Bill Summary (PDF) | Text of Bill (PDF)

WASHINGTON – Today, Congresswoman Ayanna Pressley (MA-07), Vice Ranking Member of the Financial Institutions and Monetary Policy Subcommittee on the House Financial Services Committee, and Congressman Al Green (TX-09), Ranking Member of the Oversight and Investigations Subcommittee, reintroduced The Greater Supervision in Banking Act (GSIB), legislation to strengthen Congressional oversight of the country’s largest banks, protect consumers, and end deceptive behavior.

“Time and again – due to lax financial oversight – the negligence and greed of large financial institutions, that don’t have our best interests in mind, put consumers at risk and exacerbate economic disparities. Congressional oversight and accountability are paramount to prevent harm and enhance transparency,” said Rep. Pressley. “Consumers deserve to make informed decisions about their finances, and this bill, which requires big banks to disclose their approach to protecting consumer data, cases of misconduct, and environmental harm, as well as other risk factors, is a step in the right direction. Congress must pass The Greater Supervision in Banking Act without delay.”

“This legislation would bring much-needed transparency to our financial system,” said Rep. Green. “The largest banks in our nation have tremendous influence over the livelihoods of American consumers and businesses. From discrimination litigation to gross mismanagement, some of the largest banks have repeatedly shown that they cannot or will not regulate themselves. Congress must exercise heightened oversight of these institutions. The public deserves transparency into the largest banks’ activities, as well as their progress on diversity initiatives and climate change. I am proud to partner with Congresswoman Pressley on this important legislation, and I look forward to working with my colleagues to pass it into law.”

Limited oversight and transparency have allowed the banking industry to prioritize profits over people, with policies harming its own workers, communities of color, and the planet. For example, bank tellers and other frontline employees are denied a living wage while CEOs rake in million-dollar bonuses. Systemic injustices like the stark racial wealth gap, where white households hold a disproportionate share of wealth compared to Black households, are furthered by policies like modern-day redlining denying Black people opportunities to build wealth and achieve financial prosperity. Additionally, major banks continue to finance fossil fuel expansion and projects that exacerbate climate change, despite the urgent need for a transition to clean energy, further jeopardizing vulnerable communities and future generations.

The Greater Supervision in Banking Act would conduct oversight of the eight U.S.-based Globally Systemically Important Banks (G-SIBs), which include JPMorgan Chase, Citigroup, Bank of America, Goldman Sachs, Wells Fargo, Morgan Stanley, State Street, and Bank of New York Mellon. Collectively, the banks hold more than $15 trillion in assets in 2024 – nearly half of all domestic banking assets.

Specifically, the legislation:

• Requires G-SIBs to submit annual reports to the Federal Reserve Board;
• Mandates detailed disclosure of:
  • G-SIBs’ 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 and Volcker Rule compliance;
  • Compensation policies, including executive pay, employee wage distribution, and minimum wage practices; and
  • Diversity initiatives, cybersecurity approaches, whistleblower complaints, and climate risk actions;
• Ensures public availability of these reports through the Federal Reserve Board’s website.

The bill is endorsed by Public Citizen, Americans for Financial Reform, National Community Reinvestment Coalition, American Economic Liberties Project, Fight Corporate Monopolies, California Reinvestment Coalition, Action Center on Race and the Economy, Sierra Club, Center for American Progress, and Fair Finance Watch.

A copy of the bill text can be found here and a summary is here.

Congresswoman Pressley, Vice Ranking Member of the Financial Institutions and Monetary Policy Subcommittee on the House Financial Services Committee, has been a vocal advocate for consumer protections, closing the racial wealth gap, and ensuring that the U.S. banking system works for everyday Americans.

• In August 2024, Rep. Pressley called on the five largest banks in America to provide a detailed update on the racial equity commitments the institutions made following the murder of George Floyd in 2020. 
• In March 2023, Rep. Pressley joined Senator Elizabeth Warren (D-MA), Congresswoman Katie Porter (CA-47), and dozens of lawmakers in introducing legislation to repeal Republicans’ rollback of critical banking protections in 2018 and restore Dodd-Frank protections.
• In February 2023, she and Senator Cory Booker (D-NJ) reintroduced the American Opportunity Accounts Act, legislation that would create a federally-funded savings account for every American child in order to make economic opportunity a birthright for every child and help close the racial wealth gap. 
• Rep. Pressley has also been a leading voice in Congress urging President Biden to cancel student debt. Following years of advocacy by Rep. Pressley—in partnership with colleagues, borrowers, and advocates like the NAACP—the Biden-Harris Administration announced a historic plan to cancel student debt that stands to benefit over 40 million people.
• In September 2022, Rep. Pressley introduced the Payment Modernization Act – legislation requiring a more reasonable timeline for the Federal Reserve’s faster payments system and prioritizing consumer protection and wellbeing in the development process. 
• In  June 2021, Rep. Pressley and then-House Financial Services Committee Chairwoman Maxine Waters (D-CA) introduced the Downpayment Toward Equity Act of 2021, bold legislation to help address the U.S. racial wealth and homeownership gaps by providing $100 billion toward downpayment and other financial assistance for first-generation homebuyers to purchase their first home.
• In May 2020, she introduced the Saving Our Street Act with then-Senator Kamala Harris (D-CA) to provide economic relief to small businesses with less than 10 employees, with a specific focus on Black and brown-owned businesses.
• In April 2019, she questioned G-SIB CEOs about discriminatory lending practices during their first appearance before Congress in over a decade.

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