Ensuring U.S. Authority over U.S. Banking Regulations Act

House Votes

This bill adds guardrails when U.S. banking regulators consider big rules that follow recommendations from global groups. If a rule is expected to have a very large impact on the U.S. economy (at least $10 billion over 10 years) and is meant to align with groups like the Financial Stability Board, the Bank for International Settlements, the Network for Greening the Financial System, or the Basel Committee, the regulators must give Congress 120 days’ notice and provide testimony and a detailed study of costs, industry impacts, and effects on credit, jobs, and GDP before proposing or finalizing it. This applies to the Federal Reserve, the Office of the Comptroller of the Currency, the FDIC, the National Credit Union Administration, and the Federal Housing Finance Agency .

It also limits climate-related meetings with certain international groups. Regulators may not meet with the Financial Stability Board, the NGFS, or the Basel Committee about climate-related financial risk in a given year unless they first send Congress a report for the prior year that describes their activities with those groups and lists those groups’ funding sources.

• Who is affected: Federal banking regulators; banks, credit unions, and housing finance; communities that rely on credit and mortgages .
• What changes: Big, internationally aligned rules require early notice to Congress and an economic impact study; climate-related meetings with key international bodies require an annual transparency report .
• When: The notice and analysis must come 120 days before proposing or finalizing a covered rule; the climate report must be issued before any meetings in that calendar year .