Sponsor
Barry D. Loudermilk
Representative · R-GA
Representative · R-GA
The bill increases transparency and congressional oversight by forcing advance notices and detailed economic reporting for financial rulemaking and international engagements, but at the cost of added administrative expense, slower rulemaking, and reduced international coordination that could leave markets and consumers exposed.
Banks, financial firms, regulated entities, and their stakeholders receive more advance notice and clearer regulatory signals because major financial rules require 120 days' notice, economic analyses, and advance congressional briefings, improving predictability and legislative oversight.
The public, businesses, and policymakers get more transparent information about the economic effects of major rules because agencies must prepare detailed projections (costs, credit availability, GDP, employment), which can improve public debate and stakeholder planning.
Congress and the public gain clearer records of federal regulators' international climate-related engagements, improving legislative visibility into cross-border activity and agency priorities.
Consumers, markets, and taxpayers could face heightened near-term risk because the required 120-day notice and extensive pre-rule analyses can delay or block timely financial regulations and risk-mitigation actions.
U.S. regulators' ability to coordinate internationally on climate-related financial risk may be constrained, reducing U.S. influence in global banking standard-setting and slowing development of cross-border risk-mitigation standards.
Agencies and regulators will face substantial new administrative burdens and diverted staff time to prepare mandated reports and impact analyses, slowing rule development and day-to-day regulatory work.
Based on analysis of 3 sections of legislative text.
Requires 120-day congressional notice, testimony, and detailed economic analysis before major banking rules implementing international recommendations, and conditions regulator engagement with certain international bodies on climate risk.
Official title: 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.
Introduced May 13, 2025 by Barry D. Loudermilk · Last progress May 13, 2025
Prohibits several federal banking regulators from proposing or finalizing large rules that implement or align with recommendations from certain international non-governmental organizations unless they provide Congress at least 120 days' advance notice, testimony, and a detailed economic analysis covering costs, sectoral effects, credit availability, GDP, and employment. It also requires annual reports before regulators may meet or engage with specified international bodies on climate-related financial risk, disclosing participation and funding of those organizations' activities.