Banking Regulator International Reporting Act

Bill: 118-hr-4601
Sponsor: full_name: Rep. Barr, Andy [R-KY-6]
Introduced: 2023-07-13
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-07-13
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2023-07-13
action_desc: Introduced in House
text: <html><body bgcolor="#FFFFFF"><p><b>Banking Regulator International Reporting Act </b></p> <p>This bill requires specified financial regulators to maintain records and annually report on interactions with certain nongovernmental international organizations. In particular, regulators must report any recommendations for international standardization regarding open-market policies and operations, discount lending and operations, or supervisory policies and operations. </p></body></html>

tv_txt: I 118th CONGRESS 1st Session H. R. 4601 IN THE HOUSE OF REPRESENTATIVES July 13, 2023 Mr. Barr introduced the following bill; which was referred to the Committee on Financial Services A BILL To require Federal banking agencies to report on interactions with non-governmental international organizations, and for other purposes.

1. Short title This Act may be cited as the Banking Regulator International Reporting Act . 2. Reporting on interactions with non-governmental international organizations (a) Board of Governors of the Federal Reserve System Section 10 of the Federal Reserve Act ( 12 U.S.C. 247b ) is amended by inserting after paragraph (10) the following: (11) Reporting on interactions with non-governmental international organizations With respect to interactions between the Board of Governors of the Federal Reserve System and a non-governmental international organization (including the Financial Stability Board, the Bank for International Settlements, the Network of Central Banks and Supervisors for Greening the Financial System, and the Basel Committee on Banking Supervision), the Board of Governors shall— (A) keep a complete record of all such interactions, including minutes of all meetings and any recommendations made during such interaction for international standardization with respect to open-market policies and operations, discount lending and operations (including collateral policies), or supervisory policies and operations; and (B) issue an annual report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing— (i) all of the information recorded pursuant to subparagraph (A) with respect to the previous year; and (ii) with respect to each non-governmental international organization with which the Board of Governors had an interaction in the previous year, a description of the funding sources of the non-governmental international organization. . (b) Office of the Comptroller of the Currency Section 324 of the Revised Statutes of the United States ( 12 U.S.C. 1 ) is amended by adding at the end the following: (c) Reporting on interactions with non-Governmental international organizations With respect to interactions between the Office of the Comptroller of the Currency and a non-governmental international organization (including the Financial Stability Board, the Bank for International Settlements, the Network of Central Banks and Supervisors for Greening the Financial System, and the Basel Committee on Banking Supervision), the Comptroller of the Currency shall— (1) keep a complete record of all such interactions, including minutes of all meetings and any recommendations made during such interaction for international standardization with respect to open-market policies and operations, discount lending and operations (including collateral policies), or supervisory policies and operations; and (2) issue an annual report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing— (A) all of the information recorded pursuant to paragraph (1) with respect to the previous year; and (B) with respect to each non-governmental international organization with which the Office of the Comptroller of the Currency had an interaction in the previous year, a description of the funding sources of the non-governmental international organization. . (c) Federal Deposit Insurance Corporation Section 2 of the Federal Deposit Insurance Act ( 12 U.S.C. 1812 ) is amended by inserting after subsection (f) the following: (g) Reporting on interactions with non-Governmental international organizations With respect to interactions between the Federal Deposit Insurance Corporation and a non-governmental international organization (including the Financial Stability Board, the Bank for International Settlements, the Network of Central Banks and Supervisors for Greening the Financial System, and the Basel Committee on Banking Supervision), the Board of Directors of the Corporation shall— (1) keep a complete record of all such interactions, including minutes of all meetings and any recommendations made during such interaction for international standardization with respect to open-market policies and operations, discount lending and operations (including collateral policies), or supervisory policies and operations; and (2) issue an annual report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing— (A) all of the information recorded pursuant to paragraph (1) with respect to the previous year; and (B) with respect to each non-governmental international organization with which the Corporation had an interaction in the previous year, a description of the funding sources of the non-governmental international organization. . (d) National Credit Union Administration Section 102 of the Federal Credit Union Act ( 12 U.S.C. 1752a ) is amended by adding at the end the following: (g) Reporting on interactions with non-Governmental international organizations With respect to interactions between the Administration and a non-governmental international organization (including the Financial Stability Board, the Bank for International Settlements, the Network of Central Banks and Supervisors for Greening the Financial System, and the Basel Committee on Banking Supervision), the Board shall— (1) keep a complete record of all such interactions, including minutes of all meetings and any recommendations made during such interaction for international standardization with respect to open-market policies and operations, discount lending and operations (including collateral policies), or supervisory policies and operations; and (2) issue an annual report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing— (A) all of the information recorded pursuant to paragraph (1) with respect to the previous year; and (B) with respect to each non-governmental international organization with which the Administration had an interaction in the previous year, a description of the funding sources of the non-governmental international organization. . (e) Federal Housing Finance Administration Section 1311 of the Housing and Community Development Act of 1992 ( 12 U.S.C. 4511 ) is amended by adding at the end the following: (d) Reporting on interactions with non-Governmental international organizations With respect to interactions between the Federal Housing Finance Agency and a non-governmental international organization (including the Financial Stability Board, the Bank for International Settlements, the Network of Central Banks and Supervisors for Greening the Financial System, and the Basel Committee on Banking Supervision), the Director shall— (1) keep a complete record of all such interactions, including minutes of all meetings and any recommendations made during such interaction for international standardization with respect to open-market policies and operations, discount lending and operations (including collateral policies), or supervisory policies and operations; and (2) issue an annual report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing— (A) all of the information recorded pursuant to paragraph (1) with respect to the previous year; and (B) with respect to each non-governmental international organization with which the Federal Housing Finance Agency had an interaction in the previous year, a description of the funding sources of the non-governmental international organization. .