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Code · BILL · 115th Congress · H.R. 10 (Reported in House) — To create hope and opportunity for investors, consumers, and entrepreneurs by ending bailouts and Too Big to Fail, ho... · Sec. 371

Sec. 371. Requirements for international processes

2,151 words·~10 min read·/bill/115/hr/10/rh/section-371

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Section 11 of the Federal Reserve Act ( 12 U.S.C. 248 ), as amended by section 1007(a), is further amended by adding at the end the following new subsection: At least 30 calendar days before any member or employee of the Board of Governors of the Federal Reserve System participates in a process of setting financial standards as a part of any foreign or multinational entity, the Board of Governors shall— issue a notice of the process, including the subject matter, scope, and goals of the process, to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate; make such notice available to the public, including on the website of the Board of Governors; and solicit public comment, and consult with the committees described under subparagraph (A), with respect to the subject matter, scope, and goals of the process.
After the end of any process described under paragraph (1), the Board of Governors shall issue a public report on the topics that were discussed during the process and any new or revised rulemakings or policy changes that the Board of Governors believes should be implemented as a result of the process. At least 90 calendar days before any member or employee of the Board of Governors of the Federal Reserve System participates in a process of setting financial standards as a part of any foreign or multinational entity, the Board of Governors shall— issue a notice of agreement to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate; make such notice available to the public, including on the website of the Board of Governors; and consult with the committees described under subparagraph
(A)with respect to the nature of the agreement and any anticipated effects such agreement will have on the economy. For purposes of this subsection, the term process shall include any official proceeding or meeting on financial regulation of a recognized international organization with authority to set financial standards on a global or regional level, including the Financial Stability Board, the Basel Committee on Banking Supervision (or a similar organization), and the International Association of Insurance Supervisors (or a similar organization). . The Federal Deposit Insurance Act ( 12 U.S.C. 1811 et seq.) is amended by adding at the end the following new section: At least 30 calendar days before the Board of Directors participates in a process of setting financial standards as a part of any foreign or multinational entity, the Board of Directors shall— issue a notice of the process, including the subject matter, scope, and goals of the process, to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate; make such notice available to the public, including on the website of the Corporation; and solicit public comment, and consult with the committees described under paragraph (1), with respect to the subject matter, scope, and goals of the process. After the end of any process described under subsection (a), the Board of Directors shall issue a public report on the topics that were discussed at the process and any new or revised rulemakings or policy changes that the Board of Directors believes should be implemented as a result of the process. At least 90 calendar days before the Board of Directors participates in a process of setting financial standards as a part of any foreign or multinational entity, the Board of Directors shall— issue a notice of agreement to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate; make such notice available to the public, including on the website of the Corporation; and consult with the committees described under paragraph
(1)with respect to the nature of the agreement and any anticipated effects such agreement will have on the economy. For purposes of this section, the term process shall include any official proceeding or meeting on financial regulation of a recognized international organization with authority to set financial standards on a global or regional level, including the Financial Stability Board, the Basel Committee on Banking Supervision (or a similar organization), and the International Association of Insurance Supervisors (or a similar organization). . Section 325 of title 31, United States Code, is amended by adding at the end the following new subsection: At least 30 calendar days before the Secretary participates in a process of setting financial standards as a part of any foreign or multinational entity, the Secretary shall— issue a notice of the process, including the subject matter, scope, and goals of the process, to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate; make such notice available to the public, including on the website of the Department of the Treasury; and solicit public comment, and consult with the committees described under subparagraph (A), with respect to the subject matter, scope, and goals of the process. After the end of any process described under paragraph (1), the Secretary shall issue a public report on the topics that were discussed at the process and any new or revised rulemakings or policy changes that the Secretary believes should be implemented as a result of the process. At least 90 calendar days before the Secretary participates in a process of setting financial standards as a part of any foreign or multinational entity, the Secretary shall— issue a notice of agreement to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate; make such notice available to the public, including on the website of the Department of the Treasury; and consult with the committees described under subparagraph
(A)with respect to the nature of the agreement and any anticipated effects such agreement will have on the economy. For purposes of this subsection, the term process shall include any official proceeding or meeting on financial regulation of a recognized international organization with authority to set financial standards on a global or regional level, including the Financial Stability Board, the Basel Committee on Banking Supervision (or a similar organization), and the International Association of Insurance Supervisors (or a similar organization). . Chapter one of title LXII of the Revised Statutes of the United States ( 12 U.S.C. 21 et seq.) is amended— by adding at the end the following new section: At least 30 calendar days before the Comptroller of the Currency participates in a process of setting financial standards as a part of any foreign or multinational entity, the Board of Directors shall— issue a notice of the process, including the subject matter, scope, and goals of the process, to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate; make such notice available to the public, including on the website of the Office of the Comptroller of the Currency; and solicit public comment, and consult with the committees described under paragraph (1), with respect to the subject matter, scope, and goals of the process. After the end of any process described under subsection (a), the Board of Directors shall issue a public report on the topics that were discussed at the process and any new or revised rulemakings or policy changes that the Board of Directors believes should be implemented as a result of the process. At least 90 calendar days before the Board of Directors participates in a process of setting financial standards as a part of any foreign or multinational entity, the Board of Directors shall— issue a notice of agreement to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate; make such notice available to the public, including on the website of the Office of the Comptroller of the Currency; and consult with the committees described under paragraph
(1)with respect to the nature of the agreement and any anticipated effects such agreement will have on the economy. For purposes of this section, the term process shall include any official proceeding or meeting on financial regulation of a recognized international organization with authority to set financial standards on a global or regional level, including the Financial Stability Board, the Basel Committee on Banking Supervision (or a similar organization), and the International Association of Insurance Supervisors (or a similar organization). ; and in the table of contents for such chapter, by adding at the end the following new item: 5156B. International processes. . Section 4 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78d ), as amended by section 818(a), is further amended by adding at the end the following new subsection: At least 30 calendar days before the Commission participates in a process of setting financial standards as a part of any foreign or multinational entity, the Commission shall— issue a notice of the process, including the subject matter, scope, and goals of the process, to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate; make such notice available to the public, including on the website of the Commission; and solicit public comment, and consult with the committees described under subparagraph (A), with respect to the subject matter, scope, and goals of the process. After the end of any process described under paragraph (1), the Commission shall issue a public report on the topics that were discussed at the process and any new or revised rulemakings or policy changes that the Commission believes should be implemented as a result of the process. At least 90 calendar days before the Commission participates in a process of setting financial standards as a part of any foreign or multinational entity, the Commission shall— issue a notice of agreement to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate; make such notice available to the public, including on the website of the Commission; and consult with the committees described under subparagraph
(A)with respect to the nature of the agreement and any anticipated effects such agreement will have on the economy. For purposes of this subsection, the term process shall include any official proceeding or meeting on financial regulation of a recognized international organization with authority to set financial standards on a global or regional level, including the Financial Stability Board, the Basel Committee on Banking Supervision (or a similar organization), and the International Association of Insurance Supervisors (or a similar organization). . Section 2 of the Commodity Exchange Act ( 7 U.S.C. 2 ) is amended by adding at the end the following: At least 30 calendar days before the Commission participates in a process of setting financial standards as a part of any foreign or multinational entity, the Commission shall— issue a notice of the process, including the subject matter, scope, and goals of the process, to— the Committees on Financial Services and Agriculture of the House of Representatives; and the Committees on Banking, Housing, and Urban Affairs and Agriculture, Nutrition, and Forestry of the Senate; make such notice available to the public, including on the website of the Commission; and solicit public comment, and consult with the committees described under subparagraph (A), with respect to the subject matter, scope, and goals of the process. After the end of any process described under paragraph (1), the Commission shall issue a public report on the topics that were discussed during the process and any new or revised rulemakings or policy changes that the Commission believes should be implemented as a result of the process. At least 90 calendar days before the Commission participates in a process of setting financial standards as a part of any foreign or multinational entity, the Commission shall— issue a notice of agreement to— the Committees on Financial Services and Agriculture of the House of Representatives; and the Committees on Banking, Housing, and Urban Affairs and Agriculture, Nutrition, and Forestry of the Senate; make such notice available to the public, including on the website of the Commission; and consult with the committees described under subparagraph
(A)with respect to the nature of the agreement and any anticipated effects such agreement will have on the economy. For purposes of this subsection, the term process shall include any official proceeding or meeting on financial regulation of a recognized international organization with authority to set financial standards on a global or regional level, including the Financial Stability Board, the Basel Committee on Banking Supervision (or a similar organization), and the International Association of Insurance Supervisors (or a similar organization). .
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cites case law
Sec. 371
Requirements for international processes
U.S.C.§ 248
U.S.C.§ 1811
U.S.C.§ 21
U.S.C.§ 78d
U.S.C.§ 2
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