with a detailed explanation of the activities to which the determination relates and the basis for the determination, unless before the end of such period, such activities have been approved by an Act of Congress. . (g) Repeal of provision relating to foreign banks filing as financial holding companies Section 8(c) of the International Banking Act of 1978 ( 12 U.S.C. 3106(c) ) is amended by striking paragraph (3). 4. Reports to the Congress (a) Reports required Each time the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, or another appropriate Federal banking agency makes a determination or an extension under subparagraph (B) or (C) of paragraph (2) or (3) of section 18(aa) of the Federal Deposit Insurance Act (as added by section 2(a)) or subparagraph (B) or (C) of subsection (a)(2) or (b)(2) of section 3, as the case may be, the Board, Comptroller, or agency shall promptly submit a report of such determination or extension to the Congress. (b) Contents Each report submitted to the Congress under subsection (a) shall contain a detailed description of the basis for the determination or extension.