Transparency in Banking Act

New annual Basel report to Congress

This bill would require the Federal Reserve Board, the New York Fed, the OCC, and the FDIC, with the Treasury, to send one joint report to Congress each year by January 31. They would post the report on the Federal Reserve's website. The report would name who will attend Basel Committee meetings, list problems and options likely to be discussed, describe standards that could affect U.S. people or businesses, and say what authority would be used to apply those standards. Agencies would have to notify Congress within 30 days of any significant change and include meeting results, a minutes summary with proposed changes, votes or positions, proposals discussed, and each U.S. representative's position. The Fed Chair and Vice Chair for Supervision would have to include these report details in their annual testimony to the House and Senate banking committees.