U.S. banking agencies helped develop 22 international financial standards and at least 120 guidelines and informational publications over 15 years, according to a new report by the Government Accountability Office.
In response to a request from members of Congress, GAO studied the participation of the FDIC, Federal Reserve and Office of the Comptroller of the Currency in international standard-setting bodies from 2010 to 2025. While there are no legal requirements to adopt the standards, participating countries are expected to implement them.
The Federal Reserve was the most active participant among the three agencies studied, being a member of the Basel Committee, Committee on Payments and Market Infrastructures, Financial Stability Board and International Association of Insurance Supervisors. All three agencies were active members of the Basel Committee, with the U.S. proposing 27 rules to implement Basel standards, 18 of which were finalized.
“The banking agencies used several mechanisms to oversee their participation in standards development,” GAO said in the report. “Through multilayered internal review processes, senior officials reviewed staff work, while agency leaders approved policy positions and represented their respective agencies in key meetings. The agencies are also subject to several external forms of oversight and transparency, including congressional hearings and reporting, public consultations by standard-setting bodies, and disclosures in annual reports.”
