Last week, US Congressman Andy Barr introduced the Congressional Banking Regulation Priorities and Accountability Act of 2024 (H.R. 9512) to the House of Representatives, aiming to improve transparency and accountability in federal financial regulation.
The bill would require regulators to consult more actively with Congress and the public regarding the influence of international organizations on US regulations. It would also enable Congress to hold regulators accountable for the impact of their membership in and engagement with international standard-setting bodies, such as the Bank for International Settlements and the Basel Committee on Banking Supervision.
“Protecting the sovereignty of the United States and ensuring transparency in how Federal financial agencies operate on the global stage is crucial,” said Barr. “This legislation enhances Congress’s ability to oversee these agencies’ participation in international organizations, making certain that their actions align with the best interests of our economy and national security.”
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