This legislation requires the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation to submit annual reports to Congress. These reports will provide comprehensive details on their engagement with various global financial regulatory or supervisory forums . The primary goal is to enhance transparency and ensure accountability in the development and implementation of international financial standards. Each annual report must include a list of forums in which the agency holds membership, their general purposes, and how these align with U.S. laws. Agencies must also disclose the funding sources for these forums and describe their internal organizational structure for managing these international interactions. Furthermore, the reports require a discussion of standard-setting issues, the positions taken by U.S. representatives, and the rationale behind those positions. The reports must summarize meetings, key outcomes, and include the text of any final policies or recommendations adopted by these global forums. Crucially, agencies must describe any anticipated amendments to Federal statutes, regulations, or supervisory practices needed to implement these global standards. They also need to discuss actions taken to implement agreements, including an economic impact analysis justifying the benefits outweighing costs. The bill defines global financial regulatory or supervisory forums to include entities like the Bank for International Settlements, the Basel Committee on Banking Supervision, and the Financial Stability Board, while excluding certain international financial institutions or treaty-based organizations. Additionally, the Federal Reserve Board is mandated to provide biannual congressional testimony specifically on its conduct of interactions within these global forums. This ensures ongoing oversight of U.S. engagement in international financial regulation.