,,ib ,union ,calendar ,no4 #ded #aaith ,,congress #b;d ,session ,h4 ,r4 #feej ,report ,no4 #aai-ebi ,,in ,,the ,,house ,,of ,,representatives ,december #aj1 #bjbe,mr4 ,loudermilk 7for himself1 ,mr4 ,barr1 and ,mr4 ,flood7 introduced the following bill2 which was referred to the ,committee on ,financial ,services ,february #be1 #bjbf;,additional sponsors3 ,mr4 ,rose1 ,mr4 ,sessions1 ,mr4 ,davidson1 and ,mr4 ,moore of ,north ,carolina ,february #be1 #bjbf,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed,strike out all after the enacting clause and insert the part printed in italic,for text of introduced bill1 see copy of bill as introduced on ,december #aj1 #bjbe ,a ,,bill ,to require annual reporting on interactions between ,federal banking supervisory agencies and global financial regulatory or supervisory forums1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,american ,financial ,institution ,regulatory ,sovereignty and ,transparency ,act of #bjbe or the ,american ,,first ,act of #bjbe4 #b4 ,annual reporting on interactions between ,federal banking supervisory agencies and global financial regulatory or supervisory forums 7a7 ,board of ,governors of the ,federal ,reserve ,system ,the seventh undesignated paragraph of section #aj of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bdg7 is amended-- 7#a7 by striking ,the ,board and inserting the following3 7#g7 ,annual report 7,a7 ,in general ,the ,board 2 7#b7 by striking the second sentence2 and 7#c7 by adding at the end the following3 7,b7 ,interactions with global financial regulatory or supervisory forums ,the report required under subparagraph 7,a7 shall include a description of the ,board's interactions with global financial regulatory or supervisory forums1 including-- 7i7 a list of the global financial regulatory or supervisory forums in which the ,board maintained membership during the period covered by the report2 and 7ii7 for each such global financial regulatory or supervisory forum in the list provided pursuant to clause 7i7-- 7,i7 a description of the general purposes of the global financial regulatory or supervisory forum1 including a list of the current members and observers of the global financial regulatory or supervisory forum2 7,,ii7 a discussion of how the general purposes of the global financial regulatory or supervisory forum align with the purposes of this ,act and the other ,acts that the ,board implements2 7,,iii7 an identification of the sources that provided a material amount of funding for the operations of the global financial regulatory or supervisory forum during the period covered by the report2 7,,iv7 a description of the organization the ,board maintained during the period covered by the report to conduct interactions with the global financial regulatory or supervisory forum1 including an organizational chart and an identification of the official staff of the ,board with oversight responsibility for interactions with the global financial regulatory or supervisory forum2 7,v7 a discussion of the financial regulatory or supervisory standard-setting issues under discussion at the global financial regulatory or supervisory forum during the period covered by the report2 7,,vi7 a description of the positions taken by representatives of the ,board at the global financial regulatory or supervisory forum during the period covered by the report1 including the rationale1 objectives1 and potential impacts of such positions2 7,,vii7 a summary of the meetings attended by representatives of the ,board at the global financial regulatory or supervisory forum during the period covered by the report1 including a discussion of the key outcomes from such meetings2 7,,viii7 the text of any final policies1 standards1 or recommendations adopted by the global financial supervisory or regulatory forum during the period covered by the report1 including any implementing material1 annex1 appendix1 side letter1 or similar document entered into contemporaneously or in conjunction with the underlying policy1 standard1 or recommendation1 or an identification of a publicly available source for the text of such policy1 standard1 recommendation1 or implementing material2 7,,ix7 a description of any amendments to ,federal statutes1 regulations of the ,board1 guidance of the ,board1 or changes to the ,board's supervisory practices the ,board anticipates will be necessary to implement any final policies1 standards1 or recommendations adopted by the global financial supervisory or regulatory forum during the period covered by the report2 7,x7 a discussion of rules proposed1 rules under consideration1 final rules adopted1 guidance proposed1 guidance under consideration1 final guidance adopted1 or any other similar actions taken by the ,board during the period covered by the report to implement agreements of the global financial regulatory or supervisory forum1 including an economic impact analysis and a justification for why the expected costs of implementing actions are at least offset by the expected benefits related to economic1 national security1 financial stability1 or other national interests2 and 7,,xi7 such other information relating to interactions with the global financial regulatory or supervisory forum during the period covered by the report separately requested in writing by the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate or the ,committee on ,financial ,services of the ,house of ,representatives4 7,c7 ,global financial regulatory or supervisory forum defined 7i7 ,in general ,in this paragraph1 the term global financial regulatory or supervisory forum means any association or union of nations through or by which two or more foreign authorities engage in some aspect of their conduct of international affairs regarding financial supervision and regulation1 including-- 7,i7 the ,bank for ,international ,settlements2 7,,ii7 the ,basel ,committee on ,banking ,supervision2 7,,iii7 the ,financial ,stability ,board2 7,,iv7 the ,international ,association of ,insurance ,supervisors2 and 7,v7 the ,network of ,central ,banks and ,supervisors for ,greening the ,financial ,system4 7ii7 ,exception ,the term global financial regulatory or supervisory forum does not include-- 7,i7 international financial institutions1 as defined in section #agja7;c77#b7 of the ,international ,financial ,institutions ,act 7#bb ,u4,s4,c4 #bfbr7c77#b772 or 7,,ii7 any international organization with respect to which the ,board participates pursuant to a treaty to which the ,united ,states is a party4 4 7b7 ,office of the ,comptroller of the ,currency 7#a7 ,in general ,the second section #ccc of the ,revised ,statutes of the ,united ,states 7#ab ,u4,s4,c4 #ad2 relating to an annual report7 is amended to read as follows3 #ccc4 ,report of ,comptroller 7a7 ,in general ,the ,comptroller of the ,currency shall make an annual report to ,congress4 7b7 ,interactions with global financial regulatory or supervisory forums ,the report required under subsection 7a7 shall include a description of the ,comptroller's interactions with global financial regulatory or supervisory forums1 including-- 7#a7 a list of the global financial regulatory or supervisory forums in which the ,comptroller maintained membership during the period covered by the report2 and 7#b7 for each such global financial regulatory or supervisory forum in the list provided pursuant to paragraph 7#a7-- 7,a7 a description of the general purposes of the global financial regulatory or supervisory forum1 including a list of the current members and observers of the global financial regulatory or supervisory forum2 7,b7 a discussion of how the general purposes of the global financial regulatory or supervisory forum align with the purposes of this chapter1 title ,,lxii1 and the other ,acts that the ,comptroller implements2 7,c7 an identification of the sources that provided a material amount of funding for the operations of the global financial regulatory or supervisory forum during the period covered by the report2 7,d7 a description of the organization the ,comptroller maintained during the period covered by the report to conduct interactions with the global financial regulatory or supervisory forum1 including an organizational chart and an identification of the official staff of the ,office of the ,comptroller of the ,currency with oversight responsibility for interactions with the global financial regulatory or supervisory forum2 7,e7 a discussion of the financial regulatory or supervisory standard-setting issues under discussion at the global financial regulatory or supervisory forum during the period covered by the report2 7,f7 a description of the positions taken by representatives of the ,comptroller at the global financial regulatory or supervisory forum during the period covered by the report1 including the rationale1 objectives1 and potential impacts of such positions2 7,g7 a summary of the meetings attended by representatives of the ,comptroller at the global financial regulatory or supervisory forum during the period covered by the report1 including a discussion of the key outcomes from such meetings2 7,h7 the text of any final policies1 standards1 or recommendations adopted by the global financial supervisory or regulatory forum during the period covered by the report1 including any implementing material1 annex1 appendix1 side letter1 or similar document entered into contemporaneously or in conjunction with the underlying policy1 standard1 or recommendation1 or an identification of a publicly available source for the text of such policy1 standard1 recommendation1 or implementing material2 7,i7 a description of any amendments to ,federal statutes1 regulations of the ,comptroller1 guidance of the ,comptroller1 or changes to the ,comptroller's supervisory practices the ,comptroller anticipates will be necessary to implement any final policies1 standards1 or recommendations adopted by the global financial supervisory or regulatory forum during the period covered by the report2 7,j7 a discussion of rules proposed1 rules under consideration1 final rules adopted1 guidance proposed1 guidance under consideration1 final guidance adopted1 or any other similar actions taken by the ,comptroller during the period covered by the report to implement agreements of the global financial regulatory or supervisory forum1 including an economic impact analysis and a justification for why the expected costs of implementing actions are at least offset by the expected benefits related to economic1 national security1 financial stability1 or other national interests2 and 7,k7 such other information relating to interactions with the global financial regulatory or supervisory forum during the period covered by the report separately requested in writing by the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate or the ,committee on ,financial ,services of the ,house of ,representatives4 7c7 ,global financial regulatory or supervisory forum defined 7#a7 ,in general ,in this section1 the term global financial regulatory or supervisory forum means any association or union of nations through or by which two or more foreign authorities engage in some aspect of their conduct of international affairs regarding financial supervision and regulation1 including-- 7,a7 the ,bank for ,international ,settlements2 7,b7 the ,basel ,committee on ,banking ,supervision2 7,c7 the ,financial ,stability ,board2 7,d7 the ,international ,association of ,insurance ,supervisors2 and 7,e7 the ,network of ,central ,banks and ,supervisors for ,greening the ,financial ,system4 7#b7 ,exception ,the term global financial regulatory or supervisory forum does not include-- 7,a7 international financial institutions1 as defined in section #agja7;c77#b7 of the ,international ,financial ,institutions ,act 7#bb ,u4,s4,c4 #bfbr7c77#b772 or 7,b7 any international organization with respect to which the ,comptroller participates pursuant to a treaty to which the ,united ,states is a party4 4 7#b7 ,technical correction ,chapter nine of title ,,vii of the ,revised ,statutes of the ,united ,states is amended-- 7,a7 by redesignating the first section #ccc 7#ab ,u4,s4,c4 #ad;a2 relating to data standards7 as section #ccb2 7,b7 by moving such section so as to appear after section #cca2 and 7,c7 in the table of contents of such chapter1 by amending the item relating to section #ccb to read as follows3 #ccb4 ,data standards2 open data publication4 4 7c7 ,federal ,deposit ,insurance ,corporation ,section #ag7;a7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbg7;a77 is amended by striking paragraph 7#c7 and inserting the following3 7#c7 ,interactions with global financial regulatory or supervisory forums ,the report required under paragraph 7#a7 shall include a description of the ,corporation's interactions with global financial regulatory or supervisory forums1 including-- 7,a7 a list of the global financial regulatory or supervisory forums in which the ,corporation maintained membership during the period covered by the report2 and 7,b7 for each such global financial regulatory or supervisory forum in the list provided pursuant to subparagraph 7,a7-- 7i7 a description of the general purposes of the global financial regulatory or supervisory forum1 including a list of the current members and observers of the global financial regulatory or supervisory forum2 7ii7 a discussion of how the general purposes of the global financial regulatory or supervisory forum align with the purposes of this ,act and the other ,acts that the ,corporation implements2 7iii7 an identification of the sources that provided a material amount of funding for the operations of the global financial regulatory or supervisory forum during the period covered by the report2 7iv7 a description of the organization the ,corporation maintained during the period covered by the report to conduct interactions with the global financial regulatory or supervisory forum1 including an organizational chart and an identification of the official staff of the ,corporation with oversight responsibility for interactions with the global financial regulatory or supervisory forum2 7v7 a discussion of the financial regulatory or supervisory standard-setting issues under discussion at the global financial regulatory or supervisory forum during the period covered by the report2 7vi7 a description of the positions taken by representatives of the ,corporation at the global financial regulatory or supervisory forum during the period covered by the report1 including the rationale1 objectives1 and potential impacts of such positions2 7vii7 a summary of the meetings attended by representatives of the ,corporation at the global financial regulatory or supervisory forum during the period covered by the report1 including a discussion of the key outcomes from such meetings2 7viii7 the text of any final policies1 standards1 or recommendations adopted by the global financial supervisory or regulatory forum during the period covered by the report1 including any implementing material1 annex1 appendix1 side letter1 or similar document entered into contemporaneously or in conjunction with the underlying policy1 standard1 or recommendation1 or an identification of a publicly available source for the text of such policy1 standard1 recommendation1 or implementing material2 7ix7 a description of any amendments to ,federal statutes1 regulations of the ,corporation1 guidance of the ,corporation1 or changes to the ,corporation's supervisory practices the ,corporation anticipates will be necessary to implement any final policies1 standards1 or recommendations adopted by the global financial supervisory or regulatory forum during the period covered by the report2 7x7 a discussion of rules proposed1 rules under consideration1 final rules adopted1 guidance proposed1 guidance under consideration1 final guidance adopted1 or any other similar actions taken by the ,corporation during the period covered by the report to implement agreements of the global financial regulatory or supervisory forum1 including an economic impact analysis and a justification for why the expected costs of implementing actions are at least offset by the expected benefits related to economic1 national security1 financial stability1 or other national interests2 and 7xi7 such other information relating to interactions with the global financial regulatory or supervisory forum during the period covered by the report separately requested in writing by the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate or the ,committee on ,financial ,services of the ,house of ,representatives4 7#d7 ,global financial regulatory or supervisory forum defined 7,a7 ,in general ,in this subsection1 the term global financial regulatory or supervisory forum means any association or union of nations through or by which two or more foreign authorities engage in some aspect of their conduct of international affairs regarding financial supervision and regulation1 including-- 7i7 the ,bank for ,international ,settlements2 7ii7 the ,basel ,committee on ,banking ,supervision2 7iii7 the ,financial ,stability ,board2 7iv7 the ,international ,association of ,insurance ,supervisors2 and 7v7 the ,network of ,central ,banks and ,supervisors for ,greening the ,financial ,system4 7,b7 ,exception ,the term global financial regulatory or supervisory forum does not include-- 7i7 international financial institutions1 as defined in section #agja7;c77#b7 of the ,international ,financial ,institutions ,act 7#bb ,u4,s4,c4 #bfbr7c77#b772 or 7ii7 any international organization with respect to which the ,corporation participates pursuant to a treaty to which the ,united ,states is a party4 4 #c4 ,biannual congressional testimony on interactions with global financial regulatory or supervisory forums ,paragraph 7#ab7 of section #aj of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bdg;b7 is amended by inserting before the period at the end the following3 and with respect to the conduct of interactions at global financial regulatory or supervisory forums 7as defined in paragraph 7#g77;,c774 ,february #be1 #bjbf,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed