Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''United States Financial Policy
Committee For Fair Capital Standards Act''.

SEC. 2. UNITED STATES FINANCIAL POLICY COMMITTEE.

(a) Establishment.--There is hereby established an inter-agency
committee, to be known as the ''United States Financial Policy
Committee'' (hereafter in this Act referred to as the ''Committee''),
which shall consist of--
(1) the Secretary of the Treasury, who shall serve as the
Chairperson of the Committee;
(2) the Chairman of the Board of Governors of the Federal
Reserve System;
(3) the Comptroller of the Currency; and
(4) the Chairperson of the Federal Deposit Insurance
Corporation.
(b) Purpose.--The purpose of the Committee is to develop uniform
United States positions on proposals made to, and issues before, the
Basel Committee on Banking Supervision that, if implemented, may
directly or indirectly affect United States financial institutions.
(c) Meetings.--The Committee shall meet before any meeting of the
Basel Committee on Banking Supervision and any other time the
Chairperson or any member of the Committee calls for a meeting.
(d) Adherence to Committee Position.--
(1) In general.--Each member of the Committee that is a
participant on the Basel Committee on Banking Supervision shall
adhere to the positions of the Committee in any negotiations of
the Basel Committee on Banking Supervision.
(2) Lack of uniform position.--If the members of the
Committee that are participants on the Basel Committee on
Banking Supervision are unable to agree on a uniform position
on an issue, the position of the Secretary of the Treasury
shall be determinative for purposes of paragraph (1) with
respect to such issue.
(e) Reports to the Congress.--
(1) Annual report.--
(A) In general.--The Committee shall submit an
annual report to the Congress on the proceedings of the
Committee during the period covered by the report.
(B) Contents of report.--The report shall include--
(i) a brief description of issues that were
addressed by the Committee;
(ii) a brief description of the uniform
positions developed by the Committee with
respect to such issues; and
(iii) in the case of any issue for which a
uniform policy was not agreed to, a brief
description of the positions of the parties to
the disagreement and an explanation of the
reasons why the parties could not reach an
agreement.
(2) Reports to the congress prior to agreement on any basel
accord.--
(A) In general.--No Federal banking agency (as
defined in section 3(z) of the Federal Deposit
Insurance Act) may agree to any proposed recommendation
of the Basel Committee on Banking Supervision before
the agency submits a report on the proposed
recommendation to the Congress.
(B) Consultations.--The head of any Federal banking
agency that submits a report to the Congress under
subparagraph (A) shall consult with the Congress
concerning the proposal.
(3) Evaluation of new basel capital accord before report.--
Before submitting a report to the Congress under paragraph (2)
with respect to the New Basel Capital Accord, as revised
through the Third Consultative Paper published on April 29,
2003, or any subsequent revisions or final agreement, the
Federal banking agencies (as defined in section 3(z) of the
Federal Deposit Insurance Act), in consultation with the
Secretary of the Treasury, shall evaluate the impact of the
revised Capital Accord, taking into account the following
factors, and shall include such evaluation in the report:
(A) The cost and complexity of the proposal.
(B) The impact of the proposal on small, medium,
and large financial institutions.
(C) The impact of the proposal on real estate
markets.
(D) The effect of an operational risk capital
standard on the resilience of the Nation's financial
system and competition.
(E) The impact of the proposal on competition
between banks and other financial institutions.
(F) The need for additional training for
supervision and examination personnel.
(G) Any comments filed by the public after notice
and an opportunity to comment for a period of not less
than 60 days.
(H) The relative impact of compliance by domestic
banks.
(f) Administrative Support Services.--Each agency represented on
the Committee shall provide such administrative support services as may
be necessary for the Committee to carry out its responsibilities under
this Act.
Output:
United States Financial Policy Committee For Fair Capital Standards Act - Establishes an inter-agency United States Financial Policy Committee to develop uniform U.S. positions on proposals made to, and issues before, the Basel Committee on Banking Supervision that, if implemented, may directly or indirectly affect U.S. financial institutions.

Prohibits any Federal banking agency from agreeing to any proposed recommendation of the Basel Committee before the agency reports on it to the Congress.

Requires such agencies, before reporting to Congress with respect to the New Basel Capital Accord, as revised through the Third Consultative Paper published on April 29, 2003, or any subsequent revisions or final agreement, to evaluate its impact, taking specified factors into account.