GAO Report Details Federal Banking Agencies' Role in International Standards
The Federal Reserve, FDIC and OCC are bound by 27 proposed Basel rules, 18 of which were finalized as of May 2026.
The Government Accountability Office found that the Federal Reserve Board, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency participated in international standard-setting bodies, including the Basel Committee on Banking Supervision, from 2010 through 2025. Agency staff helped develop 22 standards and at least 120 guidelines and informational publications.
Implementation of those standards has been carried out primarily through domestic rulemaking. As of May 2026, the agencies had proposed 27 rules to implement Basel standards, and 18 of those rules had been finalized. In addition, the agencies adopted selected guidelines and informational publications issued by the international bodies.
Oversight of the agencies' participation relies on multilayered internal review processes, senior-official sign-off and agency-leader representation in key meetings. External oversight includes congressional hearings, public consultations conducted by the standard-setting bodies and disclosures in the agencies' annual reports.
GAO conducted the review at the request of Members of Congress concerned about transparency. The study examined agency documents, standard-setting body publications and interviewed 18 stakeholders - eight academics, three private-sector lawyers and seven advocacy organizations - covering the 2010-2025 period.
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