New legislation unveiled on Capitol Hill would require federal financial regulatory agencies to improve their consultation with Congress and the public regarding their engagement with international organizations.
“By increasing accountability, we are putting the American people first and ensuring that our financial regulations remain strong, fair, and focused on promoting U.S. economic growth and stability,” said U.S. Rep. Andy Barr (R-KY), who introduced the Congressional Banking Regulation Priorities and Accountability Act of 2024, H.R. 9512, on Tuesday.
If enacted, the bill aims to bolster oversight by Congress of federal financial regulators through tougher accountability and transparency requirements regarding the effect of membership, engagement, and participation in international organizations on the laws, rules, and regulations applicable to companies in the United States.
“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.”
H.R. 9512 has been referred to the U.S. House Financial Services Committee and the U.S. House Rules Committee for consideration.