Senators Mike Braun (R-Ind.), Bill Hagerty (R-La.), and Roger Marshall (R-Kan.) introduced the Banking Regulator International Reporting Act on Thursday to increase transparency and Congressional oversight between U.S. banking regulators and certain influential international NGOs by requiring an annual report from regulators on their interactions with those international NGOs.
Braun
“Congress and the American people deserve to know what happens behind closed-door meetings between U.S. regulators and international NGOs,” Sen. Braun said. “The Banking Regulator International Reporting Act increases transparency and congressional oversight on these interactions to limit their influence on U.S. banking policy.”
The Banking Regulator International Reporting Act:
- Requires an annual report from the Federal Reserve System, Office of the Comptroller of Currency, Federal Deposit Insurance Corporation, National Credit Union Administration, the Federal Housing Finance Administration, and the Securities and Exchange Commission on their interactions with international NGOs including the Financial Stability Board, the Bank for International Settlements, the Network of Central Banks and Supervisors for Greening the Financial System, and the Basel Committee on Banking Supervision.
- The report would include documentation of meeting contents, policy objectives of the organization, and the disclosure of an international NGO’s funding sources.
- The report would be presented by each regulator annually to the Senate Banking, Housing, and Urban Affairs Committee and the House Financial Services Committee.
Click here to read the full text of the bill.