“A bill to require certain entities to submit to Congress information on the Basel Committee on Bank Supervision, and for other purposes.”
No CRS summary available for this bill.
This section directs the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation—in consultation with the Secretary of the Treasury—to submit to Congress by January 31 of each year, and post on the Federal Reserve Board's website, a report on the Basel Committee on Bank Supervision detailing U.S. goals for its meetings, including (1) attendees from each agency, (2) problems to be addressed, (3) options under consideration, (4) standards potentially applicable in the United States or affecting U.S. persons or businesses, (5) authorities for implementation, and (6) activities of reporting subcommittees. The section further requires these agencies to notify Congress within 30 days of any significant change to planned activities, including meeting results, economic context, summaries of minutes with proposed changes and member votes or positions, proposal descriptions, and positions of U.S. representatives. It also requires the Chair and Vice Chair for Supervision of the Federal Reserve Board to include details of the annual report in their testimony before the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services.