To provide enhanced reporting requirements for Federal banking regulators, to amend the Federal Reserve Act to remove the designation of Vice Chairman for Supervision of the Board of Governors of the Federal Reserve System, and for other purposes.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
This bill imposes multiple new reporting and pre-notification requirements on federal banking regulators (the Fed, OCC, FDIC, FHFA, NCUA) before they can implement recommendations from the Financial Stability Oversight Council, Executive Orders, or international organizations like the Basel Committee. It requires detailed economic analyses for major rules aligned with international standards, restricts climate-related engagement with international bodies unless annual reports are filed, and eliminates the Federal Reserve Vice Chairman for Supervision position.
Who Benefits and How
Congress gains significant new oversight authority over banking regulators, including 120-day advance notice and testimony requirements before major rulemakings. The banking industry benefits from slower regulatory processes, mandatory cost-benefit analyses, and reduced ability of regulators to quickly adopt international standards like Basel III. Banks also benefit from the elimination of the dedicated supervisory oversight role at the Fed.
Who Bears the Burden and How
Federal banking regulators face substantially increased reporting obligations, restricted authority to engage internationally on climate risk, and loss of the Vice Chairman for Supervision position. The regulatory process becomes slower and more constrained, potentially affecting financial stability oversight.
Key Provisions
- Requires Fed and OCC to notify Congress and provide reports before implementing FSOC or Executive Order recommendations, with 120-day testimony window (Section 101)
- Mandates 120-day advance economic impact analysis for major rules (over B impact) aligned with international organizations (Section 201)
- Prohibits banking regulators from engaging with international organizations on climate risk without annual activity and funding reports (Section 202)
- Requires Fed and OCC to maintain complete records and issue annual reports on all interactions with international organizations (Section 301)
- Eliminates the Fed Vice Chairman for Supervision position, removing dedicated supervisory leadership (Section 401)
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers.
At a Glance
What This Bill Does
Increases congressional oversight of federal banking regulators by requiring reporting and advance notice before implementing recommendations from FSOC, Executive Orders, or international organizations, restricting climate-related engagement with international bodies, and eliminating the Fed Vice Chairman for Supervision position.
Key Policy Areas
Banking & Financial Regulation, Congressional Oversight, International Financial Policy, Climate Policy
Primary Purpose
Increases congressional oversight of federal banking regulators by requiring reporting and advance notice before implementing recommendations from FSOC, Executive Orders, or international organizations, restricting climate-related engagement with international bodies, and eliminating the Fed Vice Chairman for Supervision position.
Policy Domains
FSOC/Executive Order Implementation Reporting
Identified Gains
Contextual inference, no direct clause citation- Congress (oversight authority)
- Banking industry (slower regulation)
Contextual inference, no direct clause citation
Identified Costs
Contextual inference, no direct clause citation- Federal Reserve
- OCC
- FDIC
- FHFA
- NCUA
Contextual inference, no direct clause citation
International Organization Interaction Reporting
Identified Gains
Contextual inference, no direct clause citation- Congress
- Public transparency
Contextual inference, no direct clause citation
Identified Costs
Contextual inference, no direct clause citation- Federal Reserve
- OCC
Contextual inference, no direct clause citation
International Organization Rulemaking Requirements
Identified Gains
Contextual inference, no direct clause citation- Banking industry (delayed international compliance requirements)
- Congress
Contextual inference, no direct clause citation
Identified Costs
Contextual inference, no direct clause citation- Federal Reserve
- OCC
- Other banking regulators
Contextual inference, no direct clause citation
Elimination of Vice Chairman for Supervision
Identified Gains
Contextual inference, no direct clause citation- Large banks and financial holding companies (reduced supervisory focus)
Contextual inference, no direct clause citation
Identified Costs
Contextual inference, no direct clause citation- Federal Reserve supervisory function
- Financial stability oversight
Contextual inference, no direct clause citation
Climate-Related International Engagement Restriction
Identified Gains
Contextual inference, no direct clause citation- Banking industry (reduced climate risk regulation)
- Fossil fuel industry
Contextual inference, no direct clause citation
Identified Costs
Contextual inference, no direct clause citation- Federal banking regulators
- Climate risk management advocates
Contextual inference, no direct clause citation
Sponsors
Legislative Progress
ReportedReported with an amendment, committed to the Committee of the …
Mr. Loudermilk (for himself, Mr. Barr, Mr. Flood, and Mr. …
Stakeholder Effects
cui bono?How this legislation distributes effects. Mention counts reflect frequency, not effect magnitude.
Congress, Federal Reserve / OCC, Federal banking regulators
Positive-direction: Congress
Negative-direction: Federal Reserve / OCC, Federal banking regulators, Federal banking regulators (Fed, OCC, FDIC, FHFA, NCUA)
Banking industry, Large banks and financial institutions
International financial organizations (Basel, FSB)
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "federal"
- → ['Federal Reserve Board of Governors', 'Comptroller of the Currency', 'FDIC', 'FHFA', 'NCUA', 'Congressional committees']
- "federal"
- → ['Federal Reserve', 'OCC', 'FDIC', 'FHFA', 'NCUA']
- "international"
- → ['Basel Committee', 'Financial Stability Board', 'Bank for International Settlements', 'NGFS']
- "federal"
- → ['Federal banking regulators']
- "federal"
- → ['Federal Reserve', 'OCC']
- "federal"
- → ['Federal Reserve', 'President']
Key Definitions
Terms defined in this bill
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology