To require the appropriate Federal banking agencies, when issuing certain prudential regulations that are substantively more stringent than a corresponding international prudential standard to publish the rationale for doing so and a cost-benefit analysis of the difference, and for other purposes.
Transparency and Accountability for Business Standards Act
This bill requires a federal banking agency to publish for notice and comment: (1) the agency's rationale for, and cost-benefit analysis regarding, the adoption of any prudential regulation that is substantively more stringent than a corresponding international prudential standard; and (2) a proposal for, or the agency's rationale for not proposing, the repeal or amendment of any prudential regulation that is effectively superseded by the implementation of an international prudential standard.
A federal banking agency must issue a report regarding any such final rule issued before the bill's enactment and on or after January 1, 2007.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported by the Yeas and Nays: 34 - 26.
Reported by the Committee on Financial Services. H. Rept. 115-620.
Reported by the Committee on Financial Services. H. Rept. 115-620.
Placed on the Union Calendar, Calendar No. 473.
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