119-s940

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 940 Introduced in Senate

    (IS) ]

<DOC>

119th CONGRESS
 1st Session
 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

 March 11 (legislative day, March 10), 2025

 Mr. Kennedy introduced 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 Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

 This Act may be cited as the ``Transparency in Banking Act''.

SEC. 2. BASEL COMMITTEE ON BANK SUPERVISION.

    (a) In General.--The Board of Governors of the Federal Reserve 
System, the Federal Reserve Bank of New York, the Office of the 
Comptroller of the Currency, and the Federal Deposit Insurance 
Corporation, in consultation with the Secretary of the Treasury, 
shall--

    (1) not later than January 31 of each year, jointly submit 
 to Congress, and make available on the website of the Board of 
 Governors, a report on the Basel Committee on Bank Supervision, 
 including the goals of the entities for the Basel Committee on 
 Bank Supervision meetings, including--
        (A) who from each entity will be attending the 
 meetings;
        (B) the various problems to be addressed;
            (C) the various options likely to be considered;
            (D) the nature of the standards being considered 
 for application in the United States or affecting 
 United States persons or businesses;
        (E) what authority will be relied upon to implement 
 the proposed standards; and
        (F) the activities or proposed activities of all of 
 the subcommittees that report to the Basel Committee on 
 Bank Supervision; and

    (2) not later than 30 days after the date of any 
 significant change in the planned activities described in the 
 report submitted under paragraph

    (1) , inform Congress of such 
 changes, including--
        (A) the meeting results;
        (B) the economy in general;
            (C) a summary of the minutes of the meeting that 
 includes the proposed changes and a public record of 
 votes or any other of the positions taken by members of 
 the Committee;
            (D) the description of any proposals being 
 discussed at the meeting; and
        (E) the position taken by each of the United States 
 representatives attending the meeting.

    (b) Testimony.--The Chair and Vice Chair for Supervision of the 
Board of Governors of the Federal Reserve System shall include in their 
annual testimony before the Committee on Banking, Housing, and Urban 
Affairs of the Senate and the Committee on Financial Services of the 
House of Representatives the details of the annual report required 
under subsection

    (a) .
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