Ensuring U.S. Authority over U.S. Banking Regulations Act
This bill requires specified banking regulatory entities to make certain disclosures when engaging with or implementing major rules to conform with recommendations from certain non-governmental international organizations.
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 the proposed or final rule prior to its issuance.
Further, in order to engage with certain international organizations about climate-related financial risks, these entities must report on the entity's activities with the organization and the organization's funding sources.
[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4649 Introduced in House (IH)]
<DOC>
118th CONGRESS
1st Session
H. R. 4649
To provide for additional requirements when Federal banking agencies
undertake rulemakings that implement policies of non-governmental
international organizations, to require Federal banking agencies to
report on certain covered international organizations, and for other
purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 14, 2023
Mr. Loudermilk introduced the following bill; which was referred to the
Committee on Financial Services
_______________________________________________________________________
A BILL
To provide for additional requirements when Federal banking agencies
undertake rulemakings that implement policies of non-governmental
international organizations, to require Federal banking agencies to
report on certain covered international organizations, and for other
purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Ensuring U.S. Authority over U.S.
Banking Regulations Act''.
SEC. 2. REQUIREMENTS IN CONNECTION WITH RULEMAKINGS IMPLEMENTING
POLICIES OF NON-GOVERNMENTAL INTERNATIONAL ORGANIZATIONS.
(a) Board of Governors of the Federal Reserve System.--Section 10
of the Federal Reserve Act (12 U.S.C. 247b) is amended by inserting
after paragraph (10) the following:
``(11) Requirements in connection with rulemakings
implementing policies of non-governmental international
organizations.--
``(A) In general.--The Board of Governors of the
Federal Reserve System may not propose or finalize a
major covered rule unless, not later than 120 days
before issuing such a proposed or final rule, the Board
of Governors provides the Committee on Financial
Services of the House of Representatives and the
Committee on Banking, Housing, and Urban Affairs of the
Senate with notice, testimony, and a detailed economic
analysis with respect to the proposed or final rule,
including projections of economic costs, sectoral
effects, and effects on the availability of credit, the
gross domestic product, and employment.
``(B) Major covered rule defined.--In this
paragraph, the term `major covered rule' means a rule--
``(i) that the Board of Governors
determines would have an effect, in the
aggregate, on the economy of the United States
of $10,000,000,000 or more during the 10-year
period beginning on the date the rule takes
effect; and
``(ii) that is intended to align or conform
with a recommendation from a non-governmental
international organization (including the
Financial Stability Board, the Bank for
International Settlements, the Network of
Central Banks and Supervisors for Greening the
Financial System, and the Basel Committee on
Banking Supervision).''.
(b) Office of the Comptroller of the Currency.--Section 324 of the
Revised Statutes of the United States (12 U.S.C. 1) is amended by
adding at the end the following:
``(c) Requirements in Connection With Rulemakings Implementing
Policies of Non-Governmental International Organizations.--
``(1) In general.--The Comptroller of the Currency may not
propose or finalize a major covered rule unless, not later than
120 days before issuing such a proposed or final rule, the
Comptroller of the Currency provides the Committee on Financial
Services of the House of Representatives and the Committee on
Banking, Housing, and Urban Affairs of the Senate with notice,
testimony, and a detailed economic analysis with respect to the
proposed or final rule, including projections of economic
costs, sectoral effects, and effects on the availability of
credit, the gross domestic product, and employment.
``(2) Major covered rule defined.--In this subsection, the
term `major covered rule' means a rule--
``(A) that the Comptroller of the Currency
determines would have an effect, in the aggregate, on
the economy of the United States of $10,000,000,000 or
more during the 10-year period beginning on the date
the rule takes effect; and
``(B) that is intended to align or conform with a
recommendation from a non-governmental international
organization (including the Financial Stability Board,
the Bank for International Settlements, the Network of
Central Banks and Supervisors for Greening the
Financial System, and the Basel Committee on Banking
Supervision).''.
(c) Federal Deposit Insurance Corporation.--Section 2 of the
Federal Deposit Insurance Act (12 U.S.C. 1812) is amended by inserting
after subsection (f) the following:
``(g) Requirements in Connection With Rulemakings Implementing
Policies of Non-Governmental International Organizations.--
``(1) In general.--The Board of Directors of the
Corporation may not propose or finalize a major covered rule
unless, not later than 120 days before issuing such a proposed
or final rule, the Board of Directors provides the Committee on
Financial Services of the House of Representatives and the
Committee on Banking, Housing, and Urban Affairs of the Senate
with notice, testimony, and a detailed economic analysis with
respect to the proposed or final rule, including projections of
economic costs, sectoral effects, and effects on the
availability of credit, the gross domestic product, and
employment.
``(2) Major covered rule defined.--In this subsection, the
term `major covered rule' means a rule--
``(A) that the Board of Directors determines would
have an effect, in the aggregate, on the economy of the
United States of $10,000,000,000 or more during the 10-
year period beginning on the date the rule takes
effect; and
``(B) that is intended to align or conform with a
recommendation from a non-governmental international
organization (including the Financial Stability Board,
the Bank for International Settlements, the Network of
Central Banks and Supervisors for Greening the
Financial System, and the Basel Committee on Banking
Supervision).''.
(d) National Credit Union Administration.--Section 102 of the
Federal Credit Union Act (12 U.S.C. 1752a) is amended by adding at the
end the following:
``(g) Requirements in Connection With Rulemakings Implementing
Policies of Non-Governmental International Organizations.--
``(1) In general.--The Board may not propose or finalize a
major covered rule unless, not later than 120 days before
issuing such a proposed or final rule, the Board provides the
Committee on Financial Services of the House of Representatives
and the Committee on Banking, Housing, and Urban Affairs of the
Senate with notice, testimony, and a detailed economic analysis
with respect to the proposed or final rule, including
projections of economic costs, sectoral effects, and effects on
the availability of credit, the gross domestic product, and
employment.
``(2) Major covered rule defined.--In this subsection, the
term `major covered rule' means a rule--
``(A) that the Board determines would have an
effect, in the aggregate, on the economy of the United
States of $10,000,000,000 or more during the 10-year
period beginning on the date the rule takes effect; and
``(B) that is intended to align or conform with a
recommendation from a non-governmental international
organization (including the Financial Stability Board,
the Bank for International Settlements, the Network of
Central Banks and Supervisors for Greening the
Financial System, and the Basel Committee on Banking
Supervision).''.
(e) Federal Housing Finance Administration.--Section 1311 of the
Housing and Community Development Act of 1992 (12 U.S.C. 4511) is
amended by adding at the end the following:
``(d) Requirements in Connection With Rulemakings Implementing
Policies of Non-Governmental International Organizations.--
``(1) In general.--The Director may not propose or finalize
a major covered rule unless, not later than 120 days before
issuing such a proposed or final rule, the Director provides
the Committee on Financial Services of the House of
Representatives and the Committee on Banking, Housing, and
Urban Affairs of the Senate with notice, testimony, and a
detailed economic analysis with respect to the proposed or
final rule, including projections of economic costs, sectoral
effects, and effects on the availability of credit, the gross
domestic product, and employment.
``(2) Major covered rule defined.--In this subsection, the
term `major covered rule' means a rule--
``(A) that the Director determines would have an
effect, in the aggregate, on the economy of the United
States of $10,000,000,000 or more during the 10-year
period beginning on the date the rule takes effect; and
``(B) that is intended to align or conform with a
recommendation from a non-governmental international
organization (including the Financial Stability Board,
the Bank for International Settlements, the Network of
Central Banks and Supervisors for Greening the
Financial System, and the Basel Committee on Banking
Supervision).''.
SEC. 3. REPORT ON CERTAIN CLIMATE-RELATED INTERACTIONS WITH COVERED
INTERNATIONAL ORGANIZATIONS.
(a) In General.--A Federal banking regulator may not meet with or
otherwise engage with a covered international organization on the topic
of climate-related financial risk during a calendar year unless the
Federal banking regulator has issued a report to the Committee on
Financial Services of the House of Representatives and the Committee on
Banking, Housing, and Urban Affairs of the Senate containing, for the
previous calendar year--
(1) a complete description of the activities of the covered
international organization in which the Federal banking
regulator participates (including any task force, committee, or
other organizational unit thereof); and
(2) a detailed accounting of the governmental and non-
governmental funding sources of the covered international
organization (including any task force, committee, or other
organizational unit thereof).
(b) Definitions.--In this section:
(1) Covered international organization.--The term ``covered
international organization'' means the Financial Stability
Board, the Network of Central Banks and Supervisors for
Greening the Financial System, and the Basel Committee on
Banking Supervision.
(2) Federal banking regulator.--The term ``Federal banking
regulator'' means the Board of Governors of the Federal Reserve
System, the Federal Deposit Insurance Corporation, the Federal
Housing Finance Agency, the National Credit Union
Administration, and the Office of the Comptroller of the
Currency.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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