[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4642 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 4642

  To require transparency from the Federal financial regulators with 
 respect to international meetings, negotiations, and agreements, and 
                          for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 14, 2023

  Mr. Flood introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To require transparency from the Federal financial regulators with 
 respect to international meetings, negotiations, and agreements, and 
                          for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``International Regulatory 
Transparency and Accountability Act''.

SEC. 2. TRANSPARENCY FOR INTERNATIONAL MEETINGS, NEGOTIATIONS, AND 
              AGREEMENTS.

    (a) Notification of International Negotiations.--Each Federal 
financial regulator shall, prior to entering into any international 
negotiation (other than an enforcement cooperation agreement), provide 
written notification to Congress and the public containing information 
on the purpose, scope, and anticipated impact of the negotiations.
    (b) Reporting on Formulation of American Positions.--Each Federal 
financial regulator shall report to Congress on the formulation of 
American positions regarding matters before international regulatory 
bodies, including the rationale, objectives, and potential impacts of 
the proposed positions.
    (c) Transparency for Agreements in Connection With Covered 
International Financial Organizations.--
            (1) Summaries of meetings.--Each Federal financial 
        regulator that participates in a meeting of a covered 
        international financial organization, or that meets with the 
        staff of a covered international financial organization, shall 
        post a summary of the meeting, including information on the 
        topics discussed and the key outcomes of the meetings, on the 
        homepage of the Federal financial regulator.
            (2) Public comment period.--A Federal financial regulator 
        may not enter into an international agreement in connection 
        with a meeting of a covered international financial 
        organization unless the Federal financial regulator first 
        notifies the public of the proposed agreement and provides for 
        a public comment period of 60 days or more.
            (3) Publication of final agreements.--Each Federal 
        financial regulator that enters into an international agreement 
        described under paragraph (1) shall make the text of the 
        agreement available to the public.
    (d) Congressional Briefings.--Each Federal financial regulator 
shall provide periodic briefings to members of Congress on the status 
and progress of international regulatory negotiations.
    (e) Definitions.--In this section:
            (1) Covered international financial organization.--The term 
        ``covered international financial organization'' means the 
        Financial Stability Board, the Basel Committee on Banking 
        Supervision, the International Organization of Securities 
        Commissions, and the International Association of Insurance 
        Supervisors.
            (2) Federal financial regulator.--The term ``Federal 
        financial regulator'' means the Board of Governors of the 
        Federal Reserve System, the Bureau of Consumer Financial 
        Protection, the Office of the Comptroller of the Currency, the 
        Federal Deposit Insurance Corporation, the National Credit 
        Union Administration, the Department of State, the Department 
        of the Treasury (including the Federal Insurance Office), and 
        the Securities and Exchange Commission.
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