There is one summary for H.R.1226. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (03/10/2005)

United States Financial Policy Committee For Fair Capital Standards Act - Establishes the United States Financial Policy Committee as an inter-agency committee composed of: (1) the Secretary of the Treasury, who shall serve as the Chairperson of the Committee; (2) the Chairman of the Board of Governors of the Federal Reserve System; (3) the Comptroller of the Currency; (4) the Chairperson of the Federal Deposit Insurance Corporation; and (5) the Director of the Office of Thrift Supervision.

Directs the Committee to develop uniform U.S. positions on proposals made to, and issues before, the Basel Committee on Banking Supervision that, if implemented, may directly or indirectly affect United States financial institutions.

Requires the Committee to meet before any meeting of the Basel Committee that is related to, or is expected to involve, a discussion of capital standards.

Prohibits a member Federal banking agency from agreeing to any proposed recommendation of the Basel Committee before the agency reports on it to Congress.

Requires the Federal member banking agencies to employ prescribed criteria in their evaluation of the impact of any revised Basel capital accord.

Amends the International Lending Supervision Act of 1983 to add the Director of the Office of Thrift Supervision as one of the four Federal bank regulatory and supervisory agencies on the Committee on Banking Regulations and Supervisory Practices of the Group of Ten Countries and Switzerland.