“Investors and consumers alike deserve to know how these institutions are impacting climate change, how that’s increasing costs and deadly natural disasters. Investors deserve to know whether these banks are rewarding themselves with large executive bonuses.”

 “And investors deserve to know that the Board of Directors at these companies represent them and their interests.”

Pressley Legislation Would Require Transparent Reporting from GSIBs, Enhance Oversight of the World’s Largest Bank Holding Companies

Bill Text | Video (YouTube)

WASHINGTON, D.C. – During a House Financial Services Committee hearing last week, Congresswoman Ayanna Pressley (MA-07) unveiled the Greater Supervision in Banking Act, or the GSIB Act, to mandate disclosures on diversity metrics and ensure transparency and accountability of big banks.

Rep. Pressley announced the legislation while questioning SEC Chair Paul Atkins and calling on him to require such disclosures in the interest of investors, who deserve to know details such as diversity, compensation policies, and climate costs to make fair investment assessments.

Led by Rep. Pressley and co-sponsored by Reps. Al Green (TX-09) and Rashida Tlaib (MI-12), the GSIB Act would require global systemically important bank holding companies (GSIBs) to submit public, annual reports to the Federal Reserve Board of Governors detailing:

• GSIBs’ size, complexity, subsidiary structure, and branch distribution;
• Enforcement actions against the company, including labor and consumer protection violations;
• Information on employee dismissals for misconduct, including executives;
• Capital market activities, including trading desk structures, Volcker Rule compliance, and ability of shareholders to hold GSIBs accountable;
• Compensation policies, including executive pay, employee wage distribution, and minimum wage practices; and
• Diversity initiatives, cybersecurity approaches, whistleblower complaints, climate risk, and AI actions.

Bill text is available here.

The GSIB Act is endorsed by Americans for Financial Reform, Public Citizen, National Community Reinvestment Coalition, Rise Economy, Fair Finance Watch, Action Center on Race and the Economy, and American Economic Liberties Project.

“The National Community Reinvestment Coalition (NCRC) supports the GSIB Act of 2026 because it will enhance oversight of the world’s largest bank holding companies. The act requires these ‘too big to fail’ companies to submit reports to the Federal Reserve that will shine a light on their activities, enhancing both transparency and supervision. In this era of ‘hands-off supervision,’ the public availability of these reports will help hold banks that control billions of dollars accountable to regulators and the communities they serve.” – National Community Reinvestment Coalition (NCRC)

A transcript of Congresswoman Pressley’s remarks during the House Financial Services committee hearing is available below, and the video is available here.

Transcript: Pressley Unveils Legislation to Mandate Disclosures to Hold Big Banks Accountable, Demands SEC Require Reports in Interest of Investors

House Financial Services Committee

February 11, 2026

REP. AYANNA PRESSLEY: Chair Atkins, I read an article where you once said, quote, “the ultimate boss is the investor” unquote. 

Do you still stand by those words?

CHAIR ATKINS: As far as, as far as the markets go? That’s definitely true.

REP. PRESSLEY: Well, I think we can all agree, if bosses are to make good decisions, they need to have access to good data. 

Unfortunately, as the head of SEC, you are denying investors access to information. You’re changing the rules that have been put in place by limiting what data is provided to investors and reducing how frequently data is provided to investors. 

Now, I’ve had colleagues across the aisle complain about information overload and, you know, pass bills – colleagues – so often investors only have access to quote, unquote, “material” information. 

The problem with that approach is that Republicans are arbitrarily choosing what information is material and immaterial to investors. 

Now I’ve been on this committee eight years – since I arrived in Congress – and I know that investors care about a wide range of information, ranging from executive compensation to costly climate-related disasters, like floods and fires. 

So I want to focus on diversity disclosures specifically.

The SEC approved a rule that required public disclosure on the race and gender of board of directors. Now, this information was important to investors because study after study has confirmed that diversity is good for your bottom line. It is good for business. 

So can you explain why you believe investors shouldn’t have access to this information?

CHAIR ATKINS: Well, I—investors should have access to material information. 

And I mean, in general, it comes down to the company’s decision as to, you know, what they believe is material or not. And then, and because, again, it’s for the reasonable investor. It’s not for particular investors to, you know, as the rubric, that’s the way the court has ruled. 

So anyway, so our rules are geared to the company, and it requires companies’ issuers to disclose material information to the public. And so—

REP. PRESSLEY: Okay, well, I’ll reclaim my time. I just again, in order to be a—to make good decisions, you have to have good data. 

And the majority of investors are saying that they want this information, and many reports and CEOs have affirmed that diversity is good for business and for the bottom line. So that answer is insufficient for me. 

And I just—again, a study of institutional investors that handle hundreds of billions of dollars have found that 30% of investors wanted to know if senior management was diverse. So that means roughly one out of three investors consider this information important. 

So I think that makes it material. Disclosures about board diversity, climate risk, use of AI are essential for investors to make smart decisions. 

After all, in your words, the investors are the ultimate boss. 

So to reiterate, bosses need data to make decisions. 

Now that’s why I am reintroducing the Greater Supervision in Banking Act, or GSIB, to mandate disclosures by the biggest banks—Bank of America, Wells Fargo, JPMorgan Chase, Goldman Sachs, and others. 

Investors and consumers alike deserve to know how these institutions are impacting climate change, how that’s increasing costs and deadly natural disasters. Investors deserve to know whether these banks are rewarding themselves with large executive bonuses. And investors deserve to know that the Board of Directors at these companies represent them and their interests. They deserve it, and they want to know.

Chair Atkins, can you commit to finding a way to ensure this information is available to investors. When one out of three say this is what they want? Can I count on your partnership?

CHAIR ATKINS: Well again, so the Court has held that information is material, not depending on, you know, what the proclivities of one are—

REP. PRESSLEY: I got it. You’re sticking to it. 

I was, you know, Chair Atkins—I’m trying to give you a win here. 

You don’t, you know, you don’t have a stellar reputation on this front. You know, the 2008 Great Recession when you were first a commissioner at the SEC. But you know, we could—we don’t have to go back decades. I mean, just a few years ago you were advising FTX when that company collapsed. 

So I really saw this as an opportunity for partnership, for you to redeem yourself there, Mr. Chair. I was trying to give you an easy alley oop. 

I do believe we need fair, orderly, and efficient markets, and the American people deserve that instead of another global financial crisis.

I yield back.

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