Increased U.S. Oversight of Banking Regulations and International Organizations' Influence.
New rules enhance Congressional oversight of significant banking regulations based on international organizations' recommendations. This ensures such regulations are thoroughly analyzed for their impact on the U.S. economy, including credit availability and employment, before implementation. Citizens can expect greater transparency in financial policymaking.
Key points
Banking agencies must notify Congress and provide economic analyses before implementing major rules based on international organization recommendations.
Rules with an anticipated economic impact of $10 billion or more over 10 years will require detailed analysis of costs, sectoral effects, and impacts on credit availability, GDP, and employment.
Banking agencies will need to report to Congress on their climate-related interactions with specific international organizations, including their funding sources.
Status:
Introduced
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