The "Transparency in Banking Act" mandates increased oversight and reporting on the United States' involvement with the Basel Committee on Bank Supervision . It requires the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation to jointly submit an annual report to Congress by January 31st. This report must detail their goals for Basel meetings, including attendees, problems to be addressed, options considered, and the nature of standards being considered for application in the United States. Furthermore, it requires disclosure of the authority relied upon to implement proposed standards and the activities of all subcommittees. Should there be any significant changes to planned activities, these entities must inform Congress within 30 days, providing details such as meeting results, proposed changes, and the positions taken by U.S. representatives. Finally, the Chair and Vice Chair for Supervision of the Federal Reserve Board are required to incorporate the details of this annual report into their annual testimony before relevant Congressional committees, ensuring ongoing transparency.