Ensuring U.S. Authority over U.S. Banking Regulations Act
Sponsored By: Representative Loudermilk
Introduced
Summary
Congressional oversight and transparency over banking rules that follow international policy would increase by forcing extra notice and analysis when U.S. regulators align with foreign standard‑setters. The bill targets rules tied to international bodies and adds a climate‑related reporting test for regulator interactions with those groups.
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- Federal banking regulators would face a new pre‑rulemaking test for “major covered rules.” Agencies must wait to propose or finalize a rule that aligns with a non‑governmental international organization and would have an aggregate U.S. economic impact of $10 billion or more over 10 years unless they give Congress 120 days notice, testimony, and a detailed economic analysis.
- Those required analyses must project economic costs, sectoral effects, and effects on the availability of credit, GDP, and employment, which raises the evidentiary bar before major international‑aligned rules move forward.
- Climate engagements with certain international groups would require annual public reporting to House and Senate banking committees about the regulator’s participation and a detailed accounting of the international group’s funding sources.
- The rule applies across five regulators: 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, and it names example international bodies such as 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.
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 0 benefits, 0 costs, 2 mixed.
Extra checks on big international bank rules
Federal banking regulators would face extra steps before issuing major rules that follow international groups’ advice. A "major" rule means an expected U.S. economic effect of $10 billion or more over 10 years. At least 120 days before a proposed or final rule, the agency would have to send Congress notice, testimony, and a detailed economic analysis. The analysis would project costs, sector impacts, credit, GDP, and jobs. This would apply to the Federal Reserve, OCC, FDIC, NCUA, and FHFA.
Bank regulators need reports before climate talks
Bank regulators would not be allowed to meet with certain global groups about climate financial risk unless they first publish a report. The report, covering the prior year, would describe the regulator’s activities with those groups and list their government and non‑government funding sources. The covered groups are the Financial Stability Board, the Greening the Financial System network, and the Basel Committee. The rule would apply to the Federal Reserve, FDIC, FHFA, NCUA, and OCC.
Sponsors & CoSponsors
Sponsor
Loudermilk
GA • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
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