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Congressman Flood Introduces the International Regulatory Transparency and Accountability Act

July 21, 2023

WASHINGTON, D.C. – U.S. Congressman Mike Flood recently introduced the International Regulatory Transparency and Accountability Act. The act would add new transparency and accountability to federal financial regulators when they negotiate international agreements. 

“Decisions made by international regulators can have profound effects on American businesses in their relevant fields,” said Congressman Flood. “It’s time international engagement by American regulators be subject to the same kind of scrutiny they get when they issue a new regulation back home. This act helps do just that by providing more transparency around how American regulators participate in global policymaking.”

Prior to entering an international agreement, the bill would require financial regulators to:

  • Provide written notification to Congress and the public containing information on the purpose, scope, and anticipated impact of negotiations. 
  • Report to Congress on the formulation of American positions before international regulatory bodies.
  • Notify the public of the proposed agreement and allow for a minimum of 60 days for the public to comment on the agreement.
  • Brief Members of Congress on the status and progress of international regulatory negotiations periodically, and post summaries of any meetings with an international financial organization publicly.  

Congressman Flood is a member of the Financial Services Committee.