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Increased Transparency in Bank Supervision: New Reports for Congress

This new law enhances transparency in the actions of banking oversight bodies, such as the Federal Reserve. They will be required to regularly inform Congress about their meetings and decisions regarding international banking standards. This will give citizens better insight into how decisions affecting financial stability and the security of their savings are made.
Key points
Banking oversight bodies (e.g., Federal Reserve) will annually submit detailed reports to Congress on their activities within the international banking supervision committee (Basel Committee).
These reports will include information on meeting goals, attendees, problems discussed, standards considered, and subcommittee plans.
Any significant changes in planned activities or meeting results must be reported to Congress within 30 days, along with a summary of minutes and positions of US representatives.
The Chair and Vice Chair for Supervision of the Federal Reserve will be required to include this information in their annual testimonies before Congressional committees.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_S_940
Sponsor: Sen. Kennedy, John [R-LA]
Process start date: 2025-03-11
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Transparency in Banking Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_S_940.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2025-03-11.

What are the main provisions?

Key points include:

  • Banking oversight bodies (e.g., Federal Reserve) will annually submit detailed reports to Congress on their activities within the international banking supervision committee (Basel Committee).
  • These reports will include information on meeting goals, attendees, problems discussed, standards considered, and subcommittee plans.
  • Any significant changes in planned activities or meeting results must be reported to Congress within 30 days, along with a summary of minutes and positions of US representatives.
  • The Chair and Vice Chair for Supervision of the Federal Reserve will be required to include this information in their annual testimonies before Congressional committees.
What is the specific legal status?

The current status is Introduced.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Kennedy, John [R-LA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-23.

CATEGORIES

Economy