Bill
HR 6550
Orders the Fed and other federal banking agencies to publish an annual report detailing their interactions with global financial forums (BIS, Basel, FSB, IAIS, NGFS) and impacts.
Status: Introduced in House (December 10, 2025); referred to the Committee on Financial Services. Not enacted as of this date.
Short title
- The American Financial Institution Regulatory Sovereignty and Transparency Act of 2025, also referred to as the American FIRST Act of 2025.
Purpose and intent
- To require annual reporting by U.S. federal banking supervisory agencies on their interactions with global financial regulatory or supervisory forums.
- The bill aims to increase transparency around how U.S. banking regulators engage with international or cross-border regulatory bodies and to assess how such engagements align with U.S. statutory objectives and national interests.
Key provisions (highlights)
1) Federal Reserve Board reporting requirement
- The act amends the seventh undesignated paragraph of section 10 of the Federal Reserve Act (12 U.S.C. 247).
- It adds an explicit annual reporting obligation labeled “ANNUAL REPORT.”
- The annual report must describe the Board’s interactions with global financial regulatory or supervisory forums and include a detailed contents list (see items 2–11 below).
- The Board must disclose, for each forum in which it maintained membership, extensive information about purposes, membership, and activities.
2) Content of the annual report (for each global forum)
- Identify all global financial regulatory or supervisory forums in which the Board participated during the covered period.
- For each forum, provide:
- General purposes of the forum and the list of current members and observers.
- How the forum’s purposes align with the objectives of this Act and relevant U.S. statutes and Board policies.
- Sources of significant funding for the forum’s operations during the period.
- Organization and staffing the Board used to conduct interactions, including an organizational chart and the officials responsible for oversight.
- Financial regulatory or supervisory standard-setting issues under discussion.
- Positions taken by Board representatives, including rationale, objectives, and potential impacts.
- Summary of meetings attended by Board representatives and key outcomes.
- Text of final policies, standards, or recommendations adopted (and any implementing materials or side documents), or a publicly available source for the text.
- Any anticipated amendments to statutes, regulations, Board guidance, or supervisory practices needed to implement final forum outputs.
- Any proposed or finalized rules, guidance, or other actions by the Board intended to implement international forum agreements, including:
- Economic impact analyses and justifications concerned with costs and benefits related to economic, national security, financial stability, or other national interests.
- Any other information related to interactions with the forum that may be separately requested by specific Congressional committees (Banking, Housing, Urban Affairs of the Senate; Financial Services of the House).
3) Definition of “global financial regulatory or supervisory forum”
- The bill defines this term to include:
- Bank for International Settlements (BIS)
- Basel Committee on Banking Supervision
- Financial Stability Board
- International Association of Insurance Supervisors
- Network of Central Banks and Supervisors for Greening the Financial System
- Exclusions:
- International financial institutions (as defined in the statute or related international law)
- International organizations with respect to which the Board participates by treaty to which the United States is a party
4) Other agency scope
- The bill text references additional provisions related to the Office of the Comptroller of the Currency (12 U.S.C. 14) and an annual report mechanism, suggesting a broader framework for annual reporting by other federal banking agencies as applicable (though details are truncated in the provided text).
What would be affected
- Primary: The Board of Governors of the Federal Reserve System (and potentially other federal banking supervisory agencies) would have new annual reporting obligations regarding their interactions with global financial regulatory or supervisory forums.
- Other affected actors may include the Office of the Comptroller of the Currency and related federal banking agencies, depending on the final, full statutory text and any related implementing rules.
Procedural/timeline aspects
- Introduced in the 119th Congress on December 10, 2025.
- Referred to the House Committee on Financial Services for consideration.
- No further action (as of the provided information) indicating passage or final approval.
Impact considerations (objective view)
- Pros: Increases transparency and provides Congress and the public with visibility into international regulatory engagements, potential alignment with U.S. statutory objectives, and insights into forum governance, funding, and policy implications.
- Cons: May increase reporting burden on federal agencies and could constrain or slow regulatory flexibility in international negotiations if disclosures are used for pressure or critique.
If you’d like, I can compare this bill’s provisions to existing reporting requirements or provide a one-page briefing for policymakers.
Compiled from official sources — confirm details with the bill’s official record.
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