Ensuring U.S. Authority over U.S. Banking Regulations Act — Full text

Section 1. Short title

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

(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:

(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:

(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:

(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

(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:

(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

(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:

(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

(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.