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119-hr-6550119th CongressWALLET
American FIRST Act of 2025
Sponsored By: Representative Loudermilk, Barry [R-GA-11]
In Committee
Summary
More transparency on how U.S. bank regulators engage with international rulemakers. This bill creates a uniform public reporting regime that forces the three federal banking agencies to spell out their roles, positions, and the policy outcomes coming from global financial forums.
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- Federal regulators: The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency must publish standardized annual reports on each global financial regulatory or supervisory forum they join. Reports must list forum purposes and members, identify funding sources, describe organizational oversight, summarize meetings and adopted policies, and explain any needed changes to U.S. statutes, rules, or supervisory practices.
- Congress and oversight: The Board must testify twice a year specifically about its interactions at global forums and congressional committees can request additional written information. That adds regular, focused oversight of international engagement.
- Public and rule implementation: Reports must include the text of final forum standards and any economic impact analyses or justifications tying implementation costs to national interests. The act also modernizes data standards language to support open publication.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
Federal Reserve reports on global forums
This bill would require the Federal Reserve Board to report publicly on its work in certain international financial forums. The Board would include this information in its twice-yearly congressional testimony and in an expanded annual report. Reports would list each forum's purpose, members, funding sources, staff and an organizational chart. They would describe issues discussed, positions the Board took and the Board's rationale, meeting summaries, and the final texts or public sources of any standards. The Board would also identify any U.S. laws, regulations, guidance, or supervisory practices that would need changing and include economic impact analyses and cost‑benefit justifications for implementation. The bill defines covered forums to include the BIS, the Basel Committee, the Financial Stability Board, the International Association of Insurance Supervisors, and the NGFS, and it would exclude treaty-based organizations and certain international financial institutions. No effective date is specified.
Sponsors & CoSponsors
Sponsor
Loudermilk, Barry [R-GA-11]
GA • R
Cosponsors
Rep. Barr, Andy [R-KY-6]
KY • R
Sponsored 12/10/2025
Rep. Flood, Mike [R-NE-1]
NE • R
Sponsored 12/10/2025
Rep. Rose, John W. [R-TN-6]
TN • R
Sponsored 12/16/2025
Rep. Sessions, Pete [R-TX-17]
TX • R
Sponsored 12/16/2025
Rep. Davidson, Warren [R-OH-8]
OH • R
Sponsored 12/16/2025
Rep. Moore, Tim [R-NC-14]
NC • R
Sponsored 12/17/2025
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov