[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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