The U.S. Government Accountability Office on Thursday reported that the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency took part in developing international banking standards between 2010 and 2025.
According to the report, the banking agencies participated in groups that set global standards, including the Basel Committee on Banking Supervision. They also conducted joint work with, or provided technical help to, some bodies in which they were not members.
GAO found the agencies helped develop 22 international standards, along with at least 120 guidelines and informational publications over the 2010–2025 period. Members of the standard‑setting bodies generally are expected to implement standards domestically but are not legally required to do so, GAO wrote. Implementation of guidelines and informational publications is encouraged but not expected, according to the report.
The report said the banking agencies primarily implemented international standards through domestic rulemaking. Citing Basel Committee implementation‑monitoring reports, GAO wrote that as of May 2026 the agencies had proposed 27 rules to implement Basel standards, 18 of which had been finalized. The agencies also adopted some guidelines and informational publications issued by international bodies. These organizations promoted implementation through assessments, peer reviews, and other monitoring activities, GAO reported. Agency staff told GAO that domestic policy objectives and internal deliberations primarily drove implementation actions.
Oversight of agency participation included multilayered internal reviews, with senior officials reviewing staff work and agency leaders approving policy positions and representing their agencies in key meetings, the report said. GAO also cited external oversight and transparency steps, including congressional hearings and reporting, public consultations by standard‑setting bodies, and disclosures in agency annual reports.
GAO said some Members of Congress have questioned the transparency of international standard setting and noted concerns that domestic regulations closely reflect international standards developed with limited U.S. stakeholder input. GAO examined the extent of agency participation, how standards have been implemented and promoted, and the oversight mechanisms for this work.
To conduct the review, GAO analyzed documents from the federal banking agencies, publications from international standard‑setting bodies, and relevant academic and policy literature. It also interviewed officials from the banking agencies and 18 stakeholders—eight academics, three private sector lawyers, and seven advocacy organizations—selected for their expertise and range of views on international financial standard setting. The report was published Nov. 5, 2026.
