[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 9512 Introduced in House (IH)]
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118th CONGRESS
2d Session
H. R. 9512
To protect the sovereignty of the United States and strengthen
Congress's oversight of the activities of the Federal financial
agencies by improving accountability and transparency with respect to
the effect of membership and participation in covered international
organizations on the statutes, regulations, and guidance applicable to
companies in the United States, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 10, 2024
Mr. Barr introduced the following bill; which was referred to the
Committee on Financial Services, and in addition to the Committee on
Rules, for a period to be subsequently determined by the Speaker, in
each case for consideration of such provisions as fall within the
jurisdiction of the committee concerned
_______________________________________________________________________
A BILL
To protect the sovereignty of the United States and strengthen
Congress's oversight of the activities of the Federal financial
agencies by improving accountability and transparency with respect to
the effect of membership and participation in covered international
organizations on the statutes, regulations, and guidance applicable to
companies in the United States, 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 ``Congressional Banking Regulation
Priorities and Accountability Act of 2024''.
SEC. 2. MEMBERSHIP AND PARTICIPATION IN COVERED INTERNATIONAL
ORGANIZATIONS.
(a) Congressional Notice and Consultation.--
(1) In general.--A Federal financial agency may not join,
become a member or observer of, or otherwise participate in,
any covered international organization that the agency was not
a member or observer of, or participant in, before the date of
enactment of this Act, unless the agency--
(A) submits a notice to the appropriate
congressional committees; and
(B) notifies the covered international organization
that the agency is subject to--
(i) this Act; and
(ii) subchapter II of chapter 5 of title 5,
United States Code, and chapter 7 of such title
(commonly known as the ``Administrative
Procedure Act'').
(2) Notice contents.--A notice described under paragraph
(1) shall be in writing and contain--
(A) an overview of the covered international
organization;
(B) the charter of the covered international
organization;
(C) a list of current members and observers of the
covered international organization;
(D) the work that the covered international
organization engages in and how that work relates to
the statutory mandates and responsibilities of the
Federal financial agency;
(E) the objectives that the Federal financial
agency intends to pursue in conformity with the covered
international organization's objectives;
(F) the expectations that the covered international
organization has with respect to the members and
observers of the covered international organization;
(G) commitments required for membership in the
covered international organization;
(H) identification of funding sources for the
covered international organization's operating
expenses;
(I) the role that the Federal financial agency will
play in, and the extent of the Federal financial
agency's participation in, the covered international
organization; and
(J) such other information as may be requested by
the appropriate congressional committees.
(b) Delay for Congressional Consideration; Effect of Joint
Resolution of Disapproval.--With respect to an action described in a
notice submitted under subsection (a) in connection with a covered
international organization--
(1) the Federal financial agency may not take such action
until the end of the 60-day period beginning on the date the
notice was submitted; and
(2) if a joint resolution of disapproval described under
subsection (c) with respect to the notice is enacted before the
end of the 60-day period described under paragraph (1), the
Federal financial agency may not take such action.
(c) Joint Resolution of Disapproval.--
(1) Joint resolution of disapproval.--In this subsection,
the term ``joint resolution of disapproval'' means only a joint
resolution introduced during the 60-day period described under
subsection (b)--
(A) the title of which is as follows: ``A joint
resolution disapproving a Federal financial agency's
participation in a covered international
organization.''; and
(B) the sole matter after the resolving clause of
which is the following: ``Congress disapproves of the
participation of ______ with ______, as described in
the notice submitted to the appropriate congressional
committees on ______, and the agency may not so
participate.'', with the first blank space being filled
with the appropriate name of the Federal financial
agency submitting the notice, the second blank space
being filled with the name of the applicable covered
international organization, and the third blank space
being filled with the date on which the notice under
subsection (a) was submitted to the appropriate
congressional committees.
(2) Floor consideration in house of representatives.--If a
committee of the House of Representatives to which a joint
resolution of disapproval has been referred has not reported
the joint resolution within 10 calendar days after the date of
referral, that committee shall be discharged from further
consideration of the joint resolution.
(3) Consideration in the senate.--
(A) Committee referral.--A joint resolution of
disapproval introduced in the Senate shall be referred
to the Committee on Banking, Housing, and Urban
Affairs.
(B) Reporting and discharge.--If the committee to
which a joint resolution of disapproval was referred
has not reported the joint resolution within 10
calendar days after the date of referral of the joint
resolution, that committee shall be discharged from
further consideration of the joint resolution and the
joint resolution shall be placed on the appropriate
calendar.
(C) Proceeding to consideration.--Notwithstanding
Rule XXII of the Standing Rules of the Senate, it is in
order at any time after the Committee on Banking,
Housing, and Urban Affairs reports a joint resolution
of disapproval to the Senate or has been discharged
from consideration of such a joint resolution (even
though a previous motion to the same effect has been
disagreed to) to move to proceed to the consideration
of the joint resolution, and all points of order
against the joint resolution (and against consideration
of the joint resolution) are waived. The motion to
proceed is not debatable. The motion is not subject to
a motion to postpone. A motion to reconsider the vote
by which the motion is agreed to or disagreed to shall
not be in order.
(D) Rulings of the chair on procedure.--Appeals
from the decisions of the Chair relating to the
application of the rules of the Senate, as the case may
be, to the procedure relating to a joint resolution of
disapproval shall be decided without debate.
(E) Consideration of veto messages.--Debate in the
Senate of any veto message with respect to a joint
resolution of disapproval, including all debatable
motions and appeals in connection with the joint
resolution, shall be limited to 10 hours, to be equally
divided between, and controlled by, the majority leader
and the minority leader or their designees.
(4) Rules relating to senate and house of
representatives.--
(A) Treatment of senate joint resolution in
house.--In the House of Representatives, the following
procedures shall apply to a joint resolution of
disapproval received from the Senate (unless the House
has already passed a joint resolution relating to the
same proposed action):
(i) The joint resolution shall be referred
to the Committee on Financial Services.
(ii) If a committee to which a joint
resolution has been referred has not reported
the joint resolution within 2 calendar days
after the date of referral, that committee
shall be discharged from further consideration
of the joint resolution.
(iii) Beginning on the third legislative
day after each committee to which a joint
resolution has been referred reports the joint
resolution to the House or has been discharged
from further consideration thereof, it shall be
in order to move to proceed to consider the
joint resolution in the House. All points of
order against the motion are waived. Such a
motion shall not be in order after the House
has disposed of a motion to proceed on the
joint resolution. The previous question shall
be considered as ordered on the motion to its
adoption without intervening motion. The motion
shall not be debatable. A motion to reconsider
the vote by which the motion is disposed of
shall not be in order.
(iv) The joint resolution shall be
considered as read. All points of order against
the joint resolution and against its
consideration are waived. The previous question
shall be considered as ordered on the joint
resolution to final passage without intervening
motion except 2 hours of debate equally divided
and controlled by the sponsor of the joint
resolution (or a designee) and an opponent. A
motion to reconsider the vote on passage of the
joint resolution shall not be in order.
(B) Treatment of house joint resolution in
senate.--
(i) If, before the passage by the Senate of
a joint resolution of disapproval, the Senate
receives an identical joint resolution from the
House of Representatives, the following
procedures shall apply:
(I) That joint resolution shall not
be referred to a committee.
(II) With respect to that joint
resolution--
(aa) the procedure in the
Senate shall be the same as if
no joint resolution had been
received from the House of
Representatives; but
(bb) the vote on passage
shall be on the joint
resolution from the House of
Representatives.
(ii) If, following passage of a joint
resolution of disapproval in the Senate, the
Senate receives an identical joint resolution
from the House of Representatives, that joint
resolution shall be placed on the appropriate
Senate calendar.
(iii) If a joint resolution of disapproval
is received from the House, and no companion
joint resolution has been introduced in the
Senate, the Senate procedures under this
subsection shall apply to the House joint
resolution.
(5) Rules of house of representatives and senate.--This
subsection is enacted by Congress--
(A) as an exercise of the rulemaking power of the
Senate and the House of Representatives, respectively,
and as such is deemed a part of the rules of each
House, respectively, and supersedes other rules only to
the extent that it is inconsistent with such rules; and
(B) with full recognition of the constitutional
right of either House to change the rules (so far as
relating to the procedure of that House) at any time,
in the same manner, and to the same extent as in the
case of any other rule of that House.
(d) Ongoing Reporting.--Each Federal financial agency that becomes
a member or observer of, or otherwise participates in, a covered
international organization after the date of enactment of this Act
shall, every 2 years while the Federal financial agency continues to be
a member or observer of, or participant in, the covered international
organization, issue a statement to the appropriate congressional
committees that--
(1) contains a justification for the Federal financial
agency's continued membership, observer status, or
participation; and
(2) includes--
(A) a description of the covered international
organization's objectives;
(B) any objectives that have been pursued by the
Federal financial agency in conformity with the covered
international organization's objectives;
(C) an explanation of whether the Federal financial
agency's objectives within the covered international
organization have been met;
(D) an explanation of whether there have been
changes in the Federal financial agency's objectives
for such ongoing and continued membership, observer
status, or participation in the covered international
organization; and
(E) any objectives that have been pursued by the
Federal financial agency in conformity with the
international organization's objectives.
(e) Calculation of Time Periods.--
(1) In general.--In this section, for purposes of
calculating a period of time, the term ``day'' does not include
days either House of Congress is adjourned for more than 3 days
during a session of Congress.
(2) Exception.--Paragraph (1) shall not apply to any
reference to a ``calendar day'' or a ``legislative day''.
SEC. 3. DEVELOPMENT AND IMPLEMENTATION OF NEW INTERNATIONAL POLICIES,
STANDARDS, AND RECOMMENDATIONS.
(a) Congressional Notice and Consultation During Development.--
(1) In general.--A Federal financial agency may not
negotiate, participate, or otherwise deliberate, sign, vote
for, agree to, finalize, or otherwise conclude any new
policies, standards, or recommendations that are being
developed by a covered international organization unless the
agency submits a notice to the appropriate congressional
committees at least 90 days before taking such action.
(2) Notice contents.--A notice described under paragraph
(1) shall be in writing and contain--
(A) a summary of the issues to be discussed,
including the policies, standards, or recommendations
that the Federal financial agency intends to negotiate,
participate, or otherwise deliberate, sign, vote for,
agree to, finalize, or otherwise conclude;
(B) a summary of the proposed new policies,
standards or recommendations;
(C) a draft of the proposed new policies,
standards, or recommendations, if appropriate;
(D) a plan for how the Federal financial agency
will promote U.S. economic growth, financial stability,
and the competitiveness of the U.S. financial system
during any negotiation, participation, or deliberation;
and
(E) a full statement of the schedule and objectives
of the negotiations, discussions, or deliberations.
(b) Ongoing Requirements During Development.--With respect to
negotiations, discussions or deliberations on any new policies,
standards, or recommendations described under subsection (a), the
Federal financial agency shall--
(1) inform the appropriate congressional committees
quarterly on the developments affecting such policies,
standards, or recommendations;
(2) notify the appropriate congressional committees of new
Federal policy, guidance, or regulations that may be proposed
to implement the new policies, standards, or recommendations;
(3) upon request, meet with the appropriate congressional
committees to discuss the status of the negotiations,
discussions or deliberations; and
(4) upon request, provide the appropriate congressional
committees with access to documents relating to the
negotiations, discussions or deliberations, including
classified materials or materials that otherwise contain
confidential information in a secured environment.
(c) Congressional Notice on Finalized Policies, Standards, or
Recommendations.--A Federal financial agency may not act to finalize a
policy, standard, or recommendation described under subsection (a) by a
covered international organization unless the Federal financial agency
submits a notice to the appropriate congressional committees
containing--
(1) the text of the policies, standards, or
recommendations, including any implementing material, annex,
appendix, side letter, or similar document entered into
contemporaneously and in conjunction with the underlying
standard or recommendation;
(2) a description of any amendments to Federal statute,
regulation, or guidance, or change to supervisory practices,
the Federal financial agency anticipates are necessary to
implement the new policies, standards, or recommendations; and
(3) a justification, with quantitative and analytical
support, setting forth how the policies, standards, or
recommendations serve the interests of the United States
financial system and commerce.
(d) Requirements on Implementing Policies, Standards, and
Recommendations.--A Federal financial agency may not issue any policy
change, rule, or guidance intended to implement any policies,
standards, or recommendations developed by a covered international
organization unless the Federal financial agency--
(1) notifies the appropriate congressional committees;
(2) provides the appropriate congressional committees (and
publishes publicly) a justification, with quantitative and
analytical support, for why the policies, standards, or
recommendations developed by the covered international
organization are suitable for the national security, financial
stability, economic, and other interests of the United States;
and
(3) provides the appropriate congressional committees (and
publishes publicly)--
(A) an analysis, including a detailed cost-benefit
analysis, of the implementation of the policy change,
rule, or guidance; and
(B) a justification for why the expected costs of
such implementation are at least offset by the expected
benefits related to economic, national security,
financial stability, or other national interests.
SEC. 4. PUBLIC REPORTS ON PARTICIPATION IN COVERED INTERNATIONAL
ORGANIZATIONS.
Not later than March 31 of each year, each Federal financial
agency shall publish a public report and provide testimony to the
appropriate congressional committees on the activities of the agency
with each covered international organization that the Federal financial
agency joined, was a member or observer of, engaged with, or otherwise
participated in during the preceding year.
SEC. 5. APPLICATION TO FEDERAL RESERVE BANKS.
This Act shall apply to each Federal reserve bank to the same
extent as this Act applies to a Federal financial agency, except that
any action that a Federal reserve bank would be required to take under
this Act shall be taken by the Board of Governors of the Federal
Reserve System, on behalf of the Federal reserve bank.
SEC. 6. DEFINITIONS.
In this Act:
(1) Appropriate congressional committees.--The term
``appropriate congressional committees'' means the Committee on
Financial Services of the House of Representatives and the
Committee on Banking, Housing, and Urban Affairs of the Senate.
(2) Federal financial agency.--The term ``Federal financial
agency'' means--
(A) the Board of Governors of the Federal Reserve
System;
(B) the Bureau of Consumer Financial Protection;
(C) the Federal Deposit Insurance Corporation;
(D) the National Credit Union Administration;
(E) the Office of the Comptroller of the Currency;
(F) the Federal Housing Finance Agency;
(G) the Federal Insurance Office; and
(H) the Securities and Exchange Commission.
(3) Covered international organization.--
(A) In general.--The term ``covered international
organization'' means any association or union of
nations through or by which two or more foreign
governments engage in some aspect of their conduct of
international affairs, including--
(i) the Bank for International Settlements;
(ii) the Basel Committee on Banking
Supervision;
(iii) the Committee on Payments and Market
Infrastructures;
(iv) the Council of Securities Regulators
of the Americas;
(v) the Financial Stability Board;
(vi) the Global Financial Innovation
Network;
(vii) the IFRS Foundation Monitoring Board;
(viii) the International Association of
Deposit Insurers;
(ix) the International Association of
Insurance Supervisors;
(x) the International Organization of
Securities Commissions;
(xi) the Monitoring Group;
(xii) the Network of Central Banks and
Supervisors for Greening the Financial System;
(xiii) the Organization for Economic
Cooperation and Development; and
(xiv) any committee, subcommittee, working
group, task force, or other subunit of an
organization described under clause (i) through
(xiii).
(B) Exception.--The term ``covered international
organization'' does not include--
(i) international financial institutions,
as defined in section 1701(c)(2) of the
International Financial Institutions Act (22
U.S.C. 262r(c)(2)); or
(ii) any international organization with
respect to which a Federal financial agency
participates pursuant to a treaty to which the
United States is a party.
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