Banking Regulator International Reporting Act

Bill 118 s 3446, also known as the Banking Regulator International Reporting Act, was introduced in the US Congress with the aim of enhancing the reporting requirements for international banking regulators. The bill seeks to improve transparency and accountability in the banking sector by requiring US banking regulators to report on their interactions with international counterparts.

Specifically, the bill mandates that the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) submit annual reports to Congress detailing their engagement with foreign banking regulators. This includes information on any agreements, memoranda of understanding, or other forms of cooperation between US regulators and their international counterparts.

The bill also requires the Government Accountability Office (GAO) to conduct a study on the effectiveness of these international regulatory efforts and report its findings to Congress. This study will assess the impact of international cooperation on the stability and competitiveness of the US banking system. Overall, the Banking Regulator International Reporting Act aims to promote greater collaboration and information sharing between US and foreign banking regulators in order to strengthen the global financial system. The bill has garnered bipartisan support in Congress and is currently under consideration in committee.