What does Preamble of Ensuring U.S. Authority over U.S. Banking Regulations Act do?

This bill aims to establish additional requirements for Federal banking agencies when creating rules that implement policies from non-governmental international organizations. The bill also mandates Federal banking agencies to report on specific covered international organizations. The bill's overall purpose is '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.'

What does SHORT TITLE. of Ensuring U.S. Authority over U.S. Banking Regulations Act do?

This bill is formally titled the Ensuring U.S. Authority over U.S. Banking Regulations Act

What does REQUIREMENTS IN CONNECTION WITH RULEMAKINGS IMPLEMENTING of Ensuring U.S. Authority over U.S. Banking Regulations Act do?

This section amends several federal statutes to establish requirements for federal financial regulatory agencies. The agencies—the Federal Reserve, 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 provide notice, testimony, and a detailed economic analysis to Congress before proposing or finalizing a 'major covered rule'. The 120-day notification period applies to rules projected to have an aggregate economic effect of $10,000,000,000 or more over a 10-year period. A 'major covered rule' is defined as one intended to align or conform with recommendations from non-governmental international organizations, such as the Financial Stability Board. The required economic analysis must include projections of economic costs, sectoral effects, and effects on credit availability, GDP, and employment.

What does REPORT ON CERTAIN CLIMATE-RELATED INTERACTIONS WITH COVERED of Ensuring U.S. Authority over U.S. Banking Regulations Act do?

A Federal banking regulator must issue a report before meeting with a covered international organization on climate-related financial risk. The report must include a description of the organization's activities and a detailed accounting of its funding sources. The term 'covered international organization' includes the Financial Stability Board and the Basel Committee on Banking Supervision.

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

Last updated: 5/13/2025 · Introduced: 5/13/2025

Author: Barry Loudermilk (R-GA)

TL;DR (AI)

This bill requires federal banking agencies to provide Congress with notice, testimony, and economic analyses before finalizing rules that align with recommendations from non-governmental international organizations and are projected to have a significant economic impact.
Federal banking regulators must issue reports detailing the activities and funding sources of covered international organizations before engaging with them on climate-related financial risk.
The bill mandates federal banking agencies to report on specific international organizations, including the Financial Stability Board and the Basel Committee on Banking Supervision.

119th Congressin committeeOfficial page

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Includes provisions on preamble, short title., and 2 more.

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