H.R. 6550

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6550 Reported in House (RH)]

<DOC>

Union Calendar No. 454
119th CONGRESS
2d Session
H. R. 6550

[Report No. 119-529]

To require annual reporting on interactions between Federal banking 
supervisory agencies and global financial regulatory or supervisory 
forums, and for other purposes.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

December 10, 2025

Mr. Loudermilk (for himself, Mr. Barr, and Mr. Flood) introduced the 
following bill; which was referred to the Committee on Financial 
Services

February 25, 2026

Additional sponsors: Mr. Rose, Mr. Sessions, Mr. Davidson, and Mr. 
Moore of North Carolina

February 25, 2026

Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed 
in italic]
[For text of introduced bill, see copy of bill as introduced on 
December 10, 2025]

_______________________________________________________________________

A BILL

To require annual reporting on interactions between Federal banking 
supervisory agencies and global financial regulatory or supervisory 
forums, 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 ``American Financial Institution 
Regulatory Sovereignty and Transparency Act of 2025'' or the ``American 
FIRST Act of 2025''.

SEC. 2. ANNUAL REPORTING ON INTERACTIONS BETWEEN FEDERAL BANKING 
SUPERVISORY AGENCIES AND GLOBAL FINANCIAL REGULATORY OR 
SUPERVISORY FORUMS.

(a) Board of Governors of the Federal Reserve System.--The seventh 
undesignated paragraph of section 10 of the Federal Reserve Act (12 
U.S.C. 247) is amended--
(1) by striking ``The Board'' and inserting the following:
``(7) Annual report.--
``(A) In general.--The Board'';
(2) by striking the second sentence; and
(3) by adding at the end the following:
``(B) Interactions with global financial regulatory 
or supervisory forums.--The report required under 
subparagraph (A) shall include a description of the 
Board's interactions with global financial regulatory 
or supervisory forums, including--
``(i) a list of the global financial 
regulatory or supervisory forums in which the 
Board maintained membership during the period 
covered by the report; and
``(ii) for each such global financial 
regulatory or supervisory forum in the list 
provided pursuant to clause (i)--
``(I) a description of the general 
purposes of the global financial 
regulatory or supervisory forum, 
including a list of the current members 
and observers of the global financial 
regulatory or supervisory forum;
``(II) a discussion of how the 
general purposes of the global 
financial regulatory or supervisory 
forum align with the purposes of this 
Act and the other Acts that the Board 
implements;
``(III) an identification of the 
sources that provided a material amount 
of funding for the operations of the 
global financial regulatory or 
supervisory forum during the period 
covered by the report;
``(IV) a description of the 
organization the Board maintained 
during the period covered by the report 
to conduct interactions with the global 
financial regulatory or supervisory 
forum, including an organizational 
chart and an identification of the 
official staff of the Board with 
oversight responsibility for 
interactions with the global financial 
regulatory or supervisory forum;
``(V) a discussion of the financial 
regulatory or supervisory standard-
setting issues under discussion at the 
global financial regulatory or 
supervisory forum during the period 
covered by the report;
``(VI) a description of the 
positions taken by representatives of 
the Board at the global financial 
regulatory or supervisory forum during 
the period covered by the report, 
including the rationale, objectives, 
and potential impacts of such 
positions;
``(VII) a summary of the meetings 
attended by representatives of the 
Board at the global financial 
regulatory or supervisory forum during 
the period covered by the report, 
including a discussion of the key 
outcomes from such meetings;
``(VIII) the text of any final 
policies, standards, or recommendations 
adopted by the global financial 
supervisory or regulatory forum during 
the period covered by the report, 
including any implementing material, 
annex, appendix, side letter, or 
similar document entered into 
contemporaneously or in conjunction 
with the underlying policy, standard, 
or recommendation, or an identification 
of a publicly available source for the 
text of such policy, standard, 
recommendation, or implementing 
material;
``(IX) a description of any 
amendments to Federal statutes, 
regulations of the Board, guidance of 
the Board, or changes to the Board's 
supervisory practices the Board 
anticipates will be necessary to 
implement any final policies, 
standards, or recommendations adopted 
by the global financial supervisory or 
regulatory forum during the period 
covered by the report;
``(X) a discussion of rules 
proposed, rules under consideration, 
final rules adopted, guidance proposed, 
guidance under consideration, final 
guidance adopted, or any other similar 
actions taken by the Board during the 
period covered by the report to 
implement agreements of the global 
financial regulatory or supervisory 
forum, including an economic impact 
analysis and a justification for why 
the expected costs of implementing 
actions are at least offset by the 
expected benefits related to economic, 
national security, financial stability, 
or other national interests; and
``(XI) such other information 
relating to interactions with the 
global financial regulatory or 
supervisory forum during the period 
covered by the report separately 
requested in writing by the Committee 
on Banking, Housing, and Urban Affairs 
of the Senate or the Committee on 
Financial Services of the House of 
Representatives.
``(C) Global financial regulatory or supervisory 
forum defined.--
``(i) In general.--In this paragraph, the 
term `global financial regulatory or 
supervisory forum' means any association or 
union of nations through or by which two or 
more foreign authorities engage in some aspect 
of their conduct of international affairs 
regarding financial supervision and regulation, 
including--
``(I) the Bank for International 
Settlements;
``(II) the Basel Committee on 
Banking Supervision;
``(III) the Financial Stability 
Board;
``(IV) the International 
Association of Insurance Supervisors; 
and
``(V) the Network of Central Banks 
and Supervisors for Greening the 
Financial System.
``(ii) Exception.--The term `global 
financial regulatory or supervisory forum' 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 the 
Board participates pursuant to a treaty 
to which the United States is a 
party.''.
(b) Office of the Comptroller of the Currency.--
(1) In general.--The second section 333 of the Revised 
Statutes of the United States (12 U.S.C. 14; relating to an 
annual report) is amended to read as follows:

``SEC. 333. REPORT OF COMPTROLLER.

``(a) In General.--The Comptroller of the Currency shall make an 
annual report to Congress.
``(b) Interactions With Global Financial Regulatory or Supervisory 
Forums.--The report required under subsection (a) shall include a 
description of the Comptroller's interactions with global financial 
regulatory or supervisory forums, including--
``(1) a list of the global financial regulatory or 
supervisory forums in which the Comptroller maintained 
membership during the period covered by the report; and
``(2) for each such global financial regulatory or 
supervisory forum in the list provided pursuant to paragraph 
(1)--
``(A) a description of the general purposes of the 
global financial regulatory or supervisory forum, 
including a list of the current members and observers 
of the global financial regulatory or supervisory 
forum;
``(B) a discussion of how the general purposes of 
the global financial regulatory or supervisory forum 
align with the purposes of this chapter, title LXII, 
and the other Acts that the Comptroller implements;
``(C) an identification of the sources that 
provided a material amount of funding for the 
operations of the global financial regulatory or 
supervisory forum during the period covered by the 
report;
``(D) a description of the organization the 
Comptroller maintained during the period covered by the 
report to conduct interactions with the global 
financial regulatory or supervisory forum, including an 
organizational chart and an identification of the 
official staff of the Office of the Comptroller of the 
Currency with oversight responsibility for interactions 
with the global financial regulatory or supervisory 
forum;
``(E) a discussion of the financial regulatory or 
supervisory standard-setting issues under discussion at 
the global financial regulatory or supervisory forum 
during the period covered by the report;
``(F) a description of the positions taken by 
representatives of the Comptroller at the global 
financial regulatory or supervisory forum during the 
period covered by the report, including the rationale, 
objectives, and potential impacts of such positions;
``(G) a summary of the meetings attended by 
representatives of the Comptroller at the global 
financial regulatory or supervisory forum during the 
period covered by the report, including a discussion of 
the key outcomes from such meetings;
``(H) the text of any final policies, standards, or 
recommendations adopted by the global financial 
supervisory or regulatory forum during the period 
covered by the report, including any implementing 
material, annex, appendix, side letter, or similar 
document entered into contemporaneously or in 
conjunction with the underlying policy, standard, or 
recommendation, or an identification of a publicly 
available source for the text of such policy, standard, 
recommendation, or implementing material;
``(I) a description of any amendments to Federal 
statutes, regulations of the Comptroller, guidance of 
the Comptroller, or changes to the Comptroller's 
supervisory practices the Comptroller anticipates will 
be necessary to implement any final policies, 
standards, or recommendations adopted by the global 
financial supervisory or regulatory forum during the 
period covered by the report;
``(J) a discussion of rules proposed, rules under 
consideration, final rules adopted, guidance proposed, 
guidance under consideration, final guidance adopted, 
or any other similar actions taken by the Comptroller 
during the period covered by the report to implement 
agreements of the global financial regulatory or 
supervisory forum, including an economic impact 
analysis and a justification for why the expected costs 
of implementing actions are at least offset by the 
expected benefits related to economic, national 
security, financial stability, or other national 
interests; and
``(K) such other information relating to 
interactions with the global financial regulatory or 
supervisory forum during the period covered by the 
report separately requested in writing by the Committee 
on Banking, Housing, and Urban Affairs of the Senate or 
the Committee on Financial Services of the House of 
Representatives.
``(c) Global Financial Regulatory or Supervisory Forum Defined.--
``(1) In general.--In this section, the term `global 
financial regulatory or supervisory forum' means any 
association or union of nations through or by which two or more 
foreign authorities engage in some aspect of their conduct of 
international affairs regarding financial supervision and 
regulation, including--
``(A) the Bank for International Settlements;
``(B) the Basel Committee on Banking Supervision;
``(C) the Financial Stability Board;
``(D) the International Association of Insurance 
Supervisors; and
``(E) the Network of Central Banks and Supervisors 
for Greening the Financial System.
``(2) Exception.--The term `global financial regulatory or 
supervisory forum' does not include--
``(A) international financial institutions, as 
defined in section 1701(c)(2) of the International 
Financial Institutions Act (22 U.S.C. 262r(c)(2)); or
``(B) any international organization with respect 
to which the Comptroller participates pursuant to a 
treaty to which the United States is a party.''.
(2) Technical correction.--Chapter nine of title VII of the 
Revised Statutes of the United States is amended--
(A) by redesignating the first section 333 (12 
U.S.C. 14a; relating to data standards) as section 332;
(B) by moving such section so as to appear after 
section 331; and
(C) in the table of contents of such chapter, by 
amending the item relating to section 332 to read as 
follows:

``332. Data standards; open data publication.''.
(c) Federal Deposit Insurance Corporation.--Section 17(a) of the 
Federal Deposit Insurance Act (12 U.S.C. 1827(a)) is amended by 
striking paragraph (3) and inserting the following:
``(3) Interactions with global financial regulatory or 
supervisory forums.--The report required under paragraph (1) 
shall include a description of the Corporation's interactions 
with global financial regulatory or supervisory forums, 
including--
``(A) a list of the global financial regulatory or 
supervisory forums in which the Corporation maintained 
membership during the period covered by the report; and
``(B) for each such global financial regulatory or 
supervisory forum in the list provided pursuant to 
subparagraph (A)--
``(i) a description of the general purposes 
of the global financial regulatory or 
supervisory forum, including a list of the 
current members and observers of the global 
financial regulatory or supervisory forum;
``(ii) a discussion of how the general 
purposes of the global financial regulatory or 
supervisory forum align with the purposes of 
this Act and the other Acts that the 
Corporation implements;
``(iii) an identification of the sources 
that provided a material amount of funding for 
the operations of the global financial 
regulatory or supervisory forum during the 
period covered by the report;
``(iv) a description of the organization 
the Corporation maintained during the period 
covered by the report to conduct interactions 
with the global financial regulatory or 
supervisory forum, including an organizational 
chart and an identification of the official 
staff of the Corporation with oversight 
responsibility for interactions with the global 
financial regulatory or supervisory forum;
``(v) a discussion of the financial 
regulatory or supervisory standard-setting 
issues under discussion at the global financial 
regulatory or supervisory forum during the 
period covered by the report;
``(vi) a description of the positions taken 
by representatives of the Corporation at the 
global financial regulatory or supervisory 
forum during the period covered by the report, 
including the rationale, objectives, and 
potential impacts of such positions;
``(vii) a summary of the meetings attended 
by representatives of the Corporation at the 
global financial regulatory or supervisory 
forum during the period covered by the report, 
including a discussion of the key outcomes from 
such meetings;
``(viii) the text of any final policies, 
standards, or recommendations adopted by the 
global financial supervisory or regulatory 
forum during the period covered by the report, 
including any implementing material, annex, 
appendix, side letter, or similar document 
entered into contemporaneously or in 
conjunction with the underlying policy, 
standard, or recommendation, or an 
identification of a publicly available source 
for the text of such policy, standard, 
recommendation, or implementing material;
``(ix) a description of any amendments to 
Federal statutes, regulations of the 
Corporation, guidance of the Corporation, or 
changes to the Corporation's supervisory 
practices the Corporation anticipates will be 
necessary to implement any final policies, 
standards, or recommendations adopted by the 
global financial supervisory or regulatory 
forum during the period covered by the report;
``(x) a discussion of rules proposed, rules 
under consideration, final rules adopted, 
guidance proposed, guidance under 
consideration, final guidance adopted, or any 
other similar actions taken by the Corporation 
during the period covered by the report to 
implement agreements of the global financial 
regulatory or supervisory forum, including an 
economic impact analysis and a justification 
for why the expected costs of implementing 
actions are at least offset by the expected 
benefits related to economic, national 
security, financial stability, or other 
national interests; and
``(xi) such other information relating to 
interactions with the global financial 
regulatory or supervisory forum during the 
period covered by the report separately 
requested in writing by the Committee on 
Banking, Housing, and Urban Affairs of the 
Senate or the Committee on Financial Services 
of the House of Representatives.
``(4) Global financial regulatory or supervisory forum 
defined.--
``(A) In general.--In this subsection, the term 
`global financial regulatory or supervisory forum' 
means any association or union of nations through or by 
which two or more foreign authorities engage in some 
aspect of their conduct of international affairs 
regarding financial supervision and regulation, 
including--
``(i) the Bank for International 
Settlements;
``(ii) the Basel Committee on Banking 
Supervision;
``(iii) the Financial Stability Board;
``(iv) the International Association of 
Insurance Supervisors; and
``(v) the Network of Central Banks and 
Supervisors for Greening the Financial System.
``(B) Exception.--The term `global financial 
regulatory or supervisory forum' 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 the Corporation participates 
pursuant to a treaty to which the United States 
is a party.''.

SEC. 3. BIANNUAL CONGRESSIONAL TESTIMONY ON INTERACTIONS WITH GLOBAL 
FINANCIAL REGULATORY OR SUPERVISORY FORUMS.

Paragraph (12) of section 10 of the Federal Reserve Act (12 U.S.C. 
247b) is amended by inserting before the period at the end the 
following: ``and with respect to the conduct of interactions at global 
financial regulatory or supervisory forums (as defined in paragraph 
(7)(C))''.
Union Calendar No. 454

119th CONGRESS

2d Session

H. R. 6550

[Report No. 119-529]

_______________________________________________________________________

A BILL

To require annual reporting on interactions between Federal banking 
supervisory agencies and global financial regulatory or supervisory 
forums, and for other purposes.

_______________________________________________________________________

February 25, 2026

Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed