| 1 | 1 | | II |
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| 2 | 2 | | 119THCONGRESS |
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| 3 | 3 | | 1 |
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| 4 | 4 | | STSESSION S. 940 |
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| 5 | 5 | | To require certain entities to submit to Congress information on the Basel |
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| 6 | 6 | | Committee on Bank Supervision, and for other purposes. |
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| 7 | 7 | | IN THE SENATE OF THE UNITED STATES |
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| 8 | 8 | | MARCH11 (legislative day, MARCH10), 2025 |
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| 9 | 9 | | Mr. K |
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| 10 | 10 | | ENNEDYintroduced the following bill; which was read twice and referred |
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| 11 | 11 | | to the Committee on Banking, Housing, and Urban Affairs |
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| 12 | 12 | | A BILL |
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| 13 | 13 | | To require certain entities to submit to Congress information |
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| 14 | 14 | | on the Basel Committee on Bank Supervision, and for |
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| 15 | 15 | | other purposes. |
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| 16 | 16 | | Be it enacted by the Senate and House of Representa-1 |
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| 17 | 17 | | tives of the United States of America in Congress assembled, 2 |
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| 18 | 18 | | SECTION 1. SHORT TITLE. 3 |
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| 19 | 19 | | This Act may be cited as the ‘‘Transparency in Bank-4 |
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| 20 | 20 | | ing Act’’. 5 |
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| 21 | 21 | | SEC. 2. BASEL COMMITTEE ON BANK SUPERVISION. 6 |
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| 22 | 22 | | (a) I |
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| 23 | 23 | | NGENERAL.—The Board of Governors of the 7 |
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| 24 | 24 | | Federal Reserve System, the Federal Reserve Bank of 8 |
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| 25 | 25 | | New York, the Office of the Comptroller of the Currency, 9 |
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| 26 | 26 | | VerDate Sep 11 2014 21:32 Mar 25, 2025 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S940.IS S940 |
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| 28 | 28 | | •S 940 IS |
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| 29 | 29 | | and the Federal Deposit Insurance Corporation, in con-1 |
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| 30 | 30 | | sultation with the Secretary of the Treasury, shall— 2 |
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| 31 | 31 | | (1) not later than January 31 of each year, 3 |
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| 32 | 32 | | jointly submit to Congress, and make available on 4 |
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| 33 | 33 | | the website of the Board of Governors, a report on 5 |
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| 34 | 34 | | the Basel Committee on Bank Supervision, including 6 |
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| 35 | 35 | | the goals of the entities for the Basel Committee on 7 |
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| 36 | 36 | | Bank Supervision meetings, including— 8 |
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| 37 | 37 | | (A) who from each entity will be attending 9 |
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| 38 | 38 | | the meetings; 10 |
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| 39 | 39 | | (B) the various problems to be addressed; 11 |
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| 40 | 40 | | (C) the various options likely to be consid-12 |
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| 41 | 41 | | ered; 13 |
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| 42 | 42 | | (D) the nature of the standards being con-14 |
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| 43 | 43 | | sidered for application in the United States or 15 |
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| 44 | 44 | | affecting United States persons or businesses; 16 |
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| 45 | 45 | | (E) what authority will be relied upon to 17 |
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| 46 | 46 | | implement the proposed standards; and 18 |
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| 47 | 47 | | (F) the activities or proposed activities of 19 |
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| 48 | 48 | | all of the subcommittees that report to the 20 |
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| 49 | 49 | | Basel Committee on Bank Supervision; and 21 |
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| 50 | 50 | | (2) not later than 30 days after the date of any 22 |
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| 51 | 51 | | significant change in the planned activities described 23 |
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| 52 | 52 | | in the report submitted under paragraph (1), inform 24 |
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| 53 | 53 | | Congress of such changes, including— 25 |
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| 55 | 55 | | ssavage on LAPJG3WLY3PROD with BILLS 3 |
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| 56 | 56 | | •S 940 IS |
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| 57 | 57 | | (A) the meeting results; 1 |
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| 58 | 58 | | (B) the economy in general; 2 |
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| 59 | 59 | | (C) a summary of the minutes of the meet-3 |
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| 60 | 60 | | ing that includes the proposed changes and a 4 |
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| 61 | 61 | | public record of votes or any other of the posi-5 |
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| 62 | 62 | | tions taken by members of the Committee; 6 |
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| 63 | 63 | | (D) the description of any proposals being 7 |
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| 64 | 64 | | discussed at the meeting; and 8 |
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| 65 | 65 | | (E) the position taken by each of the 9 |
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| 66 | 66 | | United States representatives attending the 10 |
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| 67 | 67 | | meeting. 11 |
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| 68 | 68 | | (b) T |
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| 69 | 69 | | ESTIMONY.—The Chair and Vice Chair for Su-12 |
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| 70 | 70 | | pervision of the Board of Governors of the Federal Re-13 |
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| 71 | 71 | | serve System shall include in their annual testimony be-14 |
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| 72 | 72 | | fore the Committee on Banking, Housing, and Urban Af-15 |
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| 73 | 73 | | fairs of the Senate and the Committee on Financial Serv-16 |
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| 74 | 74 | | ices of the House of Representatives the details of the an-17 |
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| 75 | 75 | | nual report required under subsection (a). 18 |
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| 76 | 76 | | Æ |
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