Transparency in Banking Act

119 S940 IS: Transparency in Banking Act U.S. Senate 2025-03-11 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. II 119th CONGRESS 1st Session S. 940 IN THE SENATE OF THE UNITED STATES March 11 (legislative day, March 10), 2025 Mr. Kennedy introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To require certain entities to submit to Congress information on the Basel Committee on Bank Supervision, and for other purposes. 1. Short title This Act may be cited as the Transparency in Banking Act . 2. Basel Committee on Bank Supervision (a) In general 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, shall— (1) not later than January 31 of each year, jointly submit to Congress, and make available on the website of the Board of Governors, a report on the Basel Committee on Bank Supervision, including the goals of the entities for the Basel Committee on Bank Supervision meetings, including— (A) who from each entity will be attending the meetings; (B) the various problems to be addressed; (C) the various options likely to be considered; (D) the nature of the standards being considered for application in the United States or affecting United States persons or businesses; (E) what authority will be relied upon to implement the proposed standards; and (F) the activities or proposed activities of all of the subcommittees that report to the Basel Committee on Bank Supervision; and (2) not later than 30 days after the date of any significant change in the planned activities described in the report submitted under paragraph (1), inform Congress of such changes, including— (A) the meeting results; (B) the economy in general; (C) a summary of the minutes of the meeting that includes the proposed changes and a public record of votes or any other of the positions taken by members of the Committee; (D) the description of any proposals being discussed at the meeting; and (E) the position taken by each of the United States representatives attending the meeting. (b) Testimony The Chair and Vice Chair for Supervision of the Board of Governors of the Federal Reserve System shall include in their annual testimony before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives the details of the annual report required under subsection (a).