H.R. 3355

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

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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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