[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4649 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 4649

 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

                             July 14, 2023

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 
after paragraph (10) 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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