WASHINGTON — Rep. Andy Barr, R-Ky., introduced a bill Tuesday that would increase Congress' ability to oversee U.S. banking agencies' participation in international groups, including the Basel Committee on Banking Supervision and the Financial Stability Board.
Barr's announcement comes on the heels of a speech by Federal Reserve Vice Chair for Supervision Michael Barr earlier the same day that detailed significant changes in store for
The Basel proposal sparked fierce disagreement from the banking industry and from congressional Republicans, including Rep. Barr. Republicans have also
Rep. Barr's legislation would require banking agencies — including the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency and the Federal Reserve System — to submit notices to the House Financial Services Committee and Senate Banking Committee should they want to join an international group.
Agencies would also have to submit notices to Congress if they wanted to negotiate with an international body they're already a member of, and to periodically update Congress on those groups after they have joined.
"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," Barr said in a statement. "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."
Congress could pass a notice of disapproval if the agency joins a group or takes an action lawmakers oppose.
The bill has little chance of passing in a divided Congress in the middle of a tough election year. Rep. Barr, however, is
