations that the Federal financial agency intends to negotiate, participate, or otherwise deliberate, sign, vote for, agree to, finalize, or otherwise conclude; (B) a summary of the proposed new policies, 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, financial 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 development With respect to negotiations, discussions or deliberations on any new policies, standards, or recommendations described under subsection (a), the Federal financial agency shall— (1) inform the appropriate congressional committees quarterly on the developments affecting such policies, standards, or recommendations; (2) notify the appropriate congressional committees of new Federal policy, guidance, or regulations 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 congressional committees with access to documents relating to the negotiations, discussions or deliberations, including classified materials or materials that otherwise contain confidential information in a secured environment. (c) Congressional notice on finalized policies, 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 financial agency submits a notice to the appropriate congressional committees containing— (1) the text of the policies, standards, or recommendations, including any implementing material, annex, appendix, side letter, or similar document entered 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 supervisory practices, the Federal financial agency anticipates are necessary to implement the new policies, standards, or recommendations; and (3) a justification, with quantitative and analytical support, setting forth how the policies, standards, or recommendations serve the interests of the United States financial system and commerce. (d) Requirements on implementing policies, standards, and recommendations A Federal financial agency may not issue any policy change, rule, or guidance intended to implement any policies, standards, or recommendations developed by a covered international organization unless the Federal financial agency— (1) notifies the appropriate congressional committees; (2) provides the appropriate congressional committees (and publishes publicly) a justification, with quantitative and analytical support, for why the policies, standards, or recommendations developed by the covered international organization are suitable for the national security, financial stability, economic, and other interests of the United States; and (3) provides the appropriate congressional committees (and publishes publicly)— (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. 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 participated in during the preceding year. 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. 6. Definitions In this Act: (1) Appropriate congressional committees The term appropriate congressional committees means the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. (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 Corporation; (D) the National Credit Union Administration; (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 Commission. (3) Covered international organization (A) In general The term covered international organization means any association or union of nations through or by which two or more foreign governments engage in some aspect of their conduct of international affairs, including— (i) the Bank for International Settlements; (ii) the Basel Committee on Banking Supervision; (iii) the Committee on Payments and Market Infrastructures; (iv) the Council of Securities Regulators 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; (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.