119-hr3355

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3355 Introduced in House

    (IH) ]

<DOC>

119th CONGRESS
 1st Session
 H. R. 3355

 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.

_______________________________________________________________________

 IN THE HOUSE OF REPRESENTATIVES

 May 13, 2025

Mr. Loudermilk introduced the following bill; which was referred to the 
 Committee on Financial Services

_______________________________________________________________________

 A BILL

 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.

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

 This Act may be cited as the ``Ensuring U.S. Authority over U.S. 
Banking Regulations Act''.

SEC. 2. REQUIREMENTS IN CONNECTION WITH RULEMAKINGS IMPLEMENTING 
 POLICIES OF NON-GOVERNMENTAL INTERNATIONAL ORGANIZATIONS.

    (a) Board of Governors of the Federal Reserve System.--

Section 10 
of the Federal Reserve Act (12 U.S.C. 247b) is amended by inserting 
before paragraph

    (12) the following:
 ``

    (11) Requirements in connection with rulemakings 
 implementing policies of non-governmental international 
 organizations.--
 ``
        (A) In general.--The Board of Governors of the 
 Federal Reserve System may not propose or finalize a 
 major covered rule unless, not later than 120 days 
 before issuing such a proposed or final rule, the Board 
 of Governors provides the Committee on Financial 
 Services of the House of Representatives and the 
 Committee on Banking, Housing, and Urban Affairs of the 
 Senate with notice, testimony, and a detailed economic 
 analysis with respect to the proposed or final rule, 
 including projections of economic costs, sectoral 
 effects, and effects on the availability of credit, the 
 gross domestic product, and employment.
 ``
        (B) Major covered rule defined.--In this 
 paragraph, the term `major covered rule' means a rule--
 ``
            (i) that the Board of Governors 
 determines would have an effect, in the 
 aggregate, on the economy of the United States 
 of $10,000,000,000 or more during the 10-year 
 period beginning on the date the rule takes 
 effect; and
 ``
            (ii) that is intended to align or conform 
 with a recommendation from a non-governmental 
 international organization (including 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).''.

    (b) Office of the Comptroller of the Currency.--

Section 324 of the 
Revised Statutes of the United States (12 U.S.C. 1) is amended by 
adding at the end the following:
 ``
            (c) Requirements in Connection With Rulemakings Implementing 
Policies of Non-Governmental International Organizations.--
 ``

    (1) In general.--The Comptroller of the Currency may not 
 propose or finalize a major covered rule unless, not later than 
 120 days before issuing such a proposed or final rule, the 
 Comptroller of the Currency provides the Committee on Financial 
 Services of the House of Representatives and the Committee on 
 Banking, Housing, and Urban Affairs of the Senate with notice, 
 testimony, and a detailed economic analysis with respect to the 
 proposed or final rule, including projections of economic 
 costs, sectoral effects, and effects on the availability of 
 credit, the gross domestic product, and employment.
 ``

    (2) Major covered rule defined.--In this subsection, the 
 term `major covered rule' means a rule--
 ``
        (A) that the Comptroller of the Currency 
 determines would have an effect, in the aggregate, on 
 the economy of the United States of $10,000,000,000 or 
 more during the 10-year period beginning on the date 
 the rule takes effect; and
 ``
        (B) that is intended to align or conform with a 
 recommendation from a non-governmental international 
 organization (including 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).''.
            (c) Federal Deposit Insurance Corporation.--

Section 2 of the 
Federal Deposit Insurance Act (12 U.S.C. 1812) is amended by inserting 
after subsection

    (f) the following:
 ``

    (g) Requirements in Connection With Rulemakings Implementing 
Policies of Non-Governmental International Organizations.--
 ``

    (1) In general.--The Board of Directors of the 
 Corporation may not propose or finalize a major covered rule 
 unless, not later than 120 days before issuing such a proposed 
 or final rule, the Board of Directors provides the Committee on 
 Financial Services of the House of Representatives and the 
 Committee on Banking, Housing, and Urban Affairs of the Senate 
 with notice, testimony, and a detailed economic analysis with 
 respect to the proposed or final rule, including projections of 
 economic costs, sectoral effects, and effects on the 
 availability of credit, the gross domestic product, and 
 employment.
 ``

    (2) Major covered rule defined.--In this subsection, the 
 term `major covered rule' means a rule--
 ``
        (A) that the Board of Directors determines would 
 have an effect, in the aggregate, on the economy of the 
 United States of $10,000,000,000 or more during the 10-
 year period beginning on the date the rule takes 
 effect; and
 ``
        (B) that is intended to align or conform with a 
 recommendation from a non-governmental international 
 organization (including 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).''.
            (d) National Credit Union Administration.--

Section 102 of the 
Federal Credit Union Act (12 U.S.C. 1752a) is amended by adding at the 
end the following:
 ``

    (g) Requirements in Connection With Rulemakings Implementing 
Policies of Non-Governmental International Organizations.--
 ``

    (1) In general.--The Board may not propose or finalize a 
 major covered rule unless, not later than 120 days before 
 issuing such a proposed or final rule, the Board provides the 
 Committee on Financial Services of the House of Representatives 
 and the Committee on Banking, Housing, and Urban Affairs of the 
 Senate with notice, testimony, and a detailed economic analysis 
 with respect to the proposed or final rule, including 
 projections of economic costs, sectoral effects, and effects on 
 the availability of credit, the gross domestic product, and 
 employment.
 ``

    (2) Major covered rule defined.--In this subsection, the 
 term `major covered rule' means a rule--
 ``
        (A) that the Board determines would have an 
 effect, in the aggregate, on the economy of the United 
 States of $10,000,000,000 or more during the 10-year 
 period beginning on the date the rule takes effect; and
 ``
        (B) that is intended to align or conform with a 
 recommendation from a non-governmental international 
 organization (including 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).''.

    (e) Federal Housing Finance Administration.--

Section 1311 of the 
Housing and Community Development Act of 1992 (12 U.S.C. 4511) is 
amended by adding at the end the following:
 ``
            (d) Requirements in Connection With Rulemakings Implementing 
Policies of Non-Governmental International Organizations.--
 ``

    (1) In general.--The Director may not propose or finalize 
 a major covered rule unless, not later than 120 days before 
 issuing such a proposed or final rule, the Director provides 
 the Committee on Financial Services of the House of 
 Representatives and the Committee on Banking, Housing, and 
 Urban Affairs of the Senate with notice, testimony, and a 
 detailed economic analysis with respect to the proposed or 
 final rule, including projections of economic costs, sectoral 
 effects, and effects on the availability of credit, the gross 
 domestic product, and employment.
 ``

    (2) Major covered rule defined.--In this subsection, the 
 term `major covered rule' means a rule--
 ``
        (A) that the Director determines would have an 
 effect, in the aggregate, on the economy of the United 
 States of $10,000,000,000 or more during the 10-year 
 period beginning on the date the rule takes effect; and
 ``
        (B) that is intended to align or conform with a 
 recommendation from a non-governmental international 
 organization (including 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).''.

SEC. 3. REPORT ON CERTAIN CLIMATE-RELATED INTERACTIONS WITH COVERED 
 INTERNATIONAL ORGANIZATIONS.

    (a) In General.--A Federal banking regulator may not meet with or 
otherwise engage with a covered international organization on the topic 
of climate-related financial risk during a calendar year unless the 
Federal banking regulator has issued a report to the Committee on 
Financial Services of the House of Representatives and the Committee on 
Banking, Housing, and Urban Affairs of the Senate containing, for the 
previous calendar year--

    (1) a complete description of the activities of the covered 
 international organization in which the Federal banking 
 regulator participates (including any task force, committee, or 
 other organizational unit thereof); and

    (2) a detailed accounting of the governmental and non-
 governmental funding sources of the covered international 
 organization (including any task force, committee, or other 
 organizational unit thereof).

    (b) 

=== Definitions. ===
-In this section:

    (1) Covered international organization.--The term ``covered 
 international organization'' means the Financial Stability 
 Board, the Network of Central Banks and Supervisors for 
 Greening the Financial System, and the Basel Committee on 
 Banking Supervision.

    (2) Federal banking regulator.--The term ``Federal banking 
 regulator'' means the Board of Governors of the Federal Reserve 
 System, the Federal Deposit Insurance Corporation, the Federal 
 Housing Finance Agency, the National Credit Union 
 Administration, and the Office of the Comptroller of the 
 Currency.
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