H.R. 6550: American FIRST Act of 2025
Sponsor
Barry Loudermilk
Republican · GA-11
Bill Progress
Latest Action · Feb 25, 2026
Placed on House floor schedule, Calendar No. 454.
Drag global banking negotiations into the open
Why it matters
Three U.S. regulators — the Federal Reserve, the OCC, and the FDIC — would have to file yearly reports on their work inside five global banking bodies most Americans have never heard of. H.R. 6550 wouldn't stop that work, but it would force a public record of who said what, what got agreed, and which standards are headed for your bank's rulebook.
H.R. 6550, the American FIRST Act, is a transparency bill aimed at the Federal Reserve, the OCC, and the FDIC. It doesn't pull them out of international banking groups. It makes them report, every year, on which global forums they belong to, what was discussed, what positions their representatives took, and what came out of those meetings.
The disclosure list is long. For each forum, an agency would have to name the members and observers, identify the sources that provide a material amount of its funding, lay out the staff structure handling the work with an org chart, summarize meetings and outcomes, and hand over the text of any final standards or a public link to it.
If one of those global agreements starts becoming U.S. rules, guidance, or supervisory practice, the agency has to flag it. That includes describing the domestic changes it expects and attaching an economic impact analysis arguing the expected benefits at least offset the costs.
The bill defines covered forums broadly but names five outright: the Bank for International Settlements, the Basel Committee on Banking Supervision, the Financial Stability Board, the International Association of Insurance Supervisors, and the Network of Central Banks and Supervisors for Greening the Financial System. Treaty-based organizations and certain international financial institutions are carved out.
H.R. 6550 also folds these international dealings into the Federal Reserve's regular twice-a-year testimony to Congress, creating a second oversight track on top of the written reports.
H.R. 6550 Bill Summary
What H.R. 6550 actually does.
Three regulators must file annual global-forum reports
The Federal Reserve, the OCC, and the FDIC would each have to submit yearly reports to Congress on their work with international financial regulatory and supervisory groups.
5 major global banking groups get named
H.R. 6550 specifically covers 5 organizations: the Bank for International Settlements, Basel Committee on Banking Supervision, Financial Stability Board, International Association of Insurance Supervisors, and the Network of Central Banks and Supervisors for Greening the Financial System.
Agencies must disclose positions, meetings, and funding
For each covered forum, agencies would have to list members and observers, describe positions taken by U.S. representatives, summarize meetings and outcomes, identify major funding sources, and provide final standards or a public source for them.
Global deals headed for U.S. rules require a cost-benefit case
If an international agreement leads to proposed or adopted U.S. rules, guidance, or supervisory changes, the agency must describe the expected impact and attach an economic analysis arguing the expected benefits at least offset the costs.
The Federal Reserve must discuss this with Congress twice a year
The bill adds these international interactions to the Federal Reserve's regular semiannual testimony, creating a second public oversight track beyond the annual written reports.
Some international bodies stay outside the bill
The reporting rules would not apply to certain international financial institutions or to organizations where U.S. participation is based on a treaty.
Who benefits from H.R. 6550?
Anyone trying to track who shapes banking rules
If you want to know whether international negotiations are influencing U.S. bank policy, H.R. 6550 would create a yearly paper trail instead of leaving those decisions buried in agency process.
Banks, credit providers, and other regulated firms
Firms would get earlier visibility into whether global standards being discussed abroad might later show up as U.S. rules, guidance, or supervisory expectations.
Congress and oversight staff
Lawmakers would get regular reports from three regulators, plus Federal Reserve testimony twice a year, giving them more chances to question how global standards move toward domestic policy.
Journalists, researchers, and watchdog groups
They would gain easier access to meeting summaries, agency positions, forum membership lists, and final standards from 5 named global groups.
Who is affected by H.R. 6550?
Federal Reserve, OCC, and FDIC staff
These agencies would have new compliance work every year: drafting reports, compiling meeting records, identifying staff oversight structures, and documenting how global agreements could affect U.S. policy.
Global forums that work with U.S. regulators
Their dealings with U.S. agencies would become more visible because H.R. 6550 requires public reporting on members, observers, funding sources, meeting outcomes, and adopted standards.
Lawmakers skeptical of global standard-setting
They would get more formal oversight tools, but also a clearer record that could be used either to challenge or defend regulators' participation in these forums.
People using the banking system
You would not get a direct payment or new benefit, but you could get more visibility into how international banking standards may shape the rules behind lending, capital, supervision, and financial stability.
HR6550 Legislative Journey
House: Committee Action
Feb 25, 2026
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-529.
House: Vote: 29-23
Dec 17, 2025
Ordered to be Reported (Amended) by the Yeas and Nays: 29 - 23.
House: Committee Action
Dec 16, 2025
Committee Consideration and Mark-up Session Held
House: Committee Action
Dec 10, 2025
Referred to the House Committee on Financial Services.
About the Sponsor
Barry Loudermilk
Republican, Georgia's 11th congressional district · 11 years in Congress
Committees: House Select Subcommittee to Investigate the Remaining Questions Surrounding January 6, 2021, House Administration, Financial Services
View full profile →
Cosponsors (6)
All 6 cosponsors are Republicans. Cosponsors represent 6 states: Kentucky, North Carolina, Nebraska, and 3 more.
Committee Sponsors
Financial Services Committee
6 of 53 committee members cosponsored
24 Republicans across this committee haven't cosponsored yet. Mobilize their constituents
What laws does H.R. 6550 change?
3 changes
Sections Amended
Section 333 of Revised Statutes of the United States (12 U.S.C. 14; relating to an annual report)
read as follows: ``SEC
Section 17(a) of Federal Deposit Insurance Act (12 U.S.C. 1827(a))
striking paragraph (3) and inserting the following: ``(3) Interactions with global financial regulatory or supervisory forums
Section 10 of Federal Reserve Act (12 U.S.C. 247b)
inserting before the period at the end the following: ``and with respect to the conduct of interactions at global financial regulatory or supervisory forums (as defined in paragraph (7)(C))''
H.R. 6550 Quick Facts
- Committee
- Financial Services
- Chamber
- House
- Policy
- Finance and Financial Sector
- Introduced
- Dec 10, 2025
Placed on House floor schedule, Calendar No. 454.
Feb 25, 2026
Official Sources
Official bill status, text, actions, and committee information for H.R. 6550.
The Federal Reserve Act section H.R. 6550 amends to require the Fed's annual report to describe its global-forum interactions.
The statute requiring the OCC's annual report to Congress, which H.R. 6550 rewrites to add global-forum disclosures.
The Federal Deposit Insurance Act reporting section H.R. 6550 amends to require the FDIC to report on its global-forum work.
The Federal Reserve is a primary agency affected by H.R. 6550 and would also discuss these interactions in semiannual testimony.
The OCC is one of the three regulators that would file new annual global-forum reports under H.R. 6550.
The FDIC is one of the three regulators covered by the bill's annual reporting requirements.
The bill ties international-forum disclosures to the Federal Reserve's regular semiannual reporting and testimony to Congress.
H.R. 6550 Common Questions
Did H.R. 6550 pass yet?
Not yet. H.R. 6550 cleared the House Financial Services Committee on a 29-23 vote and now sits on the Union Calendar, meaning it's eligible for a full House floor vote but hasn't passed Congress.
What does H.R. 6550 actually do?
It makes the Federal Reserve, the OCC, and the FDIC file yearly reports on their work inside global banking forums — covering meetings, the positions their reps took, funding sources, and any U.S. rule changes that could follow.
Which global banking groups are covered?
H.R. 6550 names five outright: the Bank for International Settlements, the Basel Committee on Banking Supervision, the Financial Stability Board, the International Association of Insurance Supervisors, and the NGFS.
Which U.S. regulators would have to report?
Three: the Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the FDIC. Each files its own annual report on its global-forum work.
Would regulators have to reveal the positions they took in those meetings?
Yes. The annual reports must spell out the positions agency representatives took at each forum — plus the rationale behind them, what they were trying to achieve, and the potential impacts.
Does H.R. 6550 require an economic impact analysis?
Yes. If a global agreement leads to proposed or adopted U.S. rules, guidance, or supervisory changes, the agency must include an economic impact analysis and explain the expected benefits and costs.
How often would the Federal Reserve have to discuss this with Congress?
Twice a year. H.R. 6550 folds the Fed's global-forum dealings into the semiannual testimony it already gives Congress, so lawmakers can question it in person — not just read a report.
Are any international organizations exempt?
Yes. The reporting rules skip certain international financial institutions and any organization the U.S. takes part in under a treaty.
Based on H.R. 6550 bill text
H.R. 6550 Bill Text
“To require annual reporting on interactions between Federal banking supervisory agencies and global financial regulatory or supervisory forums, and for other purposes.”
Source: U.S. Government Publishing Office
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