WASHINGTON – Today, Senators Braun, Hagerty, and Marshall introduced the Banking Regulator International Reporting Act 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.
“Congress and the American people deserve to know what happens behind closed-door meetings between U.S. regulators and international NGOs. The Banking Regulator International Reporting Act increases transparency and congressional oversight on these interactions to limit their influence on U.S. banking policy.”—Sen. Braun
“There has been a troubling rise in the role of international organizations working behind the scenes with U.S. regulators to influence domestic banking policy. Banking regulators are supposed to act in the best interest of Americans, and Americans alone. That is why the public needs more transparency around the role these shadowy organizations have played. I’m pleased to join this legislation to increase Congressional oversight and restore the public’s faith in our regulators.”—Sen. Hagerty
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.
Bill text here.
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