Banking Regulator International Reporting Act

Bill: 118-s-3446
Sponsor: full_name: Sen. Braun, Mike [R-IN]
Introduced: 2023-12-07
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-12-07
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2023-12-07
action_desc: Introduced in Senate
text: <p><strong>Banking Regulator International Reporting Act </strong></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>

tv_txt: II 118th CONGRESS 1st Session S. 3446 IN THE SENATE OF THE UNITED STATES December 7, 2023 Mr. Braun (for himself, Mr. Hagerty , and Mr. Marshall ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To require Federal banking agencies to report on interactions with nongovernmental 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 nongovernmental 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 the tenth undesignated paragraph the following: (11) Reporting on interactions with nongovernmental international organizations With respect to interactions between the Board of Governors of the Federal Reserve System and a nongovernmental 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) submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives an annual report containing— (i) all of the information recorded pursuant to subparagraph (A) with respect to the previous year; and (ii) with respect to each nongovernmental international organization with which the Board of Governors had an interaction in the previous year, a description of the funding sources of the nongovernmental international organization. . (b) Office of the Comptroller of the Currency Section 324 of the Revised Statutes ( 12 U.S.C. 1 ) is amended by adding at the end the following: (c) Reporting on interactions with nongovernmental international organizations With respect to interactions between the Office of the Comptroller of the Currency and a nongovernmental 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) submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives an annual report containing— (A) all of the information recorded pursuant to paragraph (1) with respect to the previous year; and (B) with respect to each nongovernmental 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 nongovernmental 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 nongovernmental international organizations With respect to interactions between the Corporation and a nongovernmental 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 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) submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives an annual report containing— (A) all of the information recorded pursuant to paragraph (1) with respect to the previous year; and (B) with respect to each nongovernmental international organization with which the Corporation had an interaction in the previous year, a description of the funding sources of the nongovernmental 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 nongovernmental international organizations With respect to interactions between the Administration and a nongovernmental 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) submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives an annual report containing— (A) all of the information recorded pursuant to paragraph (1) with respect to the previous year; and (B) with respect to each nongovernmental international organization with which the Administration had an interaction in the previous year, a description of the funding sources of the nongovernmental international organization. . (e) Federal Housing Finance Administration Section 1311 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4511 ) is amended by adding at the end the following: (d) Reporting on interactions with nongovernmental international organizations With respect to interactions between the Agency and a nongovernmental 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) submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives an annual report containing— (A) all of the information recorded pursuant to paragraph (1) with respect to the previous year; and (B) with respect to each nongovernmental international organization with which the Federal Housing Finance Agency had an interaction in the previous year, a description of the funding sources of the nongovernmental international organization. . (f) Securities and Exchange Commission Section 23 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78w ) is amended by adding at the end the following: (e) Reporting on interactions with nongovernmental international organizations With respect to interactions between the Commission and a nongovernmental 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 Commission 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) submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives an annual report containing— (A) all of the information recorded pursuant to paragraph (1) with respect to the previous year; and (B) with respect to each nongovernmental international organization with which the Commission had an interaction in the previous year, a description of the funding sources of the nongovernmental international organization. .