118 HR 4823 RH: American Financial Institution Regulatory Sovereignty and Transparency Act of 2023 U.S. House of Representatives 2023-12-19 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
IBUnion Calendar No. 264118th CONGRESS1st SessionH. R. 4823[Report No. 118–325]IN THE HOUSE OF REPRESENTATIVESJuly 24, 2023Mr. Loudermilk (for himself, Mr. Barr, Mr. Flood, and Mr. Ogles) introduced the following bill; which was referred to the Committee on Financial ServicesDecember 19, 2023Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printedStrike out all after the enacting clause and insert the part printed in italicFor text of introduced bill, see copy of bill as introduced on July 24, 2023A BILLTo provide enhanced reporting requirements for Federal banking regulators, to amend the Federal Reserve Act to remove the designation of Vice Chairman for Supervision of the Board of Governors of the Federal Reserve System, and for other purposes.
1.
Short title; Table of contents
(a)
Short title
This Act may be cited as the American Financial Institution Regulatory Sovereignty and Transparency Act of 2023 or the American FIRST Act of 2023. (b)
Table of contents
The table of contents for this Act is as follows:Sec. 1. Short title; Table of contents.Title I—Stop Executive Capture of Banking RegulatorsSec. 101. Report on the implementation of recommendations from the FSOC Chairperson and Executive Orders.Title II—Ensuring U.S. Authority over U.S. Banking RegulationsSec. 201. Requirements in connection with rulemakings implementing policies of non-governmental international organizations.Sec. 202. Report on certain climate-related interactions with covered international organizations.Title III—Banking Regulator International ReportingSec. 301. Reporting on interactions with non-governmental international organizations.Title IV—Supervision ReformSec. 401. Removal of the Vice Chairman for Supervision designation.
<enum>I</enum><header>Stop Executive Capture of Banking Regulators</header><section id="H477F0E22B3694F20BBA0BBC9BE7BBA01"><enum>101.</enum><header>Report on the implementation of recommendations from the FSOC Chairperson and Executive Orders</header><subsection id="H3EFFC3DB1FD9470EA967F2580C9C4B0B"><enum>(a)</enum><header>Board of Governors of the Federal Reserve System</header><text display-inline="yes-display-inline">Section 10 of the Federal Reserve Act (<external-xref legal-doc="usc" parsable-cite="usc/12/247b">12 U.S.C. 247b</external-xref>), as amended by section 401(b), is further amended by adding at the end the following:</text><quoted-block style="OLC" id="HAA6BE76C04934CDA8A1857688F767404" display-inline="no-display-inline" changed="added" reported-display-style="italic" committee-id="HBA00"><paragraph id="H4D7B2E5918F9499986D39DD202EEBD55"><enum>(11)</enum><header>Report on the implementation of recommendations from the FSOC Chairperson and Executive Orders</header><text display-inline="yes-display-inline">The Board of Governors of the Federal Reserve System may not implement a non-binding recommendation made by the Chairperson of the Financial Stability Oversight Council or contained in an Executive Order unless the Board of Governors first provides the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate with—</text><subparagraph id="HCE5601DCFBC346C192C2D9C2E397E0EE"><enum>(A)</enum><text display-inline="yes-display-inline">notice that the Board of Governors intends to implement such recommendation;</text></subparagraph><subparagraph id="H08B154139A004275866EBFD02167427A"><enum>(B)</enum><text display-inline="yes-display-inline">a report containing the proposed implementation by the Board of Governors and a justification for such implementation; and</text></subparagraph><subparagraph id="H2B16D2A6BAE443C0AEEFA55BCFDA1D5A"><enum>(C)</enum><text>upon request, not later than the end of the 120-day period beginning on the date of the notice under subparagraph (A), testimony on such proposed implementation.</text></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="H5598873AD8EF46D19C0EA9EB8E3EC538"><enum>(b)</enum><header>Office of the Comptroller of the Currency</header><text display-inline="yes-display-inline">Section 324 of the Revised Statutes of the United States (<external-xref legal-doc="usc" parsable-cite="usc/12/1">12 U.S.C. 1</external-xref>) is amended by adding at the end the following:</text><quoted-block style="OLC" id="H0254394110EF4706916E658E5146EA63" display-inline="no-display-inline" changed="added" reported-display-style="italic" committee-id="HBA00"><subsection id="HF991BE83A98545B59561100E67401431"><enum>(c)</enum><header>Report on the implementation of recommendations from the FSOC Chairperson and Executive Orders</header><text display-inline="yes-display-inline">The Comptroller of the Currency may not implement a non-binding recommendation made by the Chairperson of the Financial Stability Oversight Council or contained in an Executive Order unless the Comptroller of the Currency first provides the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate with—</text><paragraph id="H5F499F584FD34AC0A2B49E166AE074F3"><enum>(1)</enum><text display-inline="yes-display-inline">notice that the Comptroller of the Currency intends to implement such recommendation;</text></paragraph><paragraph id="H5EB77E1DB3AB4E72B1D11B07300236EB"><enum>(2)</enum><text display-inline="yes-display-inline">a report containing the proposed implementation by the Comptroller of the Currency and a justification for such implementation; and</text></paragraph><paragraph id="HBA4D10EF7B22457EBA256E84B14B4C3E"><enum>(3)</enum><text>upon request, not later than the end of the 120-day period beginning on the date of the notice under paragraph (1), testimony on such proposed implementation.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="H56327E3269FE44779B6F60645AA7CB9A"><enum>(c)</enum><header>Federal Deposit Insurance Corporation</header><text display-inline="yes-display-inline">Section 2 of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1812">12 U.S.C. 1812</external-xref>) is amended by inserting after subsection (f) the following:</text><quoted-block style="OLC" id="H552A7BF183BA47549C6A7162EBD646F9" display-inline="no-display-inline" changed="added" reported-display-style="italic" committee-id="HBA00"><subsection id="HDB68F6DBA94E458EAAFBC011F0E74293"><enum>(g)</enum><header>Report on the implementation of recommendations from the FSOC Chairperson and Executive Orders</header><text display-inline="yes-display-inline">The Board of Directors of the Corporation may not implement a non-binding recommendation made by the Chairperson of the Financial Stability Oversight Council or contained in an Executive Order unless the Board of Directors first provides the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate with—</text><paragraph id="H0536A656AEC14DA7B4DB27E5B41AE996"><enum>(1)</enum><text display-inline="yes-display-inline">notice that the Board of Directors intends to implement such recommendation;</text></paragraph><paragraph id="HAAE29D6A4B384A29B2AF3687D203061F"><enum>(2)</enum><text display-inline="yes-display-inline">a report containing the proposed implementation by the Board of Directors and a justification for such implementation; and</text></paragraph><paragraph id="HEAD5C42A80A04DC49168BC662455CCBB"><enum>(3)</enum><text>upon request, not later than the end of the 120-day period beginning on the date of the notice under paragraph (1), testimony on such proposed implementation.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="H9BC25E6F63A54AB2B2EF871F01CDDFBC"><enum>(d)</enum><header>National Credit Union Administration</header><text display-inline="yes-display-inline">Section 102 of the Federal Credit Union Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1752a">12 U.S.C. 1752a</external-xref>) is amended by adding at the end the following:</text><quoted-block style="OLC" id="HC869F2BFBB9C485397EF6038DD1421F4" display-inline="no-display-inline" changed="added" reported-display-style="italic" committee-id="HBA00"><subsection id="H163C2AD10E5C4EB6877BE0FDF2B869F4"><enum>(g)</enum><header>Report on the implementation of recommendations from the FSOC Chairperson and Executive Orders</header><text display-inline="yes-display-inline">The Board may not implement a non-binding recommendation made by the Chairperson of the Financial Stability Oversight Council or contained in an Executive Order unless the Board first provides the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate with—</text><paragraph id="H3E4628D57FA64FC2BE7518020F61F416"><enum>(1)</enum><text display-inline="yes-display-inline">notice that the Board intends to implement such recommendation;</text></paragraph><paragraph id="H61E78E8617C44016BA064EA00B7964BF"><enum>(2)</enum><text display-inline="yes-display-inline">a report containing the proposed implementation by the Board and a justification for such implementation; and</text></paragraph><paragraph id="HA2F123EE51014452B13D78EC03C8F9B9"><enum>(3)</enum><text>upon request, not later than the end of the 120-day period beginning on the date of the notice under paragraph (1), testimony on such proposed implementation.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="HE46E16C21A494CDAB356AD20789F8607"><enum>(e)</enum><header>Federal Housing Finance Agency</header><text display-inline="yes-display-inline">Section 1311 of the Housing and Community Development Act of 1992 (<external-xref legal-doc="usc" parsable-cite="usc/12/4511">12 U.S.C. 4511</external-xref>) is amended by adding at the end the following:</text><quoted-block style="OLC" id="H3217E915E0694BB7BE04A5DCD6F0D1B5" display-inline="no-display-inline" changed="added" reported-display-style="italic" committee-id="HBA00"><subsection id="HEDD040A6267F47DF99BFC58E14E9C235"><enum>(d)</enum><header>Report on the implementation of recommendations from the FSOC Chairperson and Executive Orders</header><text display-inline="yes-display-inline">The Director may not implement a non-binding recommendation made by the Chairperson of the Financial Stability Oversight Council or contained in an Executive Order unless the Director first provides the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate with—</text><paragraph id="HF2ABAD6F9DD941A8996DA0D38900A0F6"><enum>(1)</enum><text display-inline="yes-display-inline">notice that the Director intends to implement such recommendation;</text></paragraph><paragraph id="H96E2A3371EF440498E03E8088A429EEC"><enum>(2)</enum><text display-inline="yes-display-inline">a report containing the proposed implementation by the Director and a justification for such implementation; and</text></paragraph><paragraph id="H36EF5BE6F0F6466980BA086E9BE28D9E"><enum>(3)</enum><text>upon request, not later than the end of the 120-day period beginning on the date of the notice under paragraph (1), testimony on such proposed implementation.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection></section><enum>II</enum><header>Ensuring U.S. Authority over U.S. Banking Regulations</header><section id="HA89EA44EEB44480BB2DB6AC63B5B829D" section-type="subsequent-section"><enum>201.</enum><header>Requirements in connection with rulemakings implementing policies of non-governmental international organizations</header><subsection id="H8316969C33C141D4BBBA82FEC854D831"><enum>(a)</enum><header>Board of Governors of the Federal Reserve System</header><text display-inline="yes-display-inline">Section 10 of the Federal Reserve Act (<external-xref legal-doc="usc" parsable-cite="usc/12/247b">12 U.S.C. 247b</external-xref>), as amended by section 101(a), is further amended by inserting after paragraph (11) the following:</text><quoted-block style="OLC" id="H6DE54DE6C8AB4F849DB97D26E3AEE0D7" display-inline="no-display-inline" changed="added" reported-display-style="italic" committee-id="HBA00"><paragraph id="H1AE95C5E6C9C47E9834A9B2B5E302C4E"><enum>(12)</enum><header>Requirements in connection with rulemakings implementing policies of non-governmental international organizations</header><subparagraph id="HE81BEC9AFDCA428D96D9BAAD3E2779C6"><enum>(A)</enum><header>In general</header><text>The Board of Governors of the Federal Reserve System may not propose or finalize a major covered rule unless, not later than 120 days before issuing such a proposed or final rule, the Board of Governors provides the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate with notice, testimony, and a detailed economic analysis with respect to the proposed or final rule, including projections of economic costs, sectoral effects, and effects on the availability of credit, the gross domestic product, and employment.</text></subparagraph><subparagraph id="HE1E122596C8E4C7299521BC8CF192B18"><enum>(B)</enum><header>Major covered rule defined</header><text>In this paragraph, the term <quote>major covered rule</quote> means a rule—</text><clause id="HCAAD70B2CDD54B518566630806C7FB1D"><enum>(i)</enum><text display-inline="yes-display-inline">that the Board of Governors determines would have an effect, in the aggregate, on the economy of the United States of $10,000,000,000 or more during the 10-year period beginning on the date the rule takes effect; and</text></clause><clause id="H143C844ACD694D8584CC97799849CE61"><enum>(ii)</enum><text display-inline="yes-display-inline">that is intended to align or conform with a recommendation from a non-governmental international organization (including the Financial Stability Board, the Bank for International Settlements, the Network of Central Banks and Supervisors for Greening the Financial System, and the Basel Committee on Banking Supervision).</text></clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="HC2292E8E1A634660BCD51C24507E4084"><enum>(b)</enum><header>Office of the Comptroller of the Currency</header><text display-inline="yes-display-inline">Section 324 of the Revised Statutes of the United States (<external-xref legal-doc="usc" parsable-cite="usc/12/1">12 U.S.C. 1</external-xref>), as amended by section 101(b), is further amended by adding at the end the following:</text><quoted-block style="OLC" id="HF91DB6B374634D259A90D84E3F10A957" display-inline="no-display-inline" changed="added" reported-display-style="italic" committee-id="HBA00"><subsection id="HC1B5CFAF80B9401ABCB11072401E06D7"><enum>(d)</enum><header>Requirements in connection with rulemakings implementing policies of non-governmental international organizations</header><paragraph id="HA0243B16D0F04518A794DEAFB4F04371"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">The Comptroller of the Currency may not propose or finalize a major covered rule unless, not later than 120 days before issuing such a proposed or final rule, the Comptroller of the Currency provides the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate with notice, testimony, and a detailed economic analysis with respect to the proposed or final rule, including projections of economic costs, sectoral effects, and effects on the availability of credit, the gross domestic product, and employment.</text></paragraph><paragraph id="H2A78431CBC0947BDA7F706FA98D5D83B"><enum>(2)</enum><header>Major covered rule defined</header><text>In this subsection, the term <quote>major covered rule</quote> means a rule—</text><subparagraph id="HC768838D872A49B9B8E4D9AC9ACE4A57"><enum>(A)</enum><text display-inline="yes-display-inline">that the Comptroller of the Currency determines would have an effect, in the aggregate, on the economy of the United States of $10,000,000,000 or more during the 10-year period beginning on the date the rule takes effect; and</text></subparagraph><subparagraph id="HA80FAC9B1ED0400E832CFBD62E283011"><enum>(B)</enum><text display-inline="yes-display-inline">that is intended to align or conform with a recommendation from a non-governmental international organization (including the Financial Stability Board, the Bank for International Settlements, the Network of Central Banks and Supervisors for Greening the Financial System, and the Basel Committee on Banking Supervision).</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="H666F135568C1469384BC0E439AFE9AD7"><enum>(c)</enum><header>Federal Deposit Insurance Corporation</header><text display-inline="yes-display-inline">Section 2 of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1812">12 U.S.C. 1812</external-xref>), as amended by section 101(c), is further amended by inserting after subsection (g) the following:</text><quoted-block style="OLC" id="H400C2D20E62A4366A8260CE233D5B256" display-inline="no-display-inline" changed="added" reported-display-style="italic" committee-id="HBA00"><subsection id="HA11E4FF1725A4A619A541D6FB90F4240"><enum>(h)</enum><header>Requirements in connection with rulemakings implementing policies of non-governmental international organizations</header><paragraph id="H45CDB08778884F7C9855339ECFCCA3DA"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">The Board of Directors of the Corporation may not propose or finalize a major covered rule unless, not later than 120 days before issuing such a proposed or final rule, the Board of Directors provides the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate with notice, testimony, and a detailed economic analysis with respect to the proposed or final rule, including projections of economic costs, sectoral effects, and effects on the availability of credit, the gross domestic product, and employment.</text></paragraph><paragraph id="HF0716C84873D4BA588070123FD4A70F3"><enum>(2)</enum><header>Major covered rule defined</header><text>In this subsection, the term <quote>major covered rule</quote> means a rule—</text><subparagraph id="HB4D7D915FD404B24807D983765E5D71E"><enum>(A)</enum><text display-inline="yes-display-inline">that the Board of Directors determines would have an effect, in the aggregate, on the economy of the United States of $10,000,000,000 or more during the 10-year period beginning on the date the rule takes effect; and</text></subparagraph><subparagraph id="H3CDF281E12174E56B48E49C15CD1FF93"><enum>(B)</enum><text display-inline="yes-display-inline">that is intended to align or conform with a recommendation from a non-governmental international organization (including the Financial Stability Board, the Bank for International Settlements, the Network of Central Banks and Supervisors for Greening the Financial System, and the Basel Committee on Banking Supervision).</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="H77734A7D443C485894DA09410FE7EB4B"><enum>(d)</enum><header>National Credit Union Administration</header><text display-inline="yes-display-inline">Section 102 of the Federal Credit Union Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1752a">12 U.S.C. 1752a</external-xref>), as amended by section 101(d), is further amended by adding at the end the following:</text><quoted-block style="OLC" id="H34C45359FFCE428BBDAFF36990A9DDB1" display-inline="no-display-inline" changed="added" reported-display-style="italic" committee-id="HBA00"><subsection id="H0F5927B6981D4ACC916A8B99E7B4B1E0"><enum>(h)</enum><header>Requirements in connection with rulemakings implementing policies of non-governmental international organizations</header><paragraph id="H17B5D424B52B46D0AADED08303EFE37B"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">The Board may not propose or finalize a major covered rule unless, not later than 120 days before issuing such a proposed or final rule, the Board provides the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate with notice, testimony, and a detailed economic analysis with respect to the proposed or final rule, including projections of economic costs, sectoral effects, and effects on the availability of credit, the gross domestic product, and employment.</text></paragraph><paragraph id="HD4A490E7FE2743FE809276627E947D04"><enum>(2)</enum><header>Major covered rule defined</header><text>In this subsection, the term <quote>major covered rule</quote> means a rule—</text><subparagraph id="H2C6B20384FAD4DF6886532872921A4AF"><enum>(A)</enum><text display-inline="yes-display-inline">that the Board determines would have an effect, in the aggregate, on the economy of the United States of $10,000,000,000 or more during the 10-year period beginning on the date the rule takes effect; and</text></subparagraph><subparagraph id="HF145F61A1A824B4ABAD342BABAEA5627"><enum>(B)</enum><text display-inline="yes-display-inline">that is intended to align or conform with a recommendation from a non-governmental international organization (including the Financial Stability Board, the Bank for International Settlements, the Network of Central Banks and Supervisors for Greening the Financial System, and the Basel Committee on Banking Supervision).</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="HA5D3E08E1D174332A2B55F73C1F8FF04"><enum>(e)</enum><header>Federal Housing Finance Agency</header><text display-inline="yes-display-inline">Section 1311 of the Housing and Community Development Act of 1992 (<external-xref legal-doc="usc" parsable-cite="usc/12/4511">12 U.S.C. 4511</external-xref>), as amended by section 101(e), is further amended by adding at the end the following:</text><quoted-block style="OLC" id="HB20DD746F075424089CBC2035578B295" display-inline="no-display-inline" changed="added" reported-display-style="italic" committee-id="HBA00"><subsection id="HDE5EC262C22045C79E49A0B6FF44F03E"><enum>(e)</enum><header>Requirements in connection with rulemakings implementing policies of non-governmental international organizations</header><paragraph id="HB4FA242DBC9644548E0C18CA88EA2373"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">The Director may not propose or finalize a major covered rule unless, not later than 120 days before issuing such a proposed or final rule, the Director provides the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate with notice, testimony, and a detailed economic analysis with respect to the proposed or final rule, including projections of economic costs, sectoral effects, and effects on the availability of credit, the gross domestic product, and employment.</text></paragraph><paragraph id="HC93471415BFF4594A8FEF9FD03EADB61"><enum>(2)</enum><header>Major covered rule defined</header><text>In this subsection, the term <quote>major covered rule</quote> means a rule—</text><subparagraph id="H58C5583954B441D6A83F3307B13656A9"><enum>(A)</enum><text display-inline="yes-display-inline">that the Director determines would have an effect, in the aggregate, on the economy of the United States of $10,000,000,000 or more during the 10-year period beginning on the date the rule takes effect; and</text></subparagraph><subparagraph id="HA1FD3C1B21FE438781268F838637A081"><enum>(B)</enum><text display-inline="yes-display-inline">that is intended to align or conform with a recommendation from a non-governmental international organization (including the Financial Stability Board, the Bank for International Settlements, the Network of Central Banks and Supervisors for Greening the Financial System, and the Basel Committee on Banking Supervision).</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection></section><section id="H0B8DE065BB6444B79727C01E21571EFC"><enum>202.</enum><header>Report on certain climate-related interactions with covered international organizations</header><subsection id="H748C2418D8E947B6B96DAD15B2308EA9"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">A Federal banking regulator may not meet with or otherwise engage with a covered international organization on the topic of climate-related financial risk during a calendar year unless the Federal banking regulator has issued a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing, for the previous calendar year—</text><paragraph id="H8DD15748971A40C1807C3DF81470E7C8"><enum>(1)</enum><text display-inline="yes-display-inline">a complete description of the activities of the covered international organization in which the Federal banking regulator participates (including any task force, committee, or other organizational unit thereof); and</text></paragraph><paragraph id="HC70A343F78024225A19FF11470075125"><enum>(2)</enum><text display-inline="yes-display-inline">a detailed accounting of the governmental and non-governmental funding sources of the covered international organization (including any task force, committee, or other organizational unit thereof). </text></paragraph></subsection><subsection id="HB79B56099AF24A2183F5D3BEF08B5419"><enum>(b)</enum><header>Definitions</header><text>In this section:</text><paragraph id="H0C50D5FD161046319390152416D8C796"><enum>(1)</enum><header>Covered international organization</header><text display-inline="yes-display-inline">The term <quote>covered international organization</quote> means the Financial Stability Board, the Bank for International Settlements, the Network of Central Banks and Supervisors for Greening the Financial System, and the Basel Committee on Banking Supervision.</text></paragraph><paragraph id="H84200F57689E42ADB6E00DC334A7275A"><enum>(2)</enum><header>Federal banking regulator</header><text>The term <quote>Federal banking regulator</quote> means the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the National Credit Union Administration, and the Office of the Comptroller of the Currency.</text></paragraph></subsection></section><enum>III</enum><header>Banking Regulator International Reporting</header><section id="HD588F6BC79F14F87B906168900621A47" section-type="subsequent-section"><enum>301.</enum><header>Reporting on interactions with non-governmental international organizations</header><subsection id="H7D3C665C03414B4E9F8E42DC3EF3C446"><enum>(a)</enum><header>Board of Governors of the Federal Reserve System</header><text display-inline="yes-display-inline">Section 10 of the Federal Reserve Act (<external-xref legal-doc="usc" parsable-cite="usc/12/247b">12 U.S.C. 247b</external-xref>), as amended by section 201(a), is further amended by inserting after paragraph (12) the following:</text><quoted-block style="OLC" id="HE07420F6A2734CA581E52880190B9279" display-inline="no-display-inline" changed="added" reported-display-style="italic" committee-id="HBA00"><paragraph id="H481850B4BD25416598723ED95926B582"><enum>(13)</enum><header>Reporting on interactions with non-governmental international organizations</header><text display-inline="yes-display-inline">With respect to interactions between the Board of Governors of the Federal Reserve System and a non-governmental international organization (including the Financial Stability Board, the Bank for International Settlements, the Network of Central Banks and Supervisors for Greening the Financial System, and the Basel Committee on Banking Supervision), the Board of Governors shall—</text><subparagraph id="H0FB0C8AA7EF942028BF3FCB22EDF1891"><enum>(A)</enum><text display-inline="yes-display-inline">keep a complete record of all such interactions, including minutes of all meetings and any recommendations made during such interaction for international standardization with respect to open-market policies and operations, discount lending and operations (including collateral policies), or supervisory policies and operations; and</text></subparagraph><subparagraph id="HCAA4BDD65B69497BA22B2356063C280C"><enum>(B)</enum><text display-inline="yes-display-inline">issue an annual report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing—</text><clause id="HDBBC7C0926DE4BE8969EAA03969585E2"><enum>(i)</enum><text>all of the information recorded pursuant to subparagraph (A) with respect to the previous year; and</text></clause><clause id="H1B209300A2FB4CF2AF9B072E7049ED10"><enum>(ii)</enum><text display-inline="yes-display-inline">with respect to each non-governmental international organization with which the Board of Governors had an interaction in the previous year, a description of the funding sources of the non-governmental international organization.</text></clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="HC130091132C14C0AA3398FCD0E8447EB"><enum>(b)</enum><header>Office of the Comptroller of the Currency</header><text display-inline="yes-display-inline">Section 324 of the Revised Statutes of the United States (<external-xref legal-doc="usc" parsable-cite="usc/12/1">12 U.S.C. 1</external-xref>), as amended by section 201(b), is further amended by adding at the end the following:</text><quoted-block style="OLC" id="H8A8E77368C964CB5A0BE5BEAAE4B386A" display-inline="no-display-inline" changed="added" reported-display-style="italic" committee-id="HBA00"><subsection id="HA199909A7A0A4C1EBB54695804E3ADB3"><enum>(e)</enum><header>Reporting on interactions with non-governmental international organizations</header><text display-inline="yes-display-inline">With respect to interactions between the Office of the Comptroller of the Currency and a non-governmental international organization (including the Financial Stability Board, the Bank for International Settlements, the Network of Central Banks and Supervisors for Greening the Financial System, and the Basel Committee on Banking Supervision), the Comptroller of the Currency shall—</text><paragraph id="H39045DFB1C374E8EA7A4E0909C330353"><enum>(1)</enum><text display-inline="yes-display-inline">keep a complete record of all such interactions, including minutes of all meetings and any recommendations made during such interaction for international standardization with respect to discount lending and operations (including collateral policies) or supervisory policies and operations; and</text></paragraph><paragraph id="HD9F3F9C4AEDA46948449C99B930CFB9D"><enum>(2)</enum><text display-inline="yes-display-inline">issue an annual report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing—</text><subparagraph id="HE9EC2C2839364F06BC2CB6D6D97375E9"><enum>(A)</enum><text>all of the information recorded pursuant to paragraph (1) with respect to the previous year; and</text></subparagraph><subparagraph id="HDB0C6330021444E2AB505D9DD7AE0BC2"><enum>(B)</enum><text display-inline="yes-display-inline">with respect to each non-governmental international organization with which the Office of the Comptroller of the Currency had an interaction in the previous year, a description of the funding sources of the non-governmental international organization.</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="HCF13551CB8184B1B9C80790F6D07021B"><enum>(c)</enum><header>Federal Deposit Insurance Corporation</header><text display-inline="yes-display-inline">Section 2 of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1812">12 U.S.C. 1812</external-xref>), as amended by section 201(c), is further amended is amended by inserting after subsection (h) the following:</text><quoted-block style="OLC" id="HD3840BA5AAAB4100A61774DEA12E0502" display-inline="no-display-inline" changed="added" reported-display-style="italic" committee-id="HBA00"><subsection id="H8B107338F5F5499A8DE6674EF2CD590B"><enum>(i)</enum><header>Reporting on interactions with non-governmental international organizations</header><text display-inline="yes-display-inline">With respect to interactions between the Federal Deposit Insurance Corporation and a non-governmental international organization (including the Financial Stability Board, the Bank for International Settlements, the Network of Central Banks and Supervisors for Greening the Financial System, and the Basel Committee on Banking Supervision), the Board of Directors of the Corporation shall—</text><paragraph id="HCC39CC9961DC4CB1B5A370C76550800B"><enum>(1)</enum><text display-inline="yes-display-inline">keep a complete record of all such interactions, including minutes of all meetings and any recommendations made during such interaction for international standardization with respect to discount lending and operations (including collateral policies) or supervisory policies and operations; and</text></paragraph><paragraph id="HC6EA8DDF394745BAA98C06F132FF1179"><enum>(2)</enum><text display-inline="yes-display-inline">issue an annual report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing—</text><subparagraph id="HE885D365C3C6403CA10A6F2BCCCDC1EF"><enum>(A)</enum><text>all of the information recorded pursuant to paragraph (1) with respect to the previous year; and</text></subparagraph><subparagraph id="H69536DF4F33F442B9D36A0BA7A8B045A"><enum>(B)</enum><text display-inline="yes-display-inline">with respect to each non-governmental international organization with which the Corporation had an interaction in the previous year, a description of the funding sources of the non-governmental international organization.</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="HDB8E5F8DC502449CAA47F711F877F3BD"><enum>(d)</enum><header>National Credit Union Administration</header><text display-inline="yes-display-inline">Section 102 of the Federal Credit Union Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1752a">12 U.S.C. 1752a</external-xref>), as amended by section 201(d), is further amended by adding at the end the following:</text><quoted-block style="OLC" id="H7FB01178D89747599E4C1D13B20E21ED" display-inline="no-display-inline" changed="added" reported-display-style="italic" committee-id="HBA00"><subsection id="H60FF3572E5E7449783F60611F70FF1CA"><enum>(i)</enum><header>Reporting on interactions with non-governmental international organizations</header><text display-inline="yes-display-inline">With respect to interactions between the Administration and a non-governmental international organization (including the Financial Stability Board, the Bank for International Settlements, the Network of Central Banks and Supervisors for Greening the Financial System, and the Basel Committee on Banking Supervision), the Board shall—</text><paragraph id="H9258FC01827E4AEAA3A4E2929D5F407D"><enum>(1)</enum><text display-inline="yes-display-inline">keep a complete record of all such interactions, including minutes of all meetings and any recommendations made during such interaction for international standardization with respect to discount lending and operations (including collateral policies) or supervisory policies and operations; and</text></paragraph><paragraph id="H4C2C1466B3CD4C2AAF5C80F037A64FFE"><enum>(2)</enum><text display-inline="yes-display-inline">issue an annual report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing—</text><subparagraph id="HA596B89BFBD249E6926AC5564A913918"><enum>(A)</enum><text>all of the information recorded pursuant to paragraph (1) with respect to the previous year; and</text></subparagraph><subparagraph id="H2ABF29B322904EEC91ADF4FEA94DD427"><enum>(B)</enum><text display-inline="yes-display-inline">with respect to each non-governmental international organization with which the Administration had an interaction in the previous year, a description of the funding sources of the non-governmental international organization.</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="HC666C05793E34A948764915215D3E585"><enum>(e)</enum><header>Federal Housing Finance Agency</header><text display-inline="yes-display-inline">Section 1311 of the Housing and Community Development Act of 1992 (<external-xref legal-doc="usc" parsable-cite="usc/12/4511">12 U.S.C. 4511</external-xref>), as amended by section 201(e), is further amended by adding at the end the following:</text><quoted-block style="OLC" id="HE8E44B18AA9E49FE8674346CC2F77ADB" display-inline="no-display-inline" changed="added" reported-display-style="italic" committee-id="HBA00"><subsection id="H63C6539482144A9E88E0104774AAD8AC"><enum>(f)</enum><header>Reporting on interactions with non-governmental international organizations</header><text display-inline="yes-display-inline">With respect to interactions between the Federal Housing Finance Agency and a non-governmental international organization (including the Financial Stability Board, the Bank for International Settlements, the Network of Central Banks and Supervisors for Greening the Financial System, and the Basel Committee on Banking Supervision), the Director shall—</text><paragraph id="H8C6A128BF25745C98A3EF6AA04C6C111"><enum>(1)</enum><text display-inline="yes-display-inline">keep a complete record of all such interactions, including minutes of all meetings and any recommendations made during such interaction for international standardization with respect to discount lending and operations (including collateral policies) or supervisory policies and operations; and</text></paragraph><paragraph id="H5B512BC4AB664727A1879B0B9C90192D"><enum>(2)</enum><text display-inline="yes-display-inline">issue an annual report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing—</text><subparagraph id="H3446A0CF0789484C82F2AE812261135E"><enum>(A)</enum><text>all of the information recorded pursuant to paragraph (1) with respect to the previous year; and</text></subparagraph><subparagraph id="H2D829BBAEA9A433F9D717D22E64ADCA9"><enum>(B)</enum><text display-inline="yes-display-inline">with respect to each non-governmental international organization with which the Federal Housing Finance Agency had an interaction in the previous year, a description of the funding sources of the non-governmental international organization.</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection></section><enum>IV</enum><header>Supervision Reform</header><section id="HB29977524BEA4697BEC42BDE86DB1A52" section-type="subsequent-section"><enum>401.</enum><header>Removal of the Vice Chairman for Supervision designation</header><subsection id="H9C82B7E9B5814A1780EFCC35C71BCEAF"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">The second undesignated paragraph of section 10 of the Federal Reserve Act (<external-xref legal-doc="usc" parsable-cite="usc/12/242">12 U.S.C. 242</external-xref>) (relating to the Chairman and Vice Chairman of the Board) is amended by striking <quote>and 2 shall be designated by the President, by and with the advice and consent of the Senate, to serve as Vice Chairmen of the Board, each for a term of 4 years, 1 of whom shall serve in the absence of the Chairman, as provided in the fourth undesignated paragraph of this section, and 1 of whom shall be designated Vice Chairman for Supervision. The Vice Chairman for Supervision shall develop policy recommendations for the Board regarding supervision and regulation of depository institution holding companies and other financial firms supervised by the Board, and shall oversee the supervision and regulation of such firms.</quote> and inserting <quote>and 1 shall be designated by the President, by and with the consent of the Senate, to serve as Vice Chairman of the Board for a term of 4 years.</quote>.</text></subsection><subsection id="HC5938A2241CB43B9A602A00321D8D37C"><enum>(b)</enum><header>Conforming amendment</header><text display-inline="yes-display-inline">Section 10 of the Federal Reserve Act (<external-xref legal-doc="usc" parsable-cite="usc/12/241">12 U.S.C. 241 et seq.</external-xref>) is amended by striking paragraph (12).</text></subsection></section>December 19, 2023Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed