Bill · S. 940· Senate(119-S-940)
Transparency in Banking Act
- Introduced
- 3/11/2025
- Last activity
- 3/11/2025 — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Sponsored by
- John Kennedy
- Cosponsors
- None
- Introduced
- In Committee
What this bill would do
The "Transparency in Banking Act" requires specific financial entities to provide information regarding the Basel Committee on Bank Supervision to Congress. These entities include the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation. Working with the Secretary of the Treasury, these groups must submit an annual report detailing meeting goals, attendees, and proposed standards. They must also inform Congress within 30 days of any significant changes to planned activities. Additionally, the Chair and Vice Chair for Supervision must include these report details in their annual testimony before congressional committees.
Yes· 3 of 4
Does this make what the government does easier for the public to see?+5
The bill significantly increases transparency regarding the activities and standards of the Basel Committee.
Does this give the federal government more power?+1
The bill expands federal oversight and reporting requirements for banking entities.
Does this make the government pay for what it commits to?+1
Increased transparency in banking standards oversight can promote more stable and responsible financial systems.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
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Increased Transparency: The bill requires entities to submit a report on the Basel Committee on Bank Supervision, including meeting goals, attendees, problems addressed, and options considered (Sec. 2(a)(1)). This provides a clear look at what is being discussed regarding banking standards.
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Public Access to Information: The required report must be made available on the website of the Board of Governors (Sec. 2(a)(1)). This allows the public to see the information being provided to Congress.
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Timely Updates on Changes: Entities must inform Congress of significant changes to planned activities within 30 days, including meeting results, a summary of minutes, and the positions taken by members (Sec. 2(a)(2)). This ensures that shifts in activity are communicated quickly.
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Accountability through Testimony: The Chair and Vice Chair for Supervision of the Board of Governors must include the details of the annual report in their annual testimony before Senate and House committees (Sec. 2(b)). This creates a direct line of communication between these officials and Congress.
Potential Negative Impacts for People
- No specific negative impacts or burdens are explicitly mentioned in the provided text.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Governance And Ideology
- Improves Government Transparency+5Increases Federal Power+1
- Economy And Finance
- Improves Consumer Protection+1Improves Fiscal Responsibility+1
- 3/11/2025
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Introduced in Senate
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.