H.R. 6550 — American FIRST Act of 2025

This section amends the annual reporting requirements of the Board of Governors of the Federal Reserve System (under 12 U.S.C. 247) and the Office of the Comptroller of the Currency (under 12 U.S.C. 14) to include detailed descriptions of their interactions with global financial regulatory or supervisory forums (i.e., associations such as the Bank for International Settlements, Basel Committee on Banking Supervision, Financial Stability Board, International Association of Insurance Supervisors, and Network of Central Banks and Supervisors for Greening the Financial System, excluding international financial institutions and treaty-based organizations). For each agency, the description must cover (1) a list of forums in which the agency participated during the reporting period; and (2) for each such forum, its purposes and members or observers, alignment with U.S. statutes, funding sources, the agency's internal organization and staff oversight, standard-setting issues discussed, the agency's positions and meeting outcomes, texts of adopted policies or standards (or public sources therefor), anticipated U.S. statutory or regulatory changes for implementation, the agency's implementation actions with economic analysis, and other information requested by the Senate Banking Committee or House Financial Services Committee.

This section expands the semiannual congressional testimony requirements for the Federal Reserve's Vice Chairman for Supervision—currently covering the Board's efforts, activities, objectives, and plans with respect to supervision and regulation of depository institution holding companies and other supervised financial firms—to also address the Board's interactions at global financial regulatory or supervisory forums (as defined in Federal Reserve Act §10(7)(C)).