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H.R. 3179 (115th): Transparency and Accountability for Business Standards Act

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Apr 5, 2018.

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or the agency's rationale for not proposing, the repeal or amendment of any prudential regulation that is effectively superseded by the implementation of an international prudential standard.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.