Bills · S 940
IN COMMITTEE· 119TH CONGRESS
Senate BillS 940Finance and Financial Sector
Transparency in Banking Act
INTRO MAR 11· LAST ACTION MAR 11
READING
2MIN
COSPONSORS
0
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
- Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed Senate
Passed House
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenThis bill matters because international banking standards, often developed by groups like the Basel Committee, can have a significant impact on how banks in the U.S. operate. These rules can affect everything from the amount of money banks must hold in reserve to how they lend to businesses and individuals, ultimately influencing the stability of our financial system and the overall economy.
Currently, many of these international discussions happen with limited public and Congressional scrutiny. If this bill becomes law, it would shine a spotlight on these processes, giving Congress and the public a clearer understanding of what US regulators are agreeing to on the world stage. This increased transparency could lead to greater accountability for US representatives and ensure that any new international rules are carefully considered for their impact on the American financial system and economy, potentially preventing adverse outcomes or promoting beneficial ones. If it doesn't pass, these discussions will continue with less direct oversight and public awareness.
KEY PROVISIONS
3AI-extractedPROVISION 01
Requires key federal banking agencies to submit an annual report to Congress and make it publicly available on their goals for and activities related to the Basel Committee on Bank Supervision meetings.
This provision increases transparency and oversight of international banking standard-setting processes that can significantly impact the U.S. financial system.
PROVISION 02
Mandates an additional report to Congress within 30 days of any significant change in planned activities or after meetings, detailing outcomes, proposed changes, and US representatives' positions.
This ensures Congress receives timely updates on critical developments and decisions made in international forums, fostering greater accountability.
PROVISION 03
Requires the Chair and Vice Chair for Supervision of the Federal Reserve Board to discuss the details of the annual report during their annual testimony to Congress.
This provision integrates the oversight directly into established Congressional review processes, ensuring top officials are directly questioned on these international engagements.
SPONSORSHIP
1 + 0
R· Louisiana
YRS IN OFFICE
9
BILLS LED
84
ACTION TIMELINE
2 EVENTSMAR 11
Introduced in Senate
MAR 11
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
BILL INFO
TypeSenate Bill
NumberS 940
Congress119th
StatusIn Committee
IntroducedMar 11, 2025
Last actionMar 11, 2025
READER REACTIONS
OVERALL SENTIMENT
No reactions yet. Be the first to weigh in.
Discussion
Loading comments...
IN COMMITTEE· 119TH CONGRESS · BANKING, HOUSING, AND URBAN AFFAIRS COMMITTEE · INTRODUCED MAR 11, 2025
Senate BillS 940Finance and Financial Sector
Transparency in Banking Act
INTRODUCED MAR 11, 2025· LAST ACTION MAR 11, 2025
PASSAGE CHANCES
—%
READING
2 min
COSPONSORS
0
COMPLEXITY
Moderate
