Federal banking agencies helped develop international financial standards

The Government Accountability Office published a report on Thursday, 05 November 2026. It said the Federal Deposit Insurance Corporation, Board of Governors of the Federal Reserve System, and Office of the Comptroller of the Currency helped develop financial standards through international standard-setting bodies, including the Basel Committee on Banking Supervision.

From 2010 through 2025, the banking agencies participated in developing or updating international standards, guidelines, or informational publications. According to the report, they helped develop 22 standards and at least 120 guidelines and informational publications. Members generally are expected but are not legally required to implement standards domestically.

The agencies implemented international standards primarily through domestic rulemaking. The report said that, as of May 2026, the banking agencies had proposed 27 rules to implement the Basel standards. Of those rules, 18 had been finalized. The agencies also adopted some guidelines and informational publications developed by international standard-setting bodies.

Standard-setting bodies promoted implementation through assessments, peer reviews, and other monitoring activities. Agency staff stated that domestic policy objectives and internal deliberations primarily drove agency implementation actions. Implementation of guidelines and informational publications is encouraged but not expected.

The agencies used internal reviews, policy approvals and external oversight to manage their participation. Senior officials reviewed staff work, while agency leaders approved policy positions and represented their agencies at key meetings. External oversight included congressional hearings and reporting, public consultations by standard-setting bodies, and annual report disclosures.

Some Members of Congress have raised concerns about transparency and limited input from U.S. stakeholders. GAO reviewed agency documents, standard-setting body publications, academic and policy literature, and interviews with agency officials. GAO also interviewed 18 stakeholders, including eight academics, three private sector lawyers, and seven advocacy organizations.