Federal banking agencies — the Fed, OCC, FDIC, NCUA, and FHFA — would be required to give Congress 120 days' advance notice plus a detailed economic analysis before finalizing any "major covered rule" intended to align with the policies of non-governmental international organizations like the Financial Stability Board, the Bank for International Settlements, the Network of Central Banks and Supervisors for Greening the Financial System, or the Basel Committee on Banking Supervision. A "major covered rule" is defined as one with $10 billion or more in projected economic effect over 10 years. Federal banking regulators would be barred from engaging with these international organizations on climate-related financial risk in any year unless they have first submitted a detailed report to Congress. Rep. Loudermilk introduced the measure, which targets the Basel III capital framework and emerging climate-finance regulation.
Transparency & Accountability
- Congressional notification before banking-rule alignments — 120-day advance plus economic analysis required
- Annual report on climate-IGO engagement — required before Federal banking regulators may meet on climate-financial-risk topics
Environmental Concerns
- Federal banking-regulator participation in climate-finance frameworks — restricted absent prior congressional reporting
Congressional Summary
Ensuring U.S. Authority over U.S. Banking Regulations ActThis bill requires specified federal banking regulators to make disclosures (1) when issuing major rules to conform with recommendations from non-governmental international organizations, and (2) when engaging with certain non-governmental international organizations about climate-related topics.Specifically, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Federal Housing Finance Agency must submit to Congress notice, testimony, and a detailed economic analysis with respect to a major covered rule prior to its issuance. A major covered rule under the bill is a rule (1) that has an effect on the U.S. economy of at least $10 billion over a 10-year-period, and (2) that is intended to align or conform with a recommendation from a non-governmental international organization (including the Financial Stability Board and the Basel Committee on Banking Supervision).Further, in order to engage with certain international organizations about climate-related financial risks, these regulators must report annually on (1) the international organization’s activities that the regulator participates in, such as a task force or committee; and (2) the organization's governmental and non-governmental funding sources.
Details
- Congress
- 119th
- Chamber
- House
- Status
- summarized
- Action
- Introduced in House
- Action Date
- 2025-05-13
- Date Added
- 2026-05-07
- Source
- Congress.gov →
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