II
119THCONGRESS
1
STSESSION S. 940
To require certain entities to submit to Congress information on the Basel
Committee on Bank Supervision, and for other purposes.
IN THE SENATE OF THE UNITED STATES
MARCH11 (legislative day, MARCH10), 2025
Mr. K
ENNEDYintroduced 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.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Transparency in Bank-4
ing Act’’. 5
SEC. 2. BASEL COMMITTEE ON BANK SUPERVISION. 6
(a) I
NGENERAL.—The Board of Governors of the 7
Federal Reserve System, the Federal Reserve Bank of 8
New York, the Office of the Comptroller of the Currency, 9
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•S 940 IS
and the Federal Deposit Insurance Corporation, in con-1
sultation with the Secretary of the Treasury, shall— 2
(1) not later than January 31 of each year, 3
jointly submit to Congress, and make available on 4
the website of the Board of Governors, a report on 5
the Basel Committee on Bank Supervision, including 6
the goals of the entities for the Basel Committee on 7
Bank Supervision meetings, including— 8
(A) who from each entity will be attending 9
the meetings; 10
(B) the various problems to be addressed; 11
(C) the various options likely to be consid-12
ered; 13
(D) the nature of the standards being con-14
sidered for application in the United States or 15
affecting United States persons or businesses; 16
(E) what authority will be relied upon to 17
implement the proposed standards; and 18
(F) the activities or proposed activities of 19
all of the subcommittees that report to the 20
Basel Committee on Bank Supervision; and 21
(2) not later than 30 days after the date of any 22
significant change in the planned activities described 23
in the report submitted under paragraph (1), inform 24
Congress of such changes, including— 25
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•S 940 IS
(A) the meeting results; 1
(B) the economy in general; 2
(C) a summary of the minutes of the meet-3
ing that includes the proposed changes and a 4
public record of votes or any other of the posi-5
tions taken by members of the Committee; 6
(D) the description of any proposals being 7
discussed at the meeting; and 8
(E) the position taken by each of the 9
United States representatives attending the 10
meeting. 11
(b) T
ESTIMONY.—The Chair and Vice Chair for Su-12
pervision of the Board of Governors of the Federal Re-13
serve System shall include in their annual testimony be-14
fore the Committee on Banking, Housing, and Urban Af-15
fairs of the Senate and the Committee on Financial Serv-16
ices of the House of Representatives the details of the an-17
nual report required under subsection (a). 18
Æ
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