Increased Transparency: Oversight of US Banking Regulators' Global Financial Interactions.
This law mandates that major US banking regulators (Fed, FDIC, OCC) must provide detailed annual reports to Congress about their involvement with international financial bodies. The goal is to ensure that global banking standards are adopted in the US only after a thorough economic analysis proves they benefit the national economy and financial stability. This increases accountability regarding rules that ultimately affect the safety of your deposits and the cost of financial services.
Key points
Federal banking agencies must now publicly detail their positions, rationale, and potential impacts when negotiating global financial rules.
Implementation of international standards requires a mandatory economic impact analysis justifying that benefits outweigh costs for the US economy.
The Federal Reserve is required to provide biannual testimony to Congress specifically on its interactions with global regulatory forums.
Introduced
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