To nullify certain interagency guidance related to climate-related financial risk management for large financial institutions.

This bill would cancel federal banking guidance about climate-related financial risks for large banks. It says the climate risk “Principles” issued by the Federal Reserve, the OCC, and the FDIC in October 2023 would no longer have any effect, and those agencies could not issue new guidance that is substantially similar in the future.

Key points:

• Who is affected: Large financial institutions, and the Federal Reserve, OCC, and FDIC.
• What changes: The 2023 “Principles for Climate-Related Financial Risk Management for Large Financial Institutions” would be nullified; similar guidance could not be reissued.
• When: It would take effect if this bill becomes law, stopping the 2023 guidance from having any force or effect.