No official summary available for this bill.
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6550 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. R. 6550
To require annual reporting on interactions between Federal banking
supervisory agencies and global financial regulatory or supervisory
forums, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
December 10, 2025
Mr. Loudermilk (for himself, Mr. Barr, and Mr. Flood) introduced the
following bill; which was referred to the Committee on Financial
Services
_______________________________________________________________________
A BILL
To require annual reporting on interactions between Federal banking
supervisory agencies and global financial regulatory or supervisory
forums, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``American Financial Institution
Regulatory Sovereignty and Transparency Act of 2025'' or the ``American
FIRST Act of 2025''.
SEC. 2. ANNUAL REPORTING ON INTERACTIONS BETWEEN FEDERAL BANKING
SUPERVISORY AGENCIES AND GLOBAL FINANCIAL REGULATORY OR
SUPERVISORY FORUMS.
(a) Board of Governors of the Federal Reserve System.--The seventh
undesignated paragraph of section 10 of the Federal Reserve Act (12
U.S.C. 247) is amended--
(1) by striking ``The Board'' and inserting the following:
``(7) Annual report.--
``(A) In general.--The Board'';
(2) by striking the second sentence; and
(3) by adding at the end the following:
``(B) Interactions with global financial regulatory
or supervisory forums.--The report required under
subparagraph (A) shall include a description of the
Board's interactions with global financial regulatory
or supervisory forums, including--
``(i) a list of the global financial
regulatory or supervisory forums in which the
Board maintained membership during the period
covered by the report; and
``(ii) for each such global financial
regulatory or supervisory forum in the list
provided pursuant to clause (i)--
``(I) a description of the general
purposes of the global financial
regulatory or supervisory forum,
including a list of the current members
and observers of the global financial
regulatory or supervisory forum;
``(II) a discussion of how the
general purposes of the global
financial regulatory or supervisory
forum align with the purposes of this
Act and the other Acts that the Board
implements;
``(III) an identification of the
sources that provided a material amount
of funding for the operations of the
global financial regulatory or
supervisory forum during the period
covered by the report;
``(IV) a description of the
organization the Board maintained
during the period covered by the report
to conduct interactions with the global
financial regulatory or supervisory
forum, including an organizational
chart and an identification of the
official staff of the Board with
oversight responsibility for
interactions with the global financial
regulatory or supervisory forum;
``(V) a discussion of the financial
regulatory or supervisory standard-
setting issues under discussion at the
global financial regulatory or
supervisory forum during the period
covered by the report;
``(VI) a description of the
positions taken by representatives of
the Board at the global financial
regulatory or supervisory forum during
the period covered by the report,
including the rationale, objectives,
and potential impacts of such
positions;
``(VII) a summary of the meetings
attended by representatives of the
Board at the global financial
regulatory or supervisory forum during
the period covered by the report,
including a discussion of the key
outcomes from such meetings;
``(VIII) the text of any final
policies, standards, or recommendations
adopted by the global financial
supervisory or regulatory forum during
the period covered by the report,
including any implementing material,
annex, appendix, side letter, or
similar document entered into
contemporaneously or in conjunction
with the underlying policy, standard,
or recommendation, or an identification
of a publicly available source for the
text of such policy, standard,
recommendation, or implementing
material;
``(IX) a description of any
amendments to Federal statutes,
regulations of the Board, guidance of
the Board, or changes to the Board's
supervisory practices the Board
anticipates will be necessary to
implement any final policies,
standards, or recommendations adopted
by the global financial supervisory or
regulatory forum during the period
covered by the report;
``(X) a discussion of rules
proposed, rules under consideration,
final rules adopted, guidance proposed,
guidance under consideration, final
guidance adopted, or any other similar
actions taken by the Board during the
period covered by the report to
implement agreements of the global
financial regulatory or supervisory
forum, including an economic impact
analysis and a justification for why
the expected costs of implementing
actions are at least offset by the
expected benefits related to economic,
national security, financial stability,
or other national interests; and
``(XI) such other information
relating to interactions with the
global financial regulatory or
supervisory forum during the period
covered by the report separately
requested in writing by the Committee
on Banking, Housing, and Urban Affairs
of the Senate or the Committee on
Financial Services of the House of
Representatives.
``(C) Global financial regulatory or supervisory
forum.--
``(i) In general.--In this paragraph, the
term `global financial regulatory or
supervisory forum' means any association or
union of nations through or by which two or
more foreign authorities engage in some aspect
of their conduct of international affairs
regarding financial supervision and regulation,
including--
``(I) the Bank for International
Settlements;
``(II) the Basel Committee on
Banking Supervision;
``(III) the Financial Stability
Board;
``(IV) the International
Association of Insurance Supervisors;
and
``(V) the Network of Central Banks
and Supervisors for Greening the
Financial System.
``(ii) Exception.--The term `global
financial regulatory or supervisory forum' does
not include--
``(I) international financial
institutions, as defined in section
1701(c)(2) of the International
Financial Institutions Act (22 U.S.C.
262r(c)(2)); or
``(II) any international
organization with respect to which the
Board participates pursuant to a treaty
to which the United States is a
party.''.
(b) Office of the Comptroller of the Currency.--
(1) In general.--The second section 333 of the Revised
Statutes of the United States (12 U.S.C. 14; relating to an
annual report) is amended to read as follows:
``SEC. 333. REPORT OF COMPTROLLER.
``(a) In General.--The Comptroller of the Currency shall make an
annual report to Congress.
``(b) Interactions With Global Financial Regulatory or Supervisory
Forums.--The report required under subsection (a) shall include a
description of the Comptroller's interactions with global financial
regulatory or supervisory forums, including--
``(1) a list of the global financial regulatory or
supervisory forums in which the Comptroller maintained
membership during the period covered by the report; and
``(2) for each such global financial regulatory or
supervisory forum in the list provided pursuant to paragraph
(1)--
``(A) a description of the general purposes of the
global financial regulatory or supervisory forum,
including a list of the current members and observers
of the global financial regulatory or supervisory
forum;
``(B) a discussion of how the general purposes of
the global financial regulatory or supervisory forum
align with the purposes of this chapter, title LXII,
and the other Acts that the Comptroller implements;
``(C) an identification of the sources that
provided a material amount of funding for the
operations of the global financial regulatory or
supervisory forum during the period covered by the
report;
``(D) a description of the organization the
Comptroller maintained during the period covered by the
report to conduct interactions with the global
financial regulatory or supervisory forum, including an
organizational chart and an identification of the
official staff of the Office of the Comptroller of the
Currency with oversight responsibility for interactions
with the global financial regulatory or supervisory
forum;
``(E) a discussion of the financial regulatory or
supervisory standard-setting issues under discussion at
the global financial regulatory or supervisory forum
during the period covered by the report;
``(F) a description of the positions taken by
representatives of the Comptroller at the global
financial regulatory or supervisory forum during the
period covered by the report, including the rationale,
objectives, and potential impacts of such positions;
``(G) a summary of the meetings attended by
representatives of the Comptroller at the global
financial regulatory or supervisory forum during the
period covered by the report, including a discussion of
the key outcomes from such meetings;
``(H) the text of any final policies, standards, or
recommendations adopted by the global financial
supervisory or regulatory forum during the period
covered by the report, including any implementing
material, annex, appendix, side letter, or similar
document entered into contemporaneously or in
conjunction with the underlying policy, standard, or
recommendation, or an identification of a publicly
available source for the text of such policy, standard,
recommendation, or implementing material;
``(I) a description of any amendments to Federal
statutes, regulations of the Comptroller, guidance of
the Comptroller, or changes to the Comptroller's
supervisory practices the Comptroller anticipates will
be necessary to implement any final policies,
standards, or recommendations adopted by the global
financial supervisory or regulatory forum during the
period covered by the report;
``(J) a discussion of rules proposed, rules under
consideration, final rules adopted, guidance proposed,
guidance under consideration, final guidance adopted,
or any other similar actions taken by the Comptroller
during the period covered by the report to implement
agreements of the global financial regulatory or
supervisory forum, including an economic impact
analysis and a justification for why the expected costs
of implementing actions are at least offset by the
expected benefits related to economic, national
security, financial stability, or other national
interests; and
``(K) such other information relating to
interactions with the global financial regulatory or
supervisory forum during the period covered by the
report separately requested in writing by the Committee
on Banking, Housing, and Urban Affairs of the Senate or
the Committee on Financial Services of the House of
Representatives.
``(c) Global Financial Regulatory or Supervisory Forum.--
``(1) In general.--In this section, the term `global
financial regulatory or supervisory forum' means any
association or union of nations through or by which two or more
foreign authorities engage in some aspect of their conduct of
international affairs regarding financial supervision and
regulation, including--
``(A) the Bank for International Settlements;
``(B) the Basel Committee on Banking Supervision;
``(C) the Financial Stability Board;
``(D) the International Association of Insurance
Supervisors; and
``(E) the Network of Central Banks and Supervisors
for Greening the Financial System.
``(2) Exception.--The term `global financial regulatory or
supervisory forum' does not include--
``(A) international financial institutions, as
defined in section 1701(c)(2) of the International
Financial Institutions Act (22 U.S.C. 262r(c)(2)); or
``(B) any international organization with respect
to which the Comptroller participates pursuant to a
treaty to which the United States is a party.''.
(2) Technical correction.--Chapter nine of title VII of the
Revised Statutes of the United States is amended--
(A) by redesignating the first section 333 (12
U.S.C. 14a; relating to data standards) as section 332;
(B) by moving such section so as to appear after
section 331; and
(C) in the table of contents of such chapter, by
amending the item relating to section 332 to read as
follows:
``332. DATA STANDARDS; OPEN DATA PUBLICATION.''.
(c) Federal Deposit Insurance Corporation.--Section 17(a) of the
Federal Deposit Insurance Act (12 U.S.C. 1827(a)) is amended by
striking paragraph (3) and inserting the following:
``(3) Interactions with global financial regulatory or
supervisory forums.--The report required under paragraph (1)
shall include a description of the Corporation's interactions
with global financial regulatory or supervisory forums,
including--
``(A) a list of the global financial regulatory or
supervisory forums in which the Corporation maintained
membership during the period covered by the report; and
``(B) for each such global financial regulatory or
supervisory forum in the list provided pursuant to
subparagraph (A)--
``(i) a description of the general purposes
of the global financial regulatory or
supervisory forum, including a list of the
current members and observers of the global
financial regulatory or supervisory forum;
``(ii) a discussion of how the general
purposes of the global financial regulatory or
supervisory forum align with the purposes of
this Act and the other Acts that the
Corporation implements;
``(iii) an identification of the sources
that provided a material amount of funding for
the operations of the global financial
regulatory or supervisory forum during the
period covered by the report;
``(iv) a description of the organization
the Corporation maintained during the period
covered by the report to conduct interactions
with the global financial regulatory or
supervisory forum, including an organizational
chart and an identification of the official
staff of the Corporation with oversight
responsibility for interactions with the global
financial regulatory or supervisory forum;
``(v) a discussion of the financial
regulatory or supervisory standard-setting
issues under discussion at the global financial
regulatory or supervisory forum during the
period covered by the report;
``(vi) a description of the positions taken
by representatives of the Corporation at the
global financial regulatory or supervisory
forum during the period covered by the report,
including the rationale, objectives, and
potential impacts of such positions;
``(vii) a summary of the meetings attended
by representatives of the Corporation at the
global financial regulatory or supervisory
forum during the period covered by the report,
including a discussion of the key outcomes from
such meetings;
``(viii) the text of any final policies,
standards, or recommendations adopted by the
global financial supervisory or regulatory
forum during the period covered by the report,
including any implementing material, annex,
appendix, side letter, or similar document
entered into contemporaneously or in
conjunction with the underlying policy,
standard, or recommendation, or an
identification of a publicly available source
for the text of such policy, standard,
recommendation, or implementing material;
``(ix) a description of any amendments to
Federal statutes, regulations of the
Corporation, guidance of the Corporation, or
changes to the Corporation's supervisory
practices the Corporation anticipates will be
necessary to implement any final policies,
standards, or recommendations adopted by the
global financial supervisory or regulatory
forum during the period covered by the report;
``(x) a discussion of rules proposed, rules
under consideration, final rules adopted,
guidance proposed, guidance under
consideration, final guidance adopted, or any
other similar actions taken by the Corporation
during the period covered by the report to
implement agreements of the global financial
regulatory or supervisory forum, including an
economic impact analysis and a justification
for why the expected costs of implementing
actions are at least offset by the expected
benefits related to economic, national
security, financial stability, or other
national interests; and
``(xi) such other information relating to
interactions with the global financial
regulatory or supervisory forum during the
period covered by the report separately
requested in writing by the Committee on
Banking, Housing, and Urban Affairs of the
Senate or the Committee on Financial Services
of the House of Representatives.
``(4) Global financial regulatory or supervisory forum.--
``(A) In general.--In this subsection, the term
`global financial regulatory or supervisory forum'
means any association or union of nations through or by
which two or more foreign authorities engage in some
aspect of their conduct of international affairs
regarding financial supervision and regulation,
including--
``(i) the Bank for International
Settlements;
``(ii) the Basel Committee on Banking
Supervision;
``(iii) the Financial Stability Board;
``(iv) the International Association of
Insurance Supervisors; and
``(v) the Network of Central Banks and
Supervisors for Greening the Financial System.
``(B) Exception.--The term `global financial
regulatory or supervisory forum' does not include--
``(i) international financial institutions,
as defined in section 1701(c)(2) of the
International Financial Institutions Act (22
U.S.C. 262r(c)(2)); or
``(ii) any international organization with
respect to which the Corporation participates
pursuant to a treaty to which the United States
is a party.''.
SEC. 3. BIANNUAL CONGRESSIONAL TESTIMONY ON INTERACTIONS WITH GLOBAL
FINANCIAL REGULATORY OR SUPERVISORY FORUMS.
Paragraph (12) of section 10 of the Federal Reserve Act (12 U.S.C.
247b) is amended by inserting before the period at the end the
following: ``and with respect to the conduct of interactions at global
financial regulatory or supervisory forums (as defined in paragraph
(7)(C))''.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held
Committee Consideration and Mark-up Session Held
Ordered to be Reported (Amended) by the Yeas and Nays: 29 - 23.
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