Sec. 404. American Financial Institution Regulatory Sovereignty and Transparency

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The seventh undesignated paragraph of section 10 of the Federal Reserve Act ( 12 U.S.C. 247 ) is amended— by striking The Board and inserting the following: The Board ; by striking the second sentence; and by adding at the end the following: The report required under subparagraph

(A)shall include a description of the Board’s interactions with global financial regulatory or supervisory forums, including— a description of the financial regulatory or supervisory standard-setting issues under discussion at the global financial regulatory or supervisory forums during the period covered by the report; a description of the rationale, objectives, and potential effects that rules proposed, rules under consideration, final rules adopted, guidance proposed, guidance under consideration, final guidance adopted, or any other similar actions discussed at the global financial regulatory or supervisory forums could have, including an economic impact analysis on whether the expected costs would be at least offset by the expected benefits related to economic, national security, financial stability, or other national interests; a description of the positions taken by representatives of the Board at the global financial regulatory or supervisory forums during the period covered by the report; and a description of the efforts by the Board to increase transparency at global financial regulatory or supervisory forums during the period covered by the report. 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— the Bank for International Settlements; the Basel Committee on Banking Supervision; the Financial Stability Board; the International Association of Insurance Supervisors; and the Network of Central Banks and Supervisors for Greening the Financial System. The term global financial regulatory or supervisory forum does not include— international financial institutions, as defined in section 1701(c)(2) of the International Financial Institutions Act ( 22 U.S.C. 262r(c)(2) ); or any international organization with respect to which the Board participates pursuant to a treaty to which the United States is a party. . 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: The Comptroller of the Currency shall make an annual report to Congress. The report required under subsection

(a)shall include a description of the Comptroller’s interactions with global financial regulatory or supervisory forums, including— a description of the financial regulatory or supervisory standard-setting issues under discussion at the global financial regulatory or supervisory forums during the period covered by the report; a description of the rationale, objectives, and potential effects that rules proposed, rules under consideration, final rules adopted, guidance proposed, guidance under consideration, final guidance adopted, or any other similar actions discussed at the global financial regulatory or supervisory forums could have, including an economic impact analysis on whether the expected costs would be at least offset by the expected benefits related to economic, national security, financial stability, or other national interests; and a description of the positions taken by representatives of the Comptroller at the global financial regulatory or supervisory forums during the period covered by the report; and a description of the efforts by the Comptroller to increase transparency at global financial regulatory or supervisory forums during the period covered by the report. 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— the Bank for International Settlements; the Basel Committee on Banking Supervision; the Financial Stability Board; the International Association of Insurance Supervisors; and the Network of Central Banks and Supervisors for Greening the Financial System. The term global financial regulatory or supervisory forum does not include— international financial institutions, as defined in section 1701(c)(2) of the International Financial Institutions Act ( 22 U.S.C. 262r(c)(2) ); or any international organization with respect to which the Comptroller participates pursuant to a treaty to which the United States is a party. . Chapter nine of title VII of the Revised Statutes of the United States is amended— by redesignating the first section 333 ( 12 U.S.C. 14a ; relating to data standards) as section 332; by moving such section so as to appear after section 331; and 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. . 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: The report required under paragraph

(1)shall include a description of the Corporation’s interactions with global financial regulatory or supervisory forums, including— a description of the financial regulatory or supervisory standard-setting issues under discussion at the global financial regulatory or supervisory forums during the period covered by the report; a description of the rationale, objectives, and potential effects that rules proposed, rules under consideration, final rules adopted, guidance proposed, guidance under consideration, final guidance adopted, or any other similar actions discussed at the global financial regulatory or supervisory forums could have, including an economic impact analysis on whether the expected costs would be at least offset by the expected benefits related to economic, national security, financial stability, or other national interests; a description of the positions taken by representatives of the Corporation at the global financial regulatory or supervisory forums during the period covered by the report; and a description of the efforts by the Corporation to increase transparency at global financial regulatory or supervisory forums during the period covered by the report. 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— the Bank for International Settlements; the Basel Committee on Banking Supervision; the Financial Stability Board; the International Association of Insurance Supervisors; and the Network of Central Banks and Supervisors for Greening the Financial System. The term global financial regulatory or supervisory forum does not include— international financial institutions, as defined in section 1701(c)(2) of the International Financial Institutions Act ( 22 U.S.C. 262r(c)(2) ); or any international organization with respect to which the Corporation participates pursuant to a treaty to which the United States is a party. . 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)) .

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Sec. 404

American Financial Institution Regulatory Sovereignty and Transparency

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