American FIRST Act of 2025

Regulators must report on global forums

This bill would require the Federal Reserve Board, the OCC, and the FDIC to file annual reports on their work with global financial regulatory forums. For each forum, agencies would list members and observers, explain purposes, name funding sources, describe staff roles, and summarize meetings and outcomes. Reports would include positions taken with rationale, texts of adopted policies, anticipated U.S. law or rule changes to implement them, and an economic impact analysis justifying expected costs and benefits. The bill would define covered forums (for example, the BIS, Basel Committee, FSB, IAIS, and the Greening Network) and would exclude certain international financial institutions and treaty-based organizations. The bill would also require the Federal Reserve to include these interactions in its twice-yearly testimony to Congress. These reporting rules would take effect upon enactment, and Congress's banking committees could request more information in writing.