HR 6550 — American FIRST Act of 2025

changes in existing law made by 
the bill, as reported, are shown as follows (existing law 
proposed to be omitted is enclosed in black brackets, new 
matter is printed in italics, and existing law in which no 
change is proposed is shown in roman):

 FEDERAL RESERVE ACT

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 board of governors of the federal reserve system

 Sec. 10. The Board of Governors of the Federal Reserve System 
(hereinafter referred to as the ``Board'') shall be composed of 
seven members, to be appointed by the President, by and with 
the advice and consent of the Senate, after the date of 
enactment of the Banking Act of 1935, for terms of fourteen 
years except as hereinafter provided, but each appointive 
member of the Federal Reserve Board in office on such date 
shall continue to serve as a member of the Board until February 
1, 1936, and the Secretary of the Treasury and the Comptroller 
of the Currency shall continue to serve as members of the Board 
until February 1, 1936. In selecting the members of the Board, 
not more than one of whom shall be selected from any one 
Federal Reserve district, the President shall have due regard 
to a fair representation of the financial, agricultural, 
industrial, and commercial interests, and geographical 
divisions of the country. In selecting members of the Board, 
the President shall appoint at least 1 member with demonstrated 
primary experience working in or supervising community banks 
having less than $10,000,000,000 in total assets. The members 
of the Board shall devote their entire time to the business of 
the Board and shall each receive an annual salary of $15,000, 
payable monthly, together with actual necessary traveling 
expenses.
 The members of the Board shall be ineligible during the time 
they are in office and for two years thereafter to hold any 
office, position, or employment in any member bank, except that 
this restriction shall not apply to a member who has served the 
full term for which he was appointed. Upon the expiration of 
the term of any appointive member of the Federal Reserve Board 
in office on the date of enactment of the Banking Act of 1935, 
the President shall fix the term of the successor to such 
member at not to exceed fourteen years, as designated by the 
President at the time of nomination, but in such manner as to 
provide for the expiration of the term of not more than one 
member in any two-year period, and thereafter each member shall 
hold office for a term of fourteen years from the expiration of 
the term of his predecessor, unless sooner removed for cause by 
the President. Of the persons thus appointed, 1 shall be 
designated by the President, by and with the advice and consent 
of the Senate, to serve as Chairman of the Board for a term of 
4 years, and 2 shall be designated by the President, by and 
with the advice and consent of the Senate, to serve as Vice 
Chairmen of the Board, each for a term of 4 years, 1 of whom 
shall serve in the absence of the Chairman, as provided in the 
fourth undesignated paragraph of this section, and 1 of whom 
shall be designated Vice Chairman for Supervision. The Vice 
Chairman for Supervision shall develop policy recommendations 
for the Board regarding supervision and regulation of 
depository institution holding companies and other financial 
firms supervised by the Board, and shall oversee the 
supervision and regulation of such firms. The chairman of the 
Board, subject to its supervision, shall be its active 
executive officer. Each member of the Board shall within 
fifteen days after notice of appointment make and subscribe to 
the oath of office. Upon the expiration of their terms of 
office, members of the Board shall continue to serve until 
their successors are appointed and have qualified. Any person 
appointed as a member of the Board after the date of enactment 
of the Banking Act of 1935 shall not be eligible for 
reappointment as such member after he shall have served a full 
term of fourteen years.
 The Board of Governors of the Federal Reserve System shall 
have power to levy semiannually upon the Federal reserve banks, 
in proportion to their capital stock and surplus, an assessment 
sufficient to pay its estimated expenses and the salaries of 
its members and employees for the half year succeeding the 
levying of such assessment, together with any deficit carried 
forward from the preceding half year, and such assessments may 
include amounts sufficient to provide for the acquisition by 
the Board in its own name of such site or building in the 
District of Columbia as in its judgment alone shall be 
necessary for the purpose of providing suitable and adequate 
quarters for the performance of its functions. After September 
1, 2000, the Board may also use such assessments to acquire, in 
its own name, a site or building (in addition to the facilities 
existing on such date) to provide for the performance of the 
functions of the Board. After approving such plans, estimates, 
and specifications as it shall have caused to be prepared, the 
Board may, notwithstanding any other provision of law, cause to 
be constructed on any site so acquired by it a building or 
buildings suitable and adequate in its judgment for its 
purposes and proceed to take all such steps as it may deem 
necessary or appropriate in connection with the construction, 
equipment, and furnishing of such building or buildings. The 
Board may maintain, enlarge, or remodel any building or 
buildings so acquired or constructed and shall have sole 
control of such building or buildings and space therein.
 The principal offices of the Board shall be in the District 
of Columbia. At meetings of the Board the chairman shall 
preside, and, in his absence, the vice chairman shall preside. 
In the absence of the chairman and the vice chairman, the Board 
shall elect a member to act as chairman pro tempore. The Board 
shall determine and prescribe the manner in which its 
obligations shall be incurred and its disbursements and 
expenses allowed and paid, and may leave on deposit in the 
Federal Reserve banks the proceeds of assessments levied upon 
them to defray its estimated expenses and the salaries of its 
members and employees, whose employment, compensation, leave, 
and expenses shall be governed solely by the provisions of this 
Act, specific amendments thereof, and rules and regulations of 
the Board not inconsistent therewith; and funds derived from 
such assessments shall not be construed to be Government funds 
or appropriated moneys. No member of the Board of Governors of 
the Federal Reserve System shall be an officer or director of 
any bank, banking institution, trust company, or Federal 
Reserve bank or hold stock in any bank, banking institution, or 
trust company; and before entering upon his duties as a member 
of the Board of Governors of the Federal Reserve System he 
shall certify under oath that he has complied with this 
requirement, and such certification shall be filed with the 
secretary of the Board. Whenever a vacancy shall occur, other 
than by expiration of term, among the six members of the Board 
of Governors of the Federal Reserve System appointed by the 
President as above provided, a successor shall be appointed by 
the President, by and with the advice and consent of the 
Senate, to fill such vacancy, and when appointed he shall hold 
office for the unexpired term of his predecessor.
 The President shall have power to fill all vacancies that 
may happen on the Board of Governors of the Federal Reserve 
System during the recess of the Senate by granting commissions 
which shall expire with the next session of the Senate.
 Nothing in this Act contained shall be construed as taking 
away any powers heretofore vested by law in the Secretary of 
the Treasury which relate to the supervision, management, and 
control of the Treasury Department and bureaus under such 
department, and wherever any power vested by this Act in the 
Board of Governors of the Federal Reserve System or the Federal 
reserve agent appears to conflict with the powers of the 
Secretary of the Treasury, such powers shall be exercised 
subject to the supervision and control of the Secretary.
 (7) Annual report.--
 (A) In general.--The Board of Governors of 
 the Federal Reserve System shall annually make 
 a full report of its operations to the Speaker 
 of the House of Representatives, who shall 
 cause the same to be printed for the 
 information of the Congress. [The report 
 required under this paragraph shall include the 
 reports required under section 707 of the Equal 
 Credit Opportunity Act, section 18(f)(7) of the 
 Federal Trade Commission Act, section 114 of 
 the Truth in Lending Act, and the tenth 
 undesignated paragraph of this section.]
 (B) Interactions with global financial 
 regulatory or supervisory forums.--The report 
 required under subparagraph (A) shall include a 
 description of the Board's interactions with 
 global financial regulatory or supervisory 
 forums, including--
 (i) a list of the global financial 
 regulatory or supervisory forums in 
 which the Board maintained membership 
 during the period covered by the 
 report; and
 (ii) for each such global financial 
 regulatory or supervisory forum in the 
 list provided pursuant to clause (i)--
 (I) a description of the 
 general purposes of the global 
 financial regulatory or 
 supervisory forum, including a 
 list of the current members and 
 observers of the global 
 financial regulatory or 
 supervisory forum;
 (II) a discussion of how the 
 general purposes of the global 
 financial regulatory or 
 supervisory forum align with 
 the purposes of this Act and 
 the other Acts that the Board 
 implements;
 (III) an identification of 
 the sources that provided a 
 material amount of funding for 
 the operations of the global 
 financial regulatory or 
 supervisory forum during the 
 period covered by the report;
 (IV) a description of the 
 organization the Board 
 maintained during the period 
 covered by the report to 
 conduct interactions with the 
 global financial regulatory or 
 supervisory forum, including an 
 organizational chart and an 
 identification of the official 
 staff of the Board with 
 oversight responsibility for 
 interactions with the global 
 financial regulatory or 
 supervisory forum;
 (V) a discussion of the 
 financial regulatory or 
 supervisory standard-setting 
 issues under discussion at the 
 global financial regulatory or 
 supervisory forum during the 
 period covered by the report;
 (VI) a description of the 
 positions taken by 
 representatives of the Board at 
 the global financial regulatory 
 or supervisory forum during the 
 period covered by the report, 
 including the rationale, 
 objectives, and potential 
 impacts of such positions;
 (VII) a summary of the 
 meetings attended by 
 representatives of the Board at 
 the global financial regulatory 
 or supervisory forum during the 
 period covered by the report, 
 including a discussion of the 
 key outcomes from such 
 meetings;
 (VIII) the text of any final 
 policies, standards, or 
 recommendations adopted by the 
 global financial supervisory or 
 regulatory forum during the 
 period covered by the report, 
 including any implementing 
 material, annex, appendix, side 
 letter, or similar document 
 entered into contemporaneously 
 or in conjunction with the 
 underlying policy, standard, or 
 recommendation, or an 
 identification of a publicly 
 available source for the text 
 of such policy, standard, 
 recommendation, or implementing 
 material;
 (IX) a description of any 
 amendments to Federal statutes, 
 regulations of the Board, 
 guidance of the Board, or 
 changes to the Board's 
 supervisory practices the Board 
 anticipates will be necessary 
 to implement any final 
 policies, standards, or 
 recommendations adopted by the 
 global financial supervisory or 
 regulatory forum during the 
 period covered by the report;
 (X) a discussion of rules 
 proposed, rules under 
 consideration, final rules 
 adopted, guidance proposed, 
 guidance under consideration, 
 final guidance adopted, or any 
 other similar actions taken by 
 the Board during the period 
 covered by the report to 
 implement agreements of the 
 global financial regulatory or 
 supervisory forum, including an 
 economic impact analysis and a 
 justification for why the 
 expected costs of implementing 
 actions are at least offset by 
 the expected benefits related 
 to economic, national security, 
 financial stability, or other 
 national interests; and
 (XI) such other information 
 relating to interactions with 
 the global financial regulatory 
 or supervisory forum during the 
 period covered by the report 
 separately requested in writing 
 by the Committee on Banking, 
 Housing, and Urban Affairs of 
 the Senate or the Committee on 
 Financial Services of the House 
 of Representatives.
 (C) Global financial regulatory or 
 supervisory forum defined.--
 (i) In general.--In this paragraph, 
 the term ``global financial regulatory 
 or supervisory forum'' means any 
 association or union of nations through 
 or by which two or more foreign 
 authorities engage in some aspect of 
 their conduct of international affairs 
 regarding financial supervision and 
 regulation, including--
 (I) the Bank for 
 International Settlements;
 (II) the Basel Committee on 
 Banking Supervision;
 (III) the Financial Stability 
 Board;
 (IV) the International 
 Association of Insurance 
 Supervisors; and
 (V) the Network of Central 
 Banks and Supervisors for 
 Greening the Financial System.
 (ii) Exception.--The term ``global 
 financial regulatory or supervisory 
 forum'' does not include--
 (I) international financial 
 institutions, as defined in 
 section 1701(c)(2) of the 
 International Financial 
 Institutions Act (22 U.S.C. 
 262r(c)(2)); or
 (II) any international 
 organization with respect to 
 which the Board participates 
 pursuant to a treaty to which 
 the United States is a party.

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 No Federal Reserve bank may authorize the acquisition or 
construction of any branch building, or enter into any contract 
or other obligation for the acquisition or construction of any 
branch building, without the approval of the Board.
 The Board of Governors of the Federal Reserve System shall 
keep a complete record of the action taken by the Board and by 
the Federal Open Market Committee upon all questions of policy 
relating to open-market operations and shall record therein the 
votes taken in connection with the determination of open-market 
policies and the reasons underlying the action of the Board and 
the Committee in each instance. The Board shall keep a similar 
record with respect to all questions of policy determined by 
the Board, and shall include in its annual report to the 
Congress a full account of the action so taken during the 
preceding year with respect to open-market policies and 
operations and with respect to the policies determined by it 
and shall include in such report a copy of the records required 
to be kept under the provisions of this paragraph.
 (12) Appearances before congress.--The Vice Chairman 
 for Supervision shall appear before the Committee on 
 Banking, Housing, and Urban Affairs of the Senate and 
 the Committee on Financial Services of the House of 
 Representatives and at semi-annual hearings regarding 
 the efforts, activities, objectives, and plans of the 
 Board with respect to the conduct of supervision and 
 regulation of depository institution holding companies 
 and other financial firms supervised by the Board and 
 with respect to the conduct of interactions at global 
 financial regulatory or supervisory forums (as defined 
 in paragraph (7)(C)).

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 REVISED STATUTES OF THE UNITED STATES

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TITLE VII. DEPARTMENT OF THE TREASURY.

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 CHAPTER NINE--THE COMPTROLLER OF THE CURRENCY.

Sec.
 * * * * * * *
[332. Banks in District of Columbia.]
332. Data standards; open data publication.

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SEC. [333.] 332. DATA STANDARDS; OPEN DATA PUBLICATION.

 (a) Data Standards.--
 (1) Requirement.--The Comptroller of the Currency 
 shall, by rule, adopt data standards for all 
 collections of information that are regularly filed 
 with or submitted to the Comptroller of the Currency by 
 any entity with respect to which the Office of the 
 Comptroller of the Currency is the appropriate Federal 
 banking agency (as defined in section 3 of the Federal 
 Deposit Insurance Act (12 U.S.C. 1813)).
 (2) Consistency.--The data standards required under 
 paragraph (1) shall incorporate, and ensure 
 compatibility with (to the extent feasible), all 
 applicable data standards established in the rules 
 promulgated under section 124 of the Financial 
 Stability Act of 2010, including, to the extent 
 practicable, by having the characteristics described in 
 clauses (i) through (vi) of subsection (c)(1)(B) of 
 such section 124.
 (b) Open Data Publication.--All public data assets published 
by the Comptroller of the Currency under title LXII or the 
Dodd-Frank Wall Street Reform and Consumer Protection Act 
(Public Law 111-203; 124 Stat. 1376) shall be--
 (1) made available as an open Government data asset 
 (as defined in section 3502 of title 44, United States 
 Code);
 (2) freely available for download;
 (3) rendered in a human-readable format; and
 (4) accessible via application programming interface 
 where appropriate.
 [Sec. 333. The Comptroller of the Currency shall make an 
annual report to Congress. The report required under this 
section shall include the report required under section 
18(f)(7) of the Federal Trade Commission Act.]

SEC. 333. REPORT OF COMPTROLLER.

 (a) In general.--The Comptroller of the Currency shall make 
an annual report to Congress.
 (b) Interactions with global financial regulatory or 
supervisory forums.--The report required under subsection (a) 
shall include a description of the Comptroller's interactions 
with global financial regulatory or supervisory forums, 
including--
 (1) a list of the global financial regulatory or 
 supervisory forums in which the Comptroller maintained 
 membership during the period covered by the report; and
 (2) for each such global financial regulatory or 
 supervisory forum in the list provided pursuant to 
 paragraph (1)--
 (A) a description of the general purposes of 
 the global financial regulatory or supervisory 
 forum, including a list of the current members 
 and observers of the global financial 
 regulatory or supervisory forum;
 (B) a discussion of how the general purposes 
 of the global financial regulatory or 
 supervisory forum align with the purposes of 
 this chapter, title LXII, and the other Acts 
 that the Comptroller implements;
 (C) an identification of the sources that 
 provided a material amount of funding for the 
 operations of the global financial regulatory 
 or supervisory forum during the period covered 
 by the report;
 (D) a description of the organization the 
 Comptroller maintained during the period 
 covered by the report to conduct interactions 
 with the global financial regulatory or 
 supervisory forum, including an organizational 
 chart and an identification of the official 
 staff of the Office of the Comptroller of the 
 Currency with oversight responsibility for 
 interactions with the global financial 
 regulatory or supervisory forum;
 (E) a discussion of the financial regulatory 
 or supervisory standard-setting issues under 
 discussion at the global financial regulatory 
 or supervisory forum during the period covered 
 by the report;
 (F) a description of the positions taken by 
 representatives of the Comptroller at the 
 global financial regulatory or supervisory 
 forum during the period covered by the report, 
 including the rationale, objectives, and 
 potential impacts of such positions;
 (G) a summary of the meetings attended by 
 representatives of the Comptroller at the 
 global financial regulatory or supervisory 
 forum during the period covered by the report, 
 including a discussion of the key outcomes from 
 such meetings;
 (H) the text of any final policies, 
 standards, or recommendations adopted by the 
 global financial supervisory or regulatory 
 forum during the period covered by the report, 
 including any implementing material, annex, 
 appendix, side letter, or similar document 
 entered into contemporaneously or in 
 conjunction with the underlying policy, 
 standard, or recommendation, or an 
 identification of a publicly available source 
 for the text of such policy, standard, 
 recommendation, or implementing material;
 (I) a description of any amendments to 
 Federal statutes, regulations of the 
 Comptroller, guidance of the Comptroller, or 
 changes to the Comptroller's supervisory 
 practices the Comptroller anticipates will be 
 necessary to implement any final policies, 
 standards, or recommendations adopted by the 
 global financial supervisory or regulatory 
 forum during the period covered by the report;
 (J) a discussion of rules proposed, rules 
 under consideration, final rules adopted, 
 guidance proposed, guidance under 
 consideration, final guidance adopted, or any 
 other similar actions taken by the Comptroller 
 during the period covered by the report to 
 implement agreements of the global financial 
 regulatory or supervisory forum, including an 
 economic impact analysis and a justification 
 for why the expected costs of implementing 
 actions are at least offset by the expected 
 benefits related to economic, national 
 security, financial stability, or other 
 national interests; and
 (K) such other information relating to 
 interactions with the global financial 
 regulatory or supervisory forum during the 
 period covered by the report separately 
 requested in writing by the Committee on 
 Banking, Housing, and Urban Affairs of the 
 Senate or the Committee on Financial Services 
 of the House of Representatives.
 (c) Global financial regulatory or supervisory forum 
defined.--
 (1) In general.--In this section, the term ``global 
 financial regulatory or supervisory forum'' means any 
 association or union of nations through or by which two 
 or more foreign authorities engage in some aspect of 
 their conduct of international affairs regarding 
 financial supervision and regulation, including--
 (A) the Bank for International Settlements;
 (B) the Basel Committee on Banking 
 Supervision;
 (C) the Financial Stability Board;
 (D) the International Association of 
 Insurance Supervisors; and
 (E) the Network of Central Banks and 
 Supervisors for Greening the Financial System.
 (2) Exception.--The term ``global financial 
 regulatory or supervisory forum'' does not include--
 (A) international financial institutions, as 
 defined in section 1701(c)(2) of the 
 International Financial Institutions Act (22 
 U.S.C. 262r(c)(2)); or
 (B) any international organization with 
 respect to which the Comptroller participates 
 pursuant to a treaty to which the United States 
 is a party.

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 FEDERAL DEPOSIT INSURANCE ACT

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 Sec. 17. (a) Annual Reports on the Deposit Insurance Fund and 
the FSLIC Resolution Fund.--
 (1) In general.--The Corporation shall annually 
 submit a full report of its operations, activities, 
 budget, receipts, and expenditures for the preceding 
 12-month period. The report shall include, with respect 
 to the Deposit Insurance Fund and the FSLIC Resolution 
 Fund, an analysis by the Corporation of--
 (A) the current financial condition of each 
 such fund;
 (B) the purpose, effect, and estimated cost 
 of each resolution action taken for an insured 
 depository institution during the preceding 
 year;
 (C) the extent to which the actual costs of 
 assistance provided to, or for the benefit of, 
 an insured depository institution during the 
 preceding year exceeded the estimated costs of 
 such assistance reported in a previous year 
 under paragraph (A);
 (D) the exposure of the Deposit Insurance 
 Fund to changes in those economic factors most 
 likely to affect the condition of that fund;
 (E) a current estimate of the resources 
 needed for the Deposit Insurance Fund or the 
 FSLIC Resolution Fund to achieve the purposes 
 of this Act; and
 (F) any findings, conclusions, and 
 recommendations for legislative and 
 administrative actions considered appropriate 
 to future resolution activities by the 
 Corporation.
 (2) Manner of submission.--Such report shall be 
 submitted to the President of the Senate and the 
 Speaker of the House of Representatives, who shall 
 cause the same to be printed for the information of 
 Congress, and the President as soon as practicable 
 after the first day of January each year.
 [(3) Coordination with other report requirements.--
 The report required under this subsection shall include 
 the report required under section 18(f)(7) of the 
 Federal Trade Commission Act.]
 (3) Interactions with global financial regulatory or 
 supervisory forums.--The report required under 
 paragraph (1) shall include a description of the 
 Corporation's interactions with global financial 
 regulatory or supervisory forums, including--
 (A) a list of the global financial regulatory 
 or supervisory forums in which the Corporation 
 maintained membership during the period covered 
 by the report; and
 (B) for each such global financial regulatory 
 or supervisory forum in the list provided 
 pursuant to subparagraph (A)--
 (i) a description of the general 
 purposes of the global financial 
 regulatory or supervisory forum, 
 including a list of the current members 
 and observers of the global financial 
 regulatory or supervisory forum;
 (ii) a discussion of how the general 
 purposes of the global financial 
 regulatory or supervisory forum align 
 with the purposes of this Act and the 
 other Acts that the Corporation 
 implements;
 (iii) an identification of the 
 sources that provided a material amount 
 of funding for the operations of the 
 global financial regulatory or 
 supervisory forum during the period 
 covered by the report;
 (iv) a description of the 
 organization the Corporation maintained 
 during the period covered by the report 
 to conduct interactions with the global 
 financial regulatory or supervisory 
 forum, including an organizational 
 chart and an identification of the 
 official staff of the Corporation with 
 oversight responsibility for 
 interactions with the global financial 
 regulatory or supervisory forum;
 (v) a discussion of the financial 
 regulatory or supervisory standard-
 setting issues under discussion at the 
 global financial regulatory or 
 supervisory forum during the period 
 covered by the report;
 (vi) a description of the positions 
 taken by representatives of the 
 Corporation at the global financial 
 regulatory or supervisory forum during 
 the period covered by the report, 
 including the rationale, objectives, 
 and potential impacts of such 
 positions;
 (vii) a summary of the meetings 
 attended by representatives of the 
 Corporation at the global financial 
 regulatory or supervisory forum during 
 the period covered by the report, 
 including a discussion of the key 
 outcomes from such meetings;
 (viii) the text of any final 
 policies, standards, or recommendations 
 adopted by the global financial 
 supervisory or regulatory forum during 
 the period covered by the report, 
 including any implementing material, 
 annex, appendix, side letter, or 
 similar document entered into 
 contemporaneously or in conjunction 
 with the underlying policy, standard, 
 or recommendation, or an identification 
 of a publicly available source for the 
 text of such policy, standard, 
 recommendation, or implementing 
 material;
 (ix) a description of any amendments 
 to Federal statutes, regulations of the 
 Corporation, guidance of the 
 Corporation, or changes to the 
 Corporation's supervisory practices the 
 Corporation anticipates will be 
 necessary to implement any final 
 policies, standards, or recommendations 
 adopted by the global financial 
 supervisory or regulatory forum during 
 the period covered by the report;
 (x) a discussion of rules proposed, 
 rules under consideration, final rules 
 adopted, guidance proposed, guidance 
 under consideration, final guidance 
 adopted, or any other similar actions 
 taken by the Corporation during the 
 period covered by the report to 
 implement agreements of the global 
 financial regulatory or supervisory 
 forum, including an economic impact 
 analysis and a justification for why 
 the expected costs of implementing 
 actions are at least offset by the 
 expected benefits related to economic, 
 national security, financial stability, 
 or other national interests; and
 (xi) such other information relating 
 to interactions with the global 
 financial regulatory or supervisory 
 forum during the period covered by the 
 report separately requested in writing 
 by the Committee on Banking, Housing, 
 and Urban Affairs of the Senate or the 
 Committee on Financial Services of the 
 House of Representatives.
 (4) Global financial regulatory or supervisory forum 
 defined.--
 (A) In general.--In this subsection, the term 
 ``global financial regulatory or supervisory 
 forum'' means any association or union of 
 nations through or by which two or more foreign 
 authorities engage in some aspect of their 
 conduct of international affairs regarding 
 financial supervision and regulation, 
 including--
 (i) the Bank for International 
 Settlements;
 (ii) the Basel Committee on Banking 
 Supervision;
 (iii) the Financial Stability Board;
 (iv) the International Association of 
 Insurance Supervisors; and
 (v) the Network of Central Banks and 
 Supervisors for Greening the Financial 
 System.
 (B) Exception.--The term ``global financial 
 regulatory or supervisory forum'' does not 
 include--
 (i) international financial 
 institutions, as defined in section 
 1701(c)(2) of the International 
 Financial Institutions Act (22 U.S.C. 
 262r(c)(2)); or
 (ii) any international organization 
 with respect to which the Corporation 
 participates pursuant to a treaty to 
 which the United States is a party.
 (b) Quarterly Reports to Treasury.--
 (1) Financial operating plans and forecasts.--Before 
 the beginning of each fiscal quarter, the Corporation 
 shall provide to the Secretary of the Treasury a copy 
 of the Corporation's financial operating plans and 
 forecasts.
 (2) Financial condition and reports of operations.--
 As soon as practicable after the end of each fiscal 
 quarter, the Corporation shall submit to the Secretary 
 of the Treasury a copy of the report of the 
 Corporation's financial condition as of the end of such 
 fiscal quarter and the results of the Corporation's 
 operations during such fiscal quarter.
 (3) Items to be included.--The plans, forecasts, and 
 reports required under this subsection shall reflect 
 the estimates required to be made under section 15(b) 
 of the liabilities and obligations of the Corporation 
 described in such section.
 (4) Rule of construction.--The requirement to provide 
 plans, forecasts, and reports to the Secretary of the 
 Treasury under this subsection may not be construed as 
 implying any obligation on the part of the Corporation 
 to obtain the consent or approval of such Secretary 
 with respect to such plans, forecasts, and reports.
 (c) Reports to OMB.--
 (1) Financial information.--The Corporation shall 
 continue to provide to the Director of the Office of 
 Management and Budget financial information consistent 
 with that contained in the reports that were being 
 provided to the Director immediately prior to the 
 effective date of the Financial Institutions Reform, 
 Recovery, and Enforcement Act of 1989.
 (2) Financial operating plans and forecasts.--The 
 Corporation shall also provide to the Director copies 
 of the Corporation's financial operating plans and 
 forecasts as prepared by the Corporation in the 
 ordinary course of its operations, and copies of the 
 quarterly reports of the Corporation's financial 
 condition and results of operations as prepared by the 
 Corporation in the ordinary course of its operations.
 (3) Rule of construction.--This subsection may not be 
 construed as implying any obligation on the part of the 
 Corporation to consult with or obtain the consent or 
 approval of the Director with respect to any reports, 
 plans, forecasts, or other information referred to in 
 paragraph (1) or (2) or any jurisdiction or oversight 
 over the affairs or operations of the Corporation.
 (d) Audit.--
 (1) Audit required.--The Comptroller General shall 
 audit annually the financial transactions of the 
 Corporation the Deposit Insurance Fund and the FSLIC 
 Resolution Fund in accordance with generally accepted 
 government auditing standards.
 (2) Access to books and records.--All books, records, 
 accounts, reports, files, and property belonging to or 
 used by the Corporation, the Bank Insurance Fund, the 
 Savings Association Insurance Fund, and the FSLIC 
 Resolution Fund, or by an independent certified public 
 accountant retained to audit the Fund's financial 
 statements, shall be made available to the Comptroller 
 General.
 (e) The financial transactions of the Corporation shall be 
audited by the General Accounting Office in accordance with the 
principles and procedures applicable to commercial corporate 
transactions and under such rules and regulations as may be 
prescribed by the Comptroller General of the United States. The 
audit shall be conducted at the place or places where accounts 
of the Corporation are normally kept. The representatives of 
the General Accounting Office shall have access to all books, 
accounts, records, reports, files, and all other papers, 
things, or property belonging to or in use by the Corporation 
pertaining to its financial transactions and necessary to 
facilitate the audit, and they shall be afforded full 
facilities for verifying transactions with the balances or 
securities held by depositaries, fiscal agents, and custodians. 
All such books, accounts, records, reports, files, papers and 
property of the Corporation shall remain in possession and 
custody of the Corporation. The audit shall begin with 
financial transactions occurring on and after August 31, 1948. 
The Corporation shall be audited at least once in every three 
years.
 (f) A report of each audit conducted under subsection (b) of 
this section shall be made by the Comptroller General to the 
Congress not later than six and one-half months following the 
close of the last year covered by such audit. The report to the 
Congress shall set forth the scope of the audit and shall 
include a statement of assets and liabilities and surplus or 
deficit; a statement of surplus or deficit analysis; a 
statement of income and expenses; a statement of sources and 
application of funds and such comments and information as may 
be deemed necessary to inform Congress of the financial 
operations and condition of the Corporation, together with such 
recommendations with respect thereto as the Comptroller General 
may deem advisable. The report shall also show specifically any 
program, expenditure, or other financial transaction or 
undertaking observed in the course of the audit, which, in the 
opinion of the Comptroller General, has been carried on or made 
without authority of law. A copy of each report shall be 
furnished to the President, to the Secretary of the Treasury, 
and to the Corporation at the time submitted to the Congress.
 (g) For the purpose of conducting such audit the Comptroller 
General is authorized in his discretion to employ by contract, 
without regard to section 3709 of the Revised Statutes, 
professional services of firms and organizations of certified 
public accountants, with the concurrence of the Corporation, 
for temporary periods or for special purposes. The Corporation 
shall reimburse the General Accounting Office for the cost of 
any such audit as billed therefor by the Comptroller General, 
and the General Accounting Office shall deposit the sums so 
reimbursed into the Treasury as miscellaneous receipts.

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