American FIRST Act of 2025
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Progress
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- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The American FIRST Act of 2025 requires the Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation to annually report on their interactions with global financial regulatory and supervisory forums. These reports must detail the nature of these interactions, including membership in forums, discussions of regulatory standards, positions taken, and any resulting policy changes. The act aims to increase transparency regarding U.S. engagement in international financial regulation.
Key provisions
- Requires annual reporting on interactions between Federal banking supervisory agencies and global financial regulatory forums.
- Specifies detailed information to be included in the reports, such as forum membership, discussions of regulatory standards, and positions taken.
- Defines ‘global financial regulatory or supervisory forum’ to include organizations like the Bank for International Settlements and the Financial Stability Board.
- Mandates that the reports address potential amendments to U.S. laws and regulations needed to implement international agreements.
- Requires an economic impact analysis for implementing international agreements.
- Includes a provision for congressional committees to request additional information.
- Updates the annual reports of the Comptroller of the Currency and the FDIC to include similar reporting requirements.
- Requires biannual congressional testimony on these interactions.
Bill text
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