GSIB Act of 2024

This bill requires global systemically important bank holding companies (the largest, most complex banks) to submit detailed annual reports to the Federal Reserve. The reports must cover specific areas including branch locations, enforcement actions (like labor or safety violations), executive compensation comparisons, climate risk strategies, diversity metrics, and environmental impact related to projects in vulnerable communities. Banks must also disclose their use of forced arbitration, cybersecurity practices, and how they address past environmental harms. The Federal Reserve will make these reports publicly available online, increasing transparency around these institutions' operations and impacts.