Congress demands sunlight on secret banking rules written overseas
S. 940 — Transparency in Banking Act · Filed by John Kennedy (R-LA) · Introduced Mar 11, 2025 · Referred to committee
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What it does
This bill requires the Federal Reserve, the Office of the Comptroller of the Currency, and the FDIC to submit annual reports to Congress detailing their participation in the Basel Committee on Bank Supervision—including who attends meetings, what problems are being addressed, what standards are being considered, and how they will be implemented. The agencies must also notify Congress within 30 days of any significant changes to planned activities, including meeting results and the positions taken by U.S. representatives. The Fed's leadership must include these details in their annual congressional testimony.
Why we flagged it
The bill's core function is to mandate disclosure and congressional notification of Federal Reserve and banking regulator participation in international Basel Committee proceedings. It is a transparency and accountability measure, not a substantive change to banking regulation itself.
What the text implies
- Increased congressional scrutiny of Basel Committee participation may slow or complicate U.S. adoption of international banking standards, potentially creating regulatory divergence from global peers.
- The 30-day notification requirement for 'significant changes' may create ambiguity about what constitutes 'significant,' potentially leading to disputes over disclosure timeliness.
The full analysis lists 4 implications of this text.
Who it affects
Ordinary citizens benefit from increased transparency and congressional oversight of international banking standards that directly affect U.S. financial regulation, consumer protections, and systemic risk.