,i #aacth ,,congress #b;d ,session ,h4 ,r4 #ejah ,,in ,,the ,,house ,,of ,,representatives ,july #g1 #bjad ,mr4 ,huizenga of ,michigan 7for himself and ,mr4 ,garrett7 introduced the following bill2 which was referred to the ,committee on ,financial ,services1 and in addition to the ,committee on ,oversight and ,government ,reform1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to amend the ,federal ,reserve ,act to establish requirements for policy rules and blackout periods of the ,federal ,open ,market ,committee1 to establish requirements for certain activities of the ,board of ,governors of the ,federal ,reserve ,system1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,federal ,reserve ,accountability and ,transparency ,act of #bjad4 #b4 ,requirements for policy rules of the ,federal ,open ,market ,committee 7a7 ,in general ,the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bba et seq47 is amended by inserting after section #b;,b the following new section3 #b;,c4 ,directive ,policy ,rules of the ,federal ,open ,market ,committee 7a7 ,definitions ,in this section the following definitions shall apply3 7#a7 ,appropriate congressional committees ,the term appropriate congressional committees means the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate4 7#b7 ,directive ,policy ,rule ,the term ,directive ,policy ,rule means a policy rule developed by the ,federal ,open ,market ,committee that meets the requirements of subsection 7c7 and that provides the basis for the ,open ,market ,operations ,directive4 7#c7 ,,gdp ,the term ,,gdp means the gross domestic product of the ,united ,states as computed and published by the ,department of ,commerce4 7#d7 ,intermediate ,policy ,input ,the term ,intermediate ,policy ,input-- 7,a7 may include any variable determined by the ,federal ,open ,market ,committee as a necessary input to guide open-market operations2 7,b7 shall include an estimate of1 and the method of calculation for1 the current rate of inflation or current inflation expectations2 and 7,c7 shall include1 specifying whether the variable or estimate is historical1 current1 or a forecast and the method of calculation1 at least one of-- 7i7 an estimate of real ,,gdp1 nominal ,,gdp1 or potential ,,gdp2 7ii7 an estimate of the monetary aggregate compiled by the ,board of ,governors of the ,federal ,reserve ,system and ,federal reserve banks2 or 7iii7 an interactive variable or a net estimate composed of the estimates described in clauses 7i7 and 7ii74 7#e7 ,legislative day ,the term legislative day means a day on which either ,house of ,congress is in session4 7#f7 ,open ,market ,operations ,directive ,the term ,open ,market ,operations ,directive means an order to achieve a specified ,policy ,instrument ,target provided to the ,federal ,reserve ,bank of ,new ,york by the ,federal ,open ,market ,committee pursuant to powers authorized under section #ad of this ,act that guide open-market operations4 7#g7 ,policy ,instrument ,the term ,policy ,instrument means-- 7,a7 the nominal ,federal funds rate2 7,b7 the nominal rate of interest paid on nonborrowed reserves2 or 7,c7 the discount window primary credit interest rate most recently published on the ,federal ,reserve ,statistical ,release on selected interest rates 7daily or weekly71 commonly referred to as the ,h4#ae release4 7#h7 ,policy ,instrument ,target ,the term ,policy ,instrument ,target means the target for the ,policy ,instrument specified in the ,open ,market ,operations ,directive4 7#i7 ,reference ,policy ,rule ,the term ,reference ,policy ,rule means a calculation of the nominal ,federal funds rate as equal to the sum of the following3 7,a7 ,the rate of inflation over the previous four quarters4 7,b7 ,one-half of the percentage deviation of the real ,,gdp from an estimate of potential ,,gdp4 7,c7 ,one-half of the difference between the rate of inflation over the previous four quarters and two4 7,d7 ,two4 7b7 ,submitting a ,directive ,policy ,rule ,not later than #dh hours after the end of a meeting of the ,federal ,open ,market ,committee1 the ,chairman of the ,federal ,open ,market ,committee shall submit to the appropriate congressional committees and the ,comptroller ,general of the ,united ,states a ,directive ,policy ,rule and a statement that identifies the members of the ,federal ,open ,market ,committee who voted in favor of the ,rule4 7c7 ,requirements for a ,directive ,policy ,rule ,a ,directive ,policy ,rule shall-- 7#a7 identify the ,policy ,instrument the ,directive ,policy ,rule is designed to target2 7#b7 describe the strategy or rule of the ,federal ,open ,market ,committee for the systematic quantitative adjustment of the ,policy ,instrument ,target to respond to a change in the ,intermediate ,policy ,inputs2 7#c7 include a function that comprehensively models the interactive relationship between the ,intermediate ,policy ,inputs2 7#d7 include the coefficients of the ,directive ,policy ,rule that generate the current ,policy ,instrument ,target and a range of predicted future values for the ,policy ,instrument ,target if changes occur in any ,intermediate ,policy ,input2 7#e7 describe the procedure for adjusting the supply of bank reserves to achieve the ,policy ,instrument ,target2 7#f7 include a statement as to whether the ,directive ,policy ,rule substantially conforms to the ,reference ,policy ,rule and1 if applicable-- 7,a7 an explanation of the extent to which it departs from the ,reference ,policy ,rule2 7,b7 a detailed justification for that departure2 and 7,c7 a description of the circumstances under which the ,directive ,policy ,rule may be amended in the future2 7#g7 include a certification that such ,rule is expected to support the economy in achieving stable prices and maximum natural employment over the long term2 and 7#h7 include a calculation that describes with mathematical precision the expected annual inflation rate over a #e-year period4 7d7 ,,gao report ,the ,comptroller ,general of the ,united ,states shall compare the ,directive ,policy ,rule submitted under subsection 7b7 with the rule that was most recently submitted to determine whether the ,directive ,policy ,rule has materially changed4 ,if the ,directive ,policy ,rule has materially changed1 the ,comptroller ,general shall1 not later than #g days after each meeting of the ,federal ,open ,market ,committee1 conduct an audit of the ,rule and submit a report to the appropriate congressional committees specifying whether the ,rule submitted after that meeting and the ,federal ,open ,market ,committee are in compliance with this section4 7e7 ,changing market conditions 7#a7 ,rule of construction ,nothing in this ,act shall be construed to require that the plans with respect to the systematic quantitative adjustment of the ,policy ,instrument ,target described under subsection 7c77#b7 be implemented if the ,federal ,open ,market ,committee determines that such plans cannot or should not be achieved due to changing market conditions4 7#b7 ,,gao approval of update ,upon determining that plans described in paragraph 7#a7 cannot or should not be achieved1 the ,federal ,open ,market ,committee shall submit an explanation for that determination and an updated version of the ,directive ,policy ,rule to the ,comptroller ,general of the ,united ,states and the appropriate congressional committees not later than #dh hours after making the determination4 ,the ,comptroller ,general shall1 not later than #dh hours after receiving such updated version1 conduct an audit and issue a report determining whether such updated version and the ,federal ,open ,market ,committee are in compliance with this section4 7f7 ,directive ,policy ,rule and ,federal ,open ,market ,committee not in compliance 7#a7 ,in general ,if the ,comptroller ,general of the ,united ,states determines that the ,directive ,policy ,rule and the ,federal ,open ,market ,committee are not in compliance with this section in the report submitted pursuant to subsection 7d71 or that the updated version of the ,directive ,policy ,rule and the ,federal ,open ,market ,committee are not in compliance with this section in the report submitted pursuant to subsection 7e77#b71 the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system shall1 not later than #g legislative days after the date of submission of such a report1 testify before the appropriate congressional committees as to why the ,directive ,policy ,rule1 the updated version1 or the ,federal ,open ,market ,committee is not in compliance4 7#b7 ,,gao audit ,notwithstanding subsection 7b7 of section #gad of title #ca1 ,united ,states ,code1 upon submitting a report of noncompliance pursuant to subsection 7d7 or subsection 7e77#b7 and after the period of #g legislative days described in paragraph 7#a71 the ,comptroller ,general shall audit the conduct of monetary policy by the ,board of ,governors of the ,federal ,reserve ,system and the ,federal ,open ,market ,committee upon request of the appropriate congressional committee4 ,such committee may specify the parameters of such audit4 7g7 ,congressional hearings ,the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system shall1 if requested by either of the appropriate congressional committees and not later than #g legislative days after such request1 appear before such committee to explain any change to the ,directive ,policy ,rule4 4 7b7 ,conforming amendment ,the second sentence of subsection 7b7 of section #gad of title #ca1 ,united ,states ,code1 is amended by striking ,audits and inserting ,except as provided in section #b;,c7f7 of the ,federal ,reserve ,act1 audits4 #c4 ,federal ,open ,market ,committee blackout period ,section #ab;,a of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bfc7 is amended by adding at the end the following new subsection3 7d7 ,blackout period 7#a7 ,in general ,during a blackout period1 the only public communications that may be made by members and staff of the ,committee with respect to macroeconomic or financial developments or about current or prospective monetary policy issues are the following3 7,a7 ,the dissemination of published data1 surveys1 and reports that have been cleared for publication by the ,board of ,governors of the ,federal ,reserve ,system4 7,b7 ,answers to technical questions specific to a data release4 7,c7 ,communications with respect to the prudential or supervisory functions of the ,board of ,governors4 7#b7 ,blackout period defined ,for purposes of this subsection1 and with respect to a meeting of the ,committee described under subsection 7a71 the term blackout period means the time period that-- 7,a7 begins immediately after midnight on the day that is one week prior to the date on which such meeting takes place2 and 7,b7 ends at midnight on the day after the date on which such meeting takes place4 4 #d4 ,requirements for stress tests and supervisory letters for the ,board of ,governors of the ,federal ,reserve ,system 7a7 ,stress test rulemaking1 ,,gao review1 and publication of results ,section #afe7;i77#a77;,b7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecfe7;i77#a77;,b77 is amended-- 7#a7 by amending clause 7i7 to read as follows3 7i7 shall-- 7,i7 issue regulations1 after providing for public notice and comment1 that provide for at least #c different sets of conditions under which the evaluation required by this subsection shall be conducted1 including baseline1 adverse1 and severely adverse1 and methodologies1 including models used to estimate losses on certain assets2 and 7,,ii7 provide copies of such regulations to the ,comptroller ,general of the ,united ,states and the ,panel of ,economic ,advisors of the ,congressional ,budget ,office before publishing such regulations2 2 and 7#b7 in clause 7v71 by inserting before the period the following3 1 including any results of a resubmitted test4 7b7 ,publication of the number of supervisory letters sent to the largest bank holding companies ,section #afe of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecfe7 is further amended by adding at the end the following new subsection3 7l7 ,publication of supervisory letter information ,the ,board of ,governors shall publicly disclose-- 7#a7 the aggregate number of supervisory letters sent to bank holding companies described in subsection 7a7 since the date of the enactment of this section1 and keep such number updated2 and 7#b7 the aggregate number of such letters that are designated as ,matters ,requiring ,attention and the aggregate number of such letters that are designated as ,matters ,requiring ,immediate ,attention4 4 #e4 ,frequency of testimony of the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system to ,congress 7a7 ,in general ,section #b;,b of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bbe;b7 is amended-- 7#a7 by striking semi-annual each place it appears and inserting quarterly2 and 7#b7 in subsection 7a77#b7-- 7,a7 by inserting and ,october #bj after ,july #bj each place it appears2 and 7,b7 by inserting and ,may #bj after ,february #bj each place it appears4 7b7 ,conforming amendment ,paragraph 7#ab7 of section #aj of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bdg;b7#ab77 is amended by striking semi-annual and inserting quarterly4 #f4 ,vice ,chairman for ,supervision report requirement ,section #aj of the ,federal ,reserve ,act is amended-- 7#a7 by redesignating paragraph 7#ab7 as paragraph 7#aa72 and 7#b7 in paragraph 7#aa71 as so redesignated1 by adding at the end the following3 ,in each such appearance1 the ,vice ,chairman for ,supervision shall provide written testimony that includes the status of all pending and anticipated rulemakings that are being made by the ,board of ,governors of the ,federal ,reserve ,system4 ,if1 at the time of any appearance described in this paragraph1 the position of ,vice ,chairman for ,supervision is vacant1 the ,vice ,chairman for the ,board of ,governors of the ,federal ,reserve ,system 7who has the responsibility to serve in the absence of the ,chairman7 shall appear instead and provide the required written testimony4 ,if1 at the time of any appearance described in this paragraph1 both ,vice ,chairman positions are vacant1 the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system shall appear instead and provide the required written testimony44 #g4 ,economic analysis of regulations of the ,board of ,governors of the ,federal ,reserve ,system ,section #aa of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bdh7 is amended by inserting after subsection 7l7 the following new subsection3 7m7 ,consideration of economic impacts 7#a7 ,in general ,before issuing any regulation1 the ,board of ,governors of the ,federal ,reserve ,system shall-- 7,a7 clearly identify the nature and source of the problem that the proposed regulation is designed to address1 assess the significance of that problem1 and assess whether any new regulation is warranted2 7,b7 assess the qualitative and quantitative costs and benefits of the proposed regulation and propose or adopt a regulation only on a reasoned determination that the benefits of the proposed regulation outweigh the costs of the regulation2 7,c7 identify and assess available alternatives to the proposed regulation that were considered1 including any alternative offered by a member of the ,board of ,governors of the ,federal ,reserve ,system or the ,federal ,open ,market ,committee and including any modification of an existing regulation1 together with an explanation of why the regulation meets the regulatory objectives more effectively than the alternatives2 and 7,d7 ensure that any proposed regulation is accessible1 consistent1 written in plain language1 and easy to understand and shall measure1 and seek to improve1 the actual results of regulatory requirements4 7#b7 ,considerations and actions 7,a7 ,required actions ,in deciding whether and how to regulate1 the ,board shall assess the costs and benefits of available regulatory alternatives1 including the alternative of not regulating1 and choose the approach that maximizes net benefits4 ,specifically1 the ,board shall-- 7i7 evaluate whether1 consistent with achieving regulatory objectives1 the regulation is tailored to impose the least impact on the availability of credit and economic growth and to impose the least burden on society1 including market participants1 individuals1 businesses of different sizes1 and other entities 7including ,state and local governmental entities71 taking into account1 to the extent practicable1 the cumulative costs of regulations2 and 7ii7 evaluate whether the regulation is inconsistent1 incompatible1 or duplicative of other ,federal regulations4 7,b7 ,additional considerations ,in addition1 in making a reasoned determination of the costs and benefits of a proposed regulation1 the ,board shall1 to the extent that each is relevant to the particular proposed regulation1 take into consideration the impact of the regulation1 including secondary costs such as an increase in the cost or a reduction in the availability of credit or investment services or products1 on-- 7i7 the safety and soundness of the ,united ,states banking system2 7ii7 market liquidity in securities markets2 7iii7 small businesses2 7iv7 community banks2 7v7 economic growth2 7vi7 cost and access to capital2 7vii7 market stability2 7viii7 global competitiveness2 7ix7 job creation2 7x7 the effectiveness of the monetary policy transmission mechanism2 and 7xi7 employment levels4 7#c7 ,explanation and comments ,the ,board shall explain in its final rule the nature of comments that it received and shall provide a response to those comments in its final rule1 including an explanation of any changes that were made in response to those comments and the reasons that the ,board did not incorporate concerns related to the potential costs or benefits in the final rule4 7#d7 ,postadoption impact assessment 7,a7 ,in general ,whenever the ,board adopts or amends a regulation designated as a major rule within the meaning of section #hjd7b7 of title #e1 ,united ,states ,code1 it shall state1 in its adopting release1 the following3 7i7 ,the purposes and intended consequences of the regulation4 7ii7 ,the assessment plan that will be used1 consistent with the requirements of subparagraph 7,b71 to assess whether the regulation has achieved the stated purposes4 7iii7 ,appropriate postimplementation quantitative and qualitative metrics to measure the economic impact of the regulation and the extent to which the regulation has accomplished the stated purpose of the regulation4 7iv7 ,any reasonably foreseeable indirect effects that may result from the regulation4 7,b7 ,requirements of assessment plan and report 7i7 ,requirements of plan ,the assessment plan required under this paragraph shall consider the costs1 benefits1 and intended and unintended consequences of the regulation4 ,the plan shall specify the data to be collected1 the methods for collection and analysis of the data1 and a date for completion of the assessment4 ,the assessment plan shall include an analysis of any jobs added or lost as a result of the regulation1 differentiating between public and private sector jobs4 7ii7 ,submission and publication of report ,the ,board shall1 not later than #b years after the publication of the adopting release1 publish the assessment plan in the ,federal ,register for notice and comment4 ,if the ,board determines1 at least #ij days before the deadline for publication of the assessment plan1 that an extension is necessary1 the ,board shall publish a notice of such extension and the specific reasons why the extension is necessary in the ,federal ,register4 ,any material modification of the assessment plan1 as necessary to assess unforeseen aspects or consequences of the regulation1 shall be promptly published in the ,federal ,register for notice and comment4 7iii7 ,data collection not subject to notice and comment requirements ,if the ,board has published the assessment plan for notice and comment at least #cj days before the adoption of a regulation designated as a major rule1 the collection of data under the assessment plan shall not be subject to the notice and comment requirements in section #cejf7;c7 of title #dd1 ,united ,states ,code 7commonly referred to as the ,paperwork ,reduction ,act74 ,any material modification of the plan that requires collection of data not previously published for notice and comment shall also be exempt from such requirements if the ,board has published notice in the ,federal ,register for comment on the additional data to be collected1 at least #cj days before the initiation of data collection4 7iv7 ,final action ,not later than #ahj days after publication of the assessment plan in the ,federal ,register1 the ,board shall issue for notice and comment a proposal to amend or rescind the regulation1 or shall publish a notice that the ,board has determined that no action will be taken on the regulation4 ,such a notice will be deemed a final agency action4 7#e7 ,covered regulations and other actions ,solely as used in this subsection1 the term regulation-- 7,a7 means a statement of general applicability and future effect that is designed to implement1 interpret1 or prescribe law or policy1 or to describe the procedure or practice requirements of the ,board of ,governors1 including rules1 orders of general applicability1 interpretive releases1 and other statements of general applicability that the ,board of ,governors intends to have the force and effect of law2 and 7,b7 does not include-- 7i7 a regulation issued in accordance with the formal rulemaking provisions of section #eef or #eeg of title #e1 ,united ,states ,code2 7ii7 a regulation that is limited to the organization1 management1 or personnel matters of the ,board of ,governors2 7iii7 a regulation promulgated pursuant to statutory authority that expressly prohibits compliance with this provision2 or 7iv7 a regulation that is certified by the ,board of ,governors to be an emergency action1 if such certification is published in the ,federal ,register4 4 #h4 ,salaries1 financial disclosures1 and office staff of the ,board of ,governors of the ,federal ,reserve ,system 7a7 ,in general ,section #aa of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bdh7 is further amended-- 7#a7 by redesignating the second subsection 7s7 7relating to assessments1 fees1 and other charges for certain companies7 as subsection 7t72 and 7#b7 by adding at the end the following new subsections3 7u7 ,ethics standards for members and employees 7#a7 ,prohibited and restricted financial interests and transactions ,the members and employees of the ,board of ,governors of the ,federal ,reserve ,system shall be subject to the provisions under section #ddja4ajb of title #e1 ,code of ,federal ,regulations1 to the same extent as such provisions apply to an employee of the ,securities and ,exchange ,commission4 7#b7 ,treatment of brokerage accounts and availability of account statements ,the members and employees of the ,board of ,governors of the ,federal ,reserve ,system shall-- 7,a7 disclose all brokerage accounts that they maintain1 as well as those in which they control trading or have a financial interest 7including managed accounts1 trust accounts1 investment club accounts1 and the accounts of spouses or minor children who live with the member or employee72 and 7,b7 with respect to any securities account that the member or employee is required to disclose to the ,board of ,governors1 authorize their brokers and dealers to send duplicate account statements directly to ,board of ,governors4 7#c7 ,prohibitions related to outside employment and activities ,the members and employees of the ,board of ,governors of the ,federal ,reserve ,system shall be subject to the prohibitions related to outside employment and activities described under section #ddja4ajc7;c7 of title #e1 ,code of ,federal ,regulations1 to the same extent as such prohibitions apply to an employee of the ,securities and ,exchange ,commission4 7#d7 ,additional ethics standards ,the members and employees of the ,board of ,governors of the ,federal ,reserve ,system shall be subject to-- 7,a7 the employee responsibilities and conduct regulations of the ,office of ,personnel ,management under part #gce of title #e1 ,code of ,federal ,regulations2 7,b7 the canons of ethics contained in subpart ,c of part #bjj of title #ag1 ,code of ,federal ,regulations1 to the same extent as such subpart applies to the employees of the ,securities and ,exchange ,commission2 and 7,c7 the regulations concerning the conduct of members and employees and former members and employees contained in subpart ,m of part #bjj of title #ag1 ,code of ,federal ,regulations1 to the same extent as such subpart applies to the employees of the ,securities and ,exchange ,commission4 7v7 ,disclosure of staff salaries and financial information ,the ,board of ,governors of the ,federal ,reserve ,system shall make publicly available1 on the website of the ,board of ,governors1 a searchable database that contains the names of all members1 officers1 and employees of the ,board of ,governors and each ,federal reserve bank who receive an annual salary in excess of the annual rate of basic pay for ,,gs-#ae of the ,general ,schedule1 and-- 7#a7 the yearly salary information for such individuals1 along with any nonsalary compensation received by such individuals2 and 7#b7 any financial disclosures required to be made by such individuals4 4 7b7 ,office staff for each member of the ,board of ,governors ,subsection 7l7 of section #aa of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bdh7 is amended by adding at the end the following3 ,each member of the ,board of ,governors of the ,federal ,reserve ,system may employ1 at a minimum1 #b individuals1 with such individuals selected by such member and the salaries of such individuals set by such member4 ,a member may employ additional individuals as determined necessary by the ,board of ,governors44 #i4 ,requirements for international negotiations 7a7 ,board of ,governors requirements ,section #aa of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bdh71 as amended by section #h of this ,act1 is further amended by adding at the end the following new subsection3 7w7 ,international negotiations 7#a7 ,notice of negotiations2 consultation ,at least #ij calendar days before any member or employee of the ,board of ,governors of the ,federal ,reserve ,system enters into negotiations with any foreign or multinational entity1 the ,board of ,governors shall-- 7,a7 issue a notice of negotiations to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 7,b7 make such notice available to the public1 including on the website of the ,board of ,governors2 and 7,c7 solicit public comment1 and consult with the committees described under subparagraph 7,a71 with respect to the topic matter1 scope1 and goals of the negotiations4 7#b7 ,public reports on negotiations ,after the end of any negotiation described under paragraph 7#a71 the ,board of ,governors shall issue a public report on the topics that were discussed at the negotiation and any new or revised rulemakings or policy changes that the ,board of ,governors believes should be implemented as a result of the negotiations4 7#c7 ,notice of agreements2 consultation ,at least #ij calendar days before any member or employee of the ,board of ,governors of the ,federal ,reserve ,system enters into any agreement with any foreign or multinational entity1 the ,board of ,governors shall-- 7,a7 issue a notice of agreement to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 7,b7 make such notice available to the public1 including on the website of the ,board of ,governors2 and 7,c7 consult with such committees with respect to the nature of the agreement and any anticipated effects such agreement will have on the economy4 4 7b7 ,,fdic requirements ,the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahaa et seq47 is amended by adding at the end the following new section3 #ej4 ,international negotiations 7a7 ,notice of negotiations2 consultation ,at least #ij calendar days before the ,board of ,directors enters into negotiations with any foreign or multinational entity1 the ,board of ,directors shall-- 7#a7 issue a notice of negotiations to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 7#b7 make such notice available to the public1 including on the website of the ,corporation2 and 7#c7 solicit public comment1 and consult with the committees described under paragraph 7#a71 with respect to the topic matter1 scope1 and goals of the negotiations4 7b7 ,public reports on negotiations ,after the end of any negotiation described under subsection 7a71 the ,board of ,directors shall issue a public report on the topics that were discussed at the negotiation and any new or revised rulemakings or policy changes that the ,board of ,directors believes should be implemented as a result of the negotiations4 7c7 ,notice of agreements2 consultation ,at least #ij calendar days before the ,board of ,directors enters into any agreement with any foreign or multinational entity1 the ,board of ,directors shall-- 7#a7 issue a notice of agreement to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 7#b7 make such notice available to the public1 including on the website of the ,corporation2 and 7#c7 consult with such committees with respect to the nature of the agreement and any anticipated effects such agreement will have on the economy4 4 7c7 ,treasury requirements ,section #cbe of title #ca1 ,united ,states ,code1 is amended by adding at the end the following new subsection3 7d7 ,international negotiations 7#a7 ,notice of negotiations2 consultation ,at least #ij calendar days before the ,secretary enters into negotiations with any foreign or multinational entity1 the ,secretary shall-- 7,a7 issue a notice of negotiations to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 7,b7 make such notice available to the public1 including on the website of the ,department of the ,treasury2 and 7,c7 solicit public comment1 and consult with the committees described under subparagraph 7,a71 with respect to the topic matter1 scope1 and goals of the negotiations4 7#b7 ,public reports on negotiations ,after the end of any negotiation described under paragraph 7#a71 the ,secretary shall issue a public report on the topics that were discussed at the negotiation and any new or revised rulemakings or policy changes that the ,secretary believes should be implemented as a result of the negotiations4 7#c7 ,notice of agreements2 consultation ,at least #ij calendar days before the ,secretary enters into any agreement with any foreign or multinational entity1 the ,secretary shall-- 7,a7 issue a notice of agreement to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 7,b7 make such notice available to the public1 including on the website of the ,department of the ,treasury2 and 7,c7 consult with such committees with respect to the nature of the agreement and any anticipated effects such agreement will have on the economy4 4