[House Report 118-325]
[From the U.S. Government Publishing Office]


118th Congress }                                                {   Report
                        HOUSE OF REPRESENTATIVES
 1st Session   }                                                { 118-325

======================================================================



 
AMERICAN FINANCIAL INSTITUTION REGULATORY SOVEREIGNTY AND TRANSPARENCY 
                              ACT OF 2023

                                _______
                                

 December 19, 2023.--Committed to the Committee of the Whole House on 
            the State of the Union and ordered to be printed

                                _______
                                

 Mr. McHenry, from the Committee on Financial Services, submitted the 
                               following

                              R E P O R T

                             together with

                             MINORITY VIEWS

                        [To accompany H.R. 4823]

    The Committee on Financial Services, to whom was referred 
the bill (H.R. 4823) 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, having considered the same, reports 
favorably thereon with an amendment and recommends that the 
bill as amended do pass.
    The amendment is as follows:
  Strike all after the enacting clause and insert the 
following:

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

  (a) Short Title.--This Act may be cited as the ``American Financial 
Institution Regulatory Sovereignty and Transparency Act of 2023'' or 
the ``American FIRST Act of 2023''.
  (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; Table of contents.

         TITLE I--STOP EXECUTIVE CAPTURE OF BANKING REGULATORS

Sec. 101. Report on the implementation of recommendations from the FSOC 
Chairperson and Executive Orders.

    TITLE II--ENSURING U.S. AUTHORITY OVER U.S. BANKING REGULATIONS

Sec. 201. Requirements in connection with rulemakings implementing 
policies of non-governmental international organizations.
Sec. 202. Report on certain climate-related interactions with covered 
international organizations.

          TITLE III--BANKING REGULATOR INTERNATIONAL REPORTING

Sec. 301. Reporting on interactions with non-governmental international 
organizations.

                      TITLE IV--SUPERVISION REFORM

Sec. 401. Removal of the Vice Chairman for Supervision designation.

         TITLE I--STOP EXECUTIVE CAPTURE OF BANKING REGULATORS

SEC. 101. REPORT ON THE IMPLEMENTATION OF RECOMMENDATIONS FROM THE FSOC 
                    CHAIRPERSON AND EXECUTIVE ORDERS.

  (a) Board of Governors of the Federal Reserve System.--Section 10 of 
the Federal Reserve Act (12 U.S.C. 247b), as amended by section 401(b), 
is further amended by adding at the end the following:
          ``(11) Report on the implementation of recommendations from 
        the fsoc chairperson and executive orders.--The Board of 
        Governors of the Federal Reserve System may not implement a 
        non-binding recommendation made by the Chairperson of the 
        Financial Stability Oversight Council or contained in an 
        Executive Order unless the Board of Governors first provides 
        the Committee on Financial Services of the House of 
        Representatives and the Committee on Banking, Housing, and 
        Urban Affairs of the Senate with--
                  ``(A) notice that the Board of Governors intends to 
                implement such recommendation;
                  ``(B) a report containing the proposed implementation 
                by the Board of Governors and a justification for such 
                implementation; and
                  ``(C) upon request, not later than the end of the 
                120-day period beginning on the date of the notice 
                under subparagraph (A), testimony on such proposed 
                implementation.''.
  (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) Report on the Implementation of Recommendations From the FSOC 
Chairperson and Executive Orders.--The Comptroller of the Currency may 
not implement a non-binding recommendation made by the Chairperson of 
the Financial Stability Oversight Council or contained in an Executive 
Order unless the Comptroller of the Currency first provides the 
Committee on Financial Services of the House of Representatives and the 
Committee on Banking, Housing, and Urban Affairs of the Senate with--
          ``(1) notice that the Comptroller of the Currency intends to 
        implement such recommendation;
          ``(2) a report containing the proposed implementation by the 
        Comptroller of the Currency and a justification for such 
        implementation; and
          ``(3) upon request, not later than the end of the 120-day 
        period beginning on the date of the notice under paragraph (1), 
        testimony on such proposed implementation.''.
  (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) Report on the Implementation of Recommendations From the FSOC 
Chairperson and Executive Orders.--The Board of Directors of the 
Corporation may not implement a non-binding recommendation made by the 
Chairperson of the Financial Stability Oversight Council or contained 
in an Executive Order unless the Board of Directors first provides the 
Committee on Financial Services of the House of Representatives and the 
Committee on Banking, Housing, and Urban Affairs of the Senate with--
          ``(1) notice that the Board of Directors intends to implement 
        such recommendation;
          ``(2) a report containing the proposed implementation by the 
        Board of Directors and a justification for such implementation; 
        and
          ``(3) upon request, not later than the end of the 120-day 
        period beginning on the date of the notice under paragraph (1), 
        testimony on such proposed implementation.''.
  (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) Report on the Implementation of Recommendations From the FSOC 
Chairperson and Executive Orders.--The Board may not implement a non-
binding recommendation made by the Chairperson of the Financial 
Stability Oversight Council or contained in an Executive Order unless 
the Board first provides the Committee on Financial Services of the 
House of Representatives and the Committee on Banking, Housing, and 
Urban Affairs of the Senate with--
          ``(1) notice that the Board intends to implement such 
        recommendation;
          ``(2) a report containing the proposed implementation by the 
        Board and a justification for such implementation; and
          ``(3) upon request, not later than the end of the 120-day 
        period beginning on the date of the notice under paragraph (1), 
        testimony on such proposed implementation.''.
  (e) Federal Housing Finance Agency.--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) Report on the Implementation of Recommendations From the FSOC 
Chairperson and Executive Orders.--The Director may not implement a 
non-binding recommendation made by the Chairperson of the Financial 
Stability Oversight Council or contained in an Executive Order unless 
the Director first provides the Committee on Financial Services of the 
House of Representatives and the Committee on Banking, Housing, and 
Urban Affairs of the Senate with--
          ``(1) notice that the Director intends to implement such 
        recommendation;
          ``(2) a report containing the proposed implementation by the 
        Director and a justification for such implementation; and
          ``(3) upon request, not later than the end of the 120-day 
        period beginning on the date of the notice under paragraph (1), 
        testimony on such proposed implementation.''.

    TITLE II--ENSURING U.S. AUTHORITY OVER U.S. BANKING REGULATIONS

SEC. 201. 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), as amended by section 101(a), 
is further amended by inserting after paragraph (11) the following:
          ``(12) 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), as amended by 
section 101(b), is further 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 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), as amended by section 101(c), 
is further amended by inserting after subsection (g) the following:
  ``(h) 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), as amended by section 101(d), is 
further amended by adding at the end the following:
  ``(h) 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 Agency.--Section 1311 of the Housing and 
Community Development Act of 1992 (12 U.S.C. 4511), as amended by 
section 101(e), is further amended by adding at the end the following:
  ``(e) 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. 202. 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 Bank for International Settlements, 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.

          TITLE III--BANKING REGULATOR INTERNATIONAL REPORTING

SEC. 301. REPORTING ON INTERACTIONS WITH 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), as amended by section 201(a), 
is further amended by inserting after paragraph (12) the following:
          ``(13) Reporting on interactions with non-governmental 
        international organizations.--With respect to interactions 
        between the Board of Governors of the Federal Reserve System 
        and 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), the Board of Governors shall--
                  ``(A) keep a complete record of all such 
                interactions, including minutes of all meetings and any 
                recommendations made during such interaction for 
                international standardization with respect to open-
                market policies and operations, discount lending and 
                operations (including collateral policies), or 
                supervisory policies and operations; and
                  ``(B) issue an annual 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--
                          ``(i) all of the information recorded 
                        pursuant to subparagraph (A) with respect to 
                        the previous year; and
                          ``(ii) with respect to each non-governmental 
                        international organization with which the Board 
                        of Governors had an interaction in the previous 
                        year, a description of the funding sources of 
                        the non-governmental international 
                        organization.''.
  (b) Office of the Comptroller of the Currency.--Section 324 of the 
Revised Statutes of the United States (12 U.S.C. 1), as amended by 
section 201(b), is further amended by adding at the end the following:
  ``(e) Reporting on Interactions With Non-governmental International 
Organizations.--With respect to interactions between the Office of the 
Comptroller of the Currency and 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), the Comptroller of the Currency shall--
          ``(1) keep a complete record of all such interactions, 
        including minutes of all meetings and any recommendations made 
        during such interaction for international standardization with 
        respect to discount lending and operations (including 
        collateral policies) or supervisory policies and operations; 
        and
          ``(2) issue an annual 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--
                  ``(A) all of the information recorded pursuant to 
                paragraph (1) with respect to the previous year; and
                  ``(B) with respect to each non-governmental 
                international organization with which the Office of the 
                Comptroller of the Currency had an interaction in the 
                previous year, a description of the funding sources of 
                the non-governmental international organization.''.
  (c) Federal Deposit Insurance Corporation.--Section 2 of the Federal 
Deposit Insurance Act (12 U.S.C. 1812), as amended by section 201(c), 
is further amended is amended by inserting after subsection (h) the 
following:
  ``(i) Reporting on Interactions With Non-governmental International 
Organizations.--With respect to interactions between the Federal 
Deposit Insurance Corporation and 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), the Board of Directors of the Corporation shall--
          ``(1) keep a complete record of all such interactions, 
        including minutes of all meetings and any recommendations made 
        during such interaction for international standardization with 
        respect to discount lending and operations (including 
        collateral policies) or supervisory policies and operations; 
        and
          ``(2) issue an annual 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--
                  ``(A) all of the information recorded pursuant to 
                paragraph (1) with respect to the previous year; and
                  ``(B) with respect to each non-governmental 
                international organization with which the Corporation 
                had an interaction in the previous year, a description 
                of the funding sources of the non-governmental 
                international organization.''.
  (d) National Credit Union Administration.--Section 102 of the Federal 
Credit Union Act (12 U.S.C. 1752a), as amended by section 201(d), is 
further amended by adding at the end the following:
  ``(i) Reporting on Interactions With Non-governmental International 
Organizations.--With respect to interactions between the Administration 
and 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), the Board 
shall--
          ``(1) keep a complete record of all such interactions, 
        including minutes of all meetings and any recommendations made 
        during such interaction for international standardization with 
        respect to discount lending and operations (including 
        collateral policies) or supervisory policies and operations; 
        and
          ``(2) issue an annual 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--
                  ``(A) all of the information recorded pursuant to 
                paragraph (1) with respect to the previous year; and
                  ``(B) with respect to each non-governmental 
                international organization with which the 
                Administration had an interaction in the previous year, 
                a description of the funding sources of the non-
                governmental international organization.''.
  (e) Federal Housing Finance Agency.--Section 1311 of the Housing and 
Community Development Act of 1992 (12 U.S.C. 4511), as amended by 
section 201(e), is further amended by adding at the end the following:
  ``(f) Reporting on Interactions With Non-governmental International 
Organizations.--With respect to interactions between the Federal 
Housing Finance Agency and 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), the Director shall--
          ``(1) keep a complete record of all such interactions, 
        including minutes of all meetings and any recommendations made 
        during such interaction for international standardization with 
        respect to discount lending and operations (including 
        collateral policies) or supervisory policies and operations; 
        and
          ``(2) issue an annual 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--
                  ``(A) all of the information recorded pursuant to 
                paragraph (1) with respect to the previous year; and
                  ``(B) with respect to each non-governmental 
                international organization with which the Federal 
                Housing Finance Agency had an interaction in the 
                previous year, a description of the funding sources of 
                the non-governmental international organization.''.

                      TITLE IV--SUPERVISION REFORM

SEC. 401. REMOVAL OF THE VICE CHAIRMAN FOR SUPERVISION DESIGNATION.

  (a) In General.--The second undesignated paragraph of section 10 of 
the Federal Reserve Act (12 U.S.C. 242) (relating to the Chairman and 
Vice Chairman of the Board) is amended by striking ``and 2 shall be 
designated by the President, by and with the advice and consent of the 
Senate, to serve as Vice Chairmen of the Board, each for a term of 4 
years, 1 of whom shall serve in the absence of the Chairman, as 
provided in the fourth undesignated paragraph of this section, and 1 of 
whom shall be designated Vice Chairman for Supervision. The Vice 
Chairman for Supervision shall develop policy recommendations for the 
Board regarding supervision and regulation of depository institution 
holding companies and other financial firms supervised by the Board, 
and shall oversee the supervision and regulation of such firms.'' and 
inserting ``and 1 shall be designated by the President, by and with the 
consent of the Senate, to serve as Vice Chairman of the Board for a 
term of 4 years.''.
  (b) Conforming Amendment.--Section 10 of the Federal Reserve Act (12 
U.S.C. 241 et seq.) is amended by striking paragraph (12).

                          Purpose and Summary

    Introduced on July 24, 2023, by Representative Barry 
Loudermilk, H.R. 4823, the American Financial Institution 
Regulator Sovereignty and Transparency Act, would require 
federal financial regulatory agencies to provide notification, 
reports, and testimony to Congress when they decide to: 
implement recommendations from the Chair of the Financial 
Stability Oversight Council (FSOC) or from Executive Orders of 
the President; or promulgate proposed or final rules derived 
from proposals created by international regulatory standard-
setting organizations when those proposed rules have $10 
billion or more in estimated effects on the U.S. economy. The 
bill prohibits those agencies from engaging with international 
organizations unless they provide Congress with reports on 
their activities and funding sources and directs them to 
provide reports to Congress on the activities and funding 
sources of international organizations with whom they interact 
and participate. Finally, the bill eliminates the position of 
Vice Chair for Supervision of the Board of Governors of the 
Federal Reserve System.

                  Background and Need for Legislation

    H.R. 4823 contains part of these four previously introduced 
bills:
          H.R. 4737, the Stop Executive Capture of Banking 
        Regulators Act
          H.R. 4649, the Ensuring U.S. Authority Over U.S. 
        Banking Regulations Act
          H.R. 4601, the Banking Regulator International 
        Reporting Act
          H.R. 4630, the Supervision Reform Act

Title I--H.R. 4737, the Stop Executive Capture of Banking Regulators 
        Act, was introduced on July 19, 2023, by Representative Mike 
        Flood

    Title I would require the Federal Reserve Board (FRB), the 
Office of the Comptroller of the Currency (OCC), the Board of 
Directors of the Federal Deposit Insurance Corporation (FDIC), 
(collectively, the Federal banking agencies), the National 
Credit Union Administration Board (NCUA), and the Federal 
Housing Finance Agency (FHFA) to notify the House Financial 
Services and Senate Banking Committees prior to implementing 
any non-binding recommendation from the Chairperson of the FSOC 
or contained in an Executive Order. Each Federal banking 
agency, the NCUA, and the FHFA would be required to provide a 
report with proposed implementation and justification. They 
would also be required to provide testimony on request 
regarding the proposed implementation. By doing so, banking 
regulators who are supposed to be politically independent will 
be compelled to justify adherence to potentially politicized 
recommendations, helping prevent political capture of banking 
regulators.
    Federal banking regulators have coordinated recently to 
begin implementation of climate-related financial risk 
management principles. In the case of the FRB, they have 
mandated a climate scenario analysis for some large banks, 
following recommendations of an Executive Order of President 
Biden and, relatedly, recommendations from FSOC Chair Yellen, 
who also serves in the President's cabinet. Those 
recommendations have been followed by banking regulators under 
the guise of protecting safety and soundness and financial 
stability in the face of purported climate-related financial 
risks facing financial institutions.
    The Fed has been the first to act on recommendations from 
the Executive Order and from Non-Governmental Organizations 
(NGOs) to undertake climate scenario analyses. On September 29, 
2022, under the guise of monitoring risks that could be 
relevant for ``safety and soundness''' of large financial 
institutions, the Fed established its ``pilot climate scenario 
analysis exercise.'' Six of the nation's largest banks are 
required to participate to ``enhance the ability of supervisors 
and firms to measure and manage climate-related financial 
risks.'' The six firms--large financial institutions--already 
measure relevant financial risks and do not need the 
enhancement and help promised by the Fed.
    Title I would require that Congress be notified of any 
changes in banking regulators' policies or regulations imposed 
as a result of recommendations by the FSOC or Executive Orders 
to place greater transparency and accountability into 
regulatory processes.

Title II--H.R. 4649, the Ensuring U.S. Authority Over U.S. Banking 
        Regulations Act, was introduced on July 14, 2023, by 
        Representative Barry Loudermilk

    This title would require each Federal banking agency, the 
NCUA, and the FHFA to provide the House Financial Services and 
Senate Banking Committees with notice, testimony, and a 
detailed economic analysis with respect to any proposed or 
final major rule that is intended to align or conform with a 
recommendation from an international NGO, including the 
Financial Stability Board (FSB), the Bank for International 
Settlements (BIS), the Network of Central Banks and Supervisors 
for Greening the Financial System (NGFS), and the Basel 
Committee on Banking Supervision (BCBS). A major rule is 
defined as one that would have an effect, in the aggregate, on 
the U.S. economy of $10 billion or more during the 10-year 
period beginning on the date the rule takes effect. The 
required detailed economic analysis is required to include 
projections of economic costs, sectoral effects, and the 
effects on the availability of credit, the gross domestic 
product, and employment.
    In addition, under this title, Federal banking agencies, 
the NCUA, and the FHFA are prohibited from meeting or otherwise 
engaging with certain international organizations on the topic 
of climate-related financial risk during a calendar year unless 
each agency has issued a report to the House Financial Services 
and Senate Banking Committees. These reports would describe the 
activities of the international organization and include a 
detailed accounting of the funding sources of the international 
organization. The covered organizations include the FSB, the 
BIS, the NGFS, and the BCBS.
    U.S. regulators of financial institutions participate in 
various forums arranged by NGOs, which are aggressively pushing 
incorporation of climate policies into financial regulation in 
particular and credit allocation generally. The NGOs include: 
the FSB, the BIS, the NGFS, and the BCBS. Those NGOs threaten 
to infuse policy preferences of the EU, China, and other 
foreign entities into U.S. financial regulations. The NGFS has 
aggressively pushed for climate scenario analysis--a form of 
stress testing of institutions' balance sheets against highly 
speculative adverse climate scenarios.
    If continued, efforts to infuse purported climate-related 
financial risks into Federal bank regulations, including in 
stress testing by the Fed, could lead to climate-related 
capital, liquidity, and other requirements being imposed on 
financial institutions. Those requirements would have economic 
effects, and if such effect would be projected to exceed $10 
billion, then, according to this Title, a regulator would have 
to provide notice, testimony, and analysis to the House 
Financial Services and Senate Banking Committees. To further 
promote enhanced transparency and accountability, this Title 
would prohibit a federal regulator from continuing to meet with 
international NGOs, absent meeting specified accounting and 
reporting requirements to Congress.

Title III--H.R. 4601, the Banking Regulator International Reporting 
        Act, was introduced on July 13, 2023, by Representative Andy 
        Barr

    Title III would require each Federal banking agency, the 
NCUA, and the FHFA to keep complete records of all interactions 
with certain international NGOs, including the FSB, the BIS, 
the NGFS, and the BCBS, and to issue an annual report to the 
House Financial Services and Senate Banking Committees 
detailing such interactions and the funding sources of each 
international NGO. The records of such interactions would be 
required to include minutes of all meetings, any 
recommendations made during such interactions regarding open-
market policies and operations, discount lending and 
operations, and supervisory policies and operations.
    Title III would require enhanced transparency and 
monitoring with respect to interactions and meetings with 
international NGOs, recommendations to U.S. regulators from 
those NGOs, and any regulatory actions that U.S. regulators may 
intend to pursue under the guise of moving to conform with 
international standards, such as those promoted by the 
unaccountable international NGOs.

Title IV--H.R. 4630, the Supervision Reform Act, was introduced on July 
        13, 2023, by Representative Andy Ogles

    Title IV would remove the designation of a member of the 
Federal Reserve Board as Vice Chairman for Supervision and make 
conforming amendments in the Federal Reserve Act.
    Section 1108(a)(1) of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (Dodd-Frank; Public Law No: 111-203) 
established a new position on the Federal Reserve Board titled 
Vice Chairman for Supervision. According to Section 1108(a)(1) 
of Dodd-Frank: ``The Vice Chairman for Supervision shall 
develop policy recommendations for the Board regarding 
supervision and regulation of depository institution holding 
companies and other financial firms supervised by the [Federal 
Reserve] Board and shall oversee the supervision and regulation 
of such firms.''
    The current Vice Chairman for Supervision and the Chair of 
the Federal Reserve Board have taken an overly broad 
interpretation of the Vice Chairman's authorities provided 
under section 1108(a)(1) of Dodd-Frank. The section only 
authorizes the Vice Chairman for Supervision to be able to 
``develop policy recommendations for the Board regarding 
supervision and regulation'' and to ``oversee the supervision 
and regulation'' of Board-regulated financial firms.\14\ 
Nothing in Dodd-Frank authorizes the Vice Chairman for 
Supervision to assume abilities to unilaterally act and make 
pronouncements on behalf of the full Board of Governors 
regarding matters related to supervision and regulation with 
little or no participation from other members of the Board.
    The current Vice Chairman for Supervision has, since July 
2022, led a public-facing and rushed review of management and 
supervisory failures with respect to Silicon Vally Bank, 
coupled with the Vice Chairman's own personal and politicized 
assessment, on behalf of the Board. The Vice Chairman's review 
of Silicon Valley Bank and his ``holistic'' review of the 
Board's framework for imposing capital, liquidity, and other 
requirements on financial firms have disturbingly been 
conducted with little to no substantive input from the full 
Board.
    In addition, the Vice Chairman for Supervision has 
initiated a climate scenario analysis exercise in which six 
large banks regulated by the Board are mandated to participate. 
The exercise will be used to gather information that will not 
be publicly available but will be used to write a public-facing 
assessment of what the Vice Chairman for Supervision believes 
the information reveals--an assessment that neither the public 
nor Congress will be able to corroborate.
    Such concentrated power in one individual on the Board of 
Governors, when misused, threatens the full flow of information 
and collaboration on regulatory and supervisory issues that is 
relied on by the full Board of Governors. This can have 
significant economic effects on American workers, families, and 
businesses of all sizes. The Dodd-Frank Act's special 
assignment of the title of Vice Chairman for Supervision has 
not proven to be a net positive for Board function. The 
misinterpretation of the Vice Chairman for Supervision's 
limited and narrow authorities provided by Dodd-Frank threatens 
the independence of the Federal Reserve.

                                Hearing

    Pursuant to clause 3(c)(6) of rule XIII, the following 
hearing was used to develop H.R. 4823: The Subcommittee on 
Financial Institutions and Monetary Policy of the Committee on 
Financial Services held a hearing on July 18, 2023, titled 
``Climate-Risk: Are Financial Regulators Politically 
Independent?''

                        Committee Consideration

    The Committee on Financial Services met in open session on 
July 27, 2023, and ordered H.R. 4823 to be reported favorably 
to the House as amended by a recorded vote of 29 ayes to 21 
nays (Record vote no. FC-93), a quorum being present. Before 
the question was called to order the bill favorably reported, 
the Committee adopted an amendment in the nature of a 
substitute offered by Mr. Loudermilk by voice vote.

                            Committee Votes

    Clause 3(b) of rule XIII of the Rules of the House of 
Representatives requires the Committee to list the record votes 
on the order to report legislation and amendments thereto. H.R. 
4823 was ordered reported favorably to the House as amended by 
a recorded vote of 29 ayes to 21 nays (Record vote no. FC-93), 
a quorum being present.
    An en bloc vote for amendments offered by Ms. Beatty (no. 
16) and Ms. Garcia (no. 17) was not agreed to by a recorded 
vote of 21 ayes to 29 nays, a quorum being present (Record vote 
no. FC-92).


                      Committee Oversight Findings

    Pursuant to clause 3(c) of rule XIII of the Rules of the 
House of Representatives, the findings and recommendations of 
the Committee, based on oversight activities under clause 
2(b)(1) of rule X of the Rules of the House of Representatives, 
are incorporated in the descriptive portions of this report.

                    Performance Goals and Objectives

    Pursuant to clause 3(c)(4) of rule XIII of the Rules of the 
House of Representatives, the goal of H.R. 4823 is to increase 
the transparency of the federal financial regulatory agencies' 
interactions with international regulatory standard-setting 
organizations and require the agencies to provide notification, 
reports, and testimony to Congress regarding the activities, 
funding sources, and decisions of those international 
organizations. The bill also safeguards the political 
independence of the agencies by requiring notification, 
reports, and testimony to Congress when they act in accordance 
with often politicized Executive Orders of the President or 
recommendations from the Chair of FSOC. The bill eliminates the 
position of Vice Chairman for Supervision of the Board of 
Governors of the Federal Reserve System given the position's 
potential for partisan preferences to override sound policy and 
the concentration of undue supervisory and regulatory power 
into the hands of a single individual instead of the Board of 
Governors as a whole.

                 Congressional Budget Office Estimates

    The Committee has requested but not received a cost 
estimate from the Director of the Congressional Budget Office. 
However, pursuant to clause 3(d)(1) of House rule XIII, the 
Committee will adopt as its own the cost estimate by the 
Director of the Congressional Budget Office once it has been 
prepared.

   New Budget Authority, Entitlement Authority, and Tax Expenditures

    The Committee has requested, but has not received, an 
estimate from the Director of the Congressional Budget Office. 
However, pursuant to clause 3(c)(2) of rule XIII of the Rules 
of the House of Representatives, once an estimate has been 
prepared by the Director of the Congressional Budget Office, as 
required by section 402 of the Congressional Budget Act of 
1973, the Committee will adopt as its own the estimate of new 
budget authority, entitlement authority, or tax expenditures or 
revenues.

                       Federal Mandates Statement

    The Committee has requested, but not received, an estimate 
of the Federal mandates from the Director of the Congressional 
Budget Office, pursuant to section 423 of the Unfunded Mandates 
Reform Act. The Committee will adopt the estimate once it has 
been prepared by the Director.

                      Advisory Committee Statement

    No advisory committees within the meaning of section 5(b) 
of the Federal Advisory Committee Act were created by this 
legislation.

                  Applicability to Legislative Branch

    The Committee finds that the legislation does not relate to 
the terms and conditions of employment or access to public 
services or accommodations within the meaning of section 
102(b)(3) of the Congressional Accountability Act.

                         Earmark Identification

    With respect to clause 9 of rule XXI of the Rules of the 
House of Representatives, the Committee has carefully reviewed 
the provisions of the bill and states that the provisions of 
the bill do not contain any congressional earmarks, limited tax 
benefits, or limited tariff benefits within the meaning of the 
rule.

                    Duplication of Federal Programs

    Pursuant to clause 3(c)(5) of rule XIII of the Rules of the 
House of Representatives, the Committee states that no 
provision of the bill establishes or reauthorizes a program of 
the Federal Government known to be duplicative of another 
Federal program, including any program that was included in a 
report to Congress pursuant to section 21 of the Public Law 
111-139 or the most recent Catalog of Federal Domestic 
Assistance.

             Section-by-Section Analysis of the Legislation


         TITLE I--STOP EXECUTIVE CAPTURE OF BANKING REGULATORS

Sec. 101 Report on the Implementation of Recommendations from the FSOC 
        Chair and Executive Orders

    This section prohibits the Federal Reserve Board of 
Governors, the Office of the Comptroller of the Currency, the 
Federal Deposit Insurance Corporation, the National Credit 
Union Administration, and the Federal Housing Finance Agency 
(``federal financial regulatory agencies'') from implementing 
recommendations made by the Chair of the Financial Stability 
Oversight Council or in Executive Orders unless the 
aforementioned agencies provide the relevant committees of 
Congress notice, reports, and testimony regarding their 
intention and justification for implementing such 
recommendations.

    TITLE II--ENSURING U.S. AUTHORITY OVER U.S. BANKING REGULATIONS

Sec. 201--Requirements in connection with rulemakings implementing 
        policies of non-government international organizations

    This section requires that the federal financial regulatory 
agencies provide notice, reports, and testimony to relevant 
committees of Congress regarding their decision to propose or 
finalize major rules intended to implement proposed regulatory 
recommendations from international regulatory standard-setting 
organizations at least 120 days prior to such rule proposals or 
finalizations. A major rule is defined as any rule that would 
have an aggregate effect of $10 billion or greater on the U.S. 
economy.

Sec. 202--Report on certain climate-related interactions with covered 
        international organizations

    This section prohibits the federal financial regulatory 
agencies from participating in climate-related financial risk 
activities of international regulatory standard-setting 
organizations unless the agencies provide the relevant 
committees of Congress a report on the activities and funding 
sources of the international organization. The international 
organizations specifically covered are 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.

          TITLE III--BANKING REGULATOR INTERNATIONAL REPORTING

Sec. 301--Reporting on interactions with non-governmental international 
        organizations

    This section requires the federal financial regulatory 
agencies to keep detailed records of their interactions with 
and participation in international regulatory standard-setting 
organizations and provide the relevant committees of Congress a 
report containing those detailed records and describing the 
funding sources of the international organization.

                      TITLE IV--SUPERVISION REFORM

Sec. 401--Removal of the vice chairman for supervision designation

    This section abolishes the position of the Vice Chair for 
Supervision of the Board of Governors of the Federal Reserve 
System.

         Changes in Existing Law Made by the Bill, as Reported

  In compliance with clause 3(e) of rule XIII of the Rules of 
the House of Representatives, changes in existing law made by 
the bill, as reported, are shown as follows (existing law 
proposed to be omitted is enclosed in black brackets, new 
matter is printed in italics, and existing law in which no 
change is proposed is shown in roman):

                          FEDERAL RESERVE ACT




           *       *       *       *       *       *       *
            board of governors of the federal reserve system

  Sec. 10. The Board of Governors of the Federal Reserve System 
(hereinafter referred to as the ``Board'') shall be composed of 
seven members, to be appointed by the President, by and with 
the advice and consent of the Senate, after the date of 
enactment of the Banking Act of 1935, for terms of fourteen 
years except as hereinafter provided, but each appointive 
member of the Federal Reserve Board in office on such date 
shall continue to serve as a member of the Board until February 
1, 1936, and the Secretary of the Treasury and the Comptroller 
of the Currency shall continue to serve as members of the Board 
until February 1, 1936. In selecting the members of the Board, 
not more than one of whom shall be selected from any one 
Federal Reserve district, the President shall have due regard 
to a fair representation of the financial, agricultural, 
industrial, and commercial interests, and geographical 
divisions of the country. In selecting members of the Board, 
the President shall appoint at least 1 member with demonstrated 
primary experience working in or supervising community banks 
having less than $10,000,000,000 in total assets. The members 
of the Board shall devote their entire time to the business of 
the Board and shall each receive and annual salary of $15,000, 
payable monthly, together with actual necessary traveling 
expenses.
   The members of the Board shall be ineligible during the time 
they are in office and for two years thereafter to hold any 
office, position, or employment in any member bank, except that 
this restriction shall not apply to a member who has served the 
full term for which he was appointed. Upon the expiration of 
the term of any appointive member of the Federal Reserve Board 
in office on the date of enactment of the Banking Act of 1935, 
the President shall fix the term of the successor to such 
member at not to exceed fourteen years, as designated by the 
President at the time of nomination, but in such manner as to 
provide for the expiration of the term of not more than one 
member in any two-year period, and thereafter each member shall 
hold office for a term of fourteen years from the expiration of 
the term of his predecessor, unless sooner removed for cause by 
the President. Of the persons thus appointed, 1 shall be 
designated by the President, by and with the advice and consent 
of the Senate, to serve as Chairman of the Board for a term of 
4 years, [and 2 shall be designated by the President, by and 
with the advice and consent of the Senate, to serve as Vice 
Chairmen of the Board, each for a term of 4 years, 1 of whom 
shall serve in the absence of the Chairman, as provided in the 
fourth undesignated paragraph of this section, and 1 of whom 
shall be designated Vice Chairman for Supervision. The Vice 
Chairman for Supervision shall develop policy recommendations 
for the Board regarding supervision and regulation of 
depository institution holding companies and other financial 
firms supervised by the Board, and shall oversee the 
supervision and regulation of such firms.] and 1 shall be 
designated by the President, by and with the consent of the 
Senate, to serve as Vice Chairman of the Board for a term of 4 
years. The chairman of the Board, subject to its supervision, 
shall be its active executive officer. Each member of the Board 
shall within fifteen days after notice of appointment make and 
subscribe to the oath of office. Upon the expiration of their 
terms of office, members of the Board shall continue to serve 
until their successors are appointed and have qualified. Any 
person appointed as a member of the Board after the date of 
enactment of the Banking Act of 1935 shall not be eligible for 
reappointment as such member after he shall have served a full 
term of fourteen years.
   The Board of Governors of the Federal Reserve System shall 
have power to levy semiannually upon the Federal reserve banks, 
in proportion to their capital stock and surplus, an assessment 
sufficient to pay its estimated expenses and the salaries of 
its members and employees for the half year succeeding the 
levying of such assessment, together with any deficit carried 
forward from the preceding half year, and such assessments may 
include amounts sufficient to provide for the acquisition by 
the Board in its own name of such site or building in the 
District of Columbia as in its judgment alone shall be 
necessary for the purpose of providing suitable and adequate 
quarters for the performance of its functions. After September 
1, 2000, the Board may also use such assessments to acquire, in 
its own name, a site or building (in addition to the facilities 
existing on such date) to provide for the performance of the 
functions of the Board. After approving such plans, estimates, 
and specifications as it shall have caused to be prepared, the 
Board may, notwithstanding any other provision of law, cause to 
be constructed on any site so acquired by it a building or 
buildings suitable and adequate in its judgment for its 
purposes and proceed to take all such steps as it may deem 
necessary or appropriate in connection with the construction, 
equipment, and furnishing of such building or buildings. The 
Board may maintain, enlarge, or remodel any building or 
buildings so acquired or constructed and shall have sole 
control of such building or buildings and space therein.
   The principal offices of the Board shall be in the District 
of Columbia. At meetings of the Board the chairman shall 
preside, and, in his absence, the vice chairman shall preside. 
In the absence of the chairman and the vice chairman, the Board 
shall elect a member to act as chairman pro tempore. The Board 
shall determine and prescribe the manner in which its 
obligations shall be incurred and its disbursements and 
expenses allowed and paid, and may leave on deposit in the 
Federal Reserve banks the proceeds of assessments levied upon 
them to defray its estimated expenses and the salaries of its 
members and employees, whose employment, compensation, leave, 
and expenses shall be governed solely by the provisions of this 
Act, specific amendments thereof, and rules and regulations of 
the Board not inconsistent therewith; and funds derived from 
such assessments shall not be construed to be Government funds 
or appropriated moneys. No member of the Board of Governors of 
the Federal Reserve System shall be an officer or director of 
any bank, banking institution, trust company, or Federal 
Reserve bank or hold stock in any bank, banking institution, or 
trust company; and before entering upon his duties as a member 
of the Board of Governors of the Federal Reserve System he 
shall certify under oath that he has complied with this 
requirement, and such certification shall be filed with the 
secretary of the Board. Whenever a vacancy shall occur, other 
than by expiration of term, among the six members of the Board 
of Governors of the Federal Reserve System appointed by the 
President as above provided, a successor shall be appointed by 
the President, by and with the advice and consent of the 
Senate, to fill such vacancy, and when appointed he shall hold 
office for the unexpired term of his predecessor.
   The President shall have power to fill all vacancies that 
may happen on the Board of Governors of the Federal Reserve 
System during the recess of the Senate by granting commissions 
which shall expire with the next session of the Senate.
   Nothing in this Act contained shall be construed as taking 
away any powers heretofore vested by law in the Secretary of 
the Treasury which relate to the supervision, management, and 
control of the Treasury Department and bureaus under such 
department, and wherever any power vested by this Act in the 
Board of Governors of the Federal Reserve System or the Federal 
reserve agent appears to conflict with the powers of the 
Secretary of the Treasury, such powers shall be exercised 
subject to the supervision and control of the Secretary.
   The Board of Governors of the Federal Reserve System shall 
annually make a full report of its operations to the Speaker of 
the House of Representatives, who shall cause the same to be 
printed for the information of the Congress. The report 
required under this paragraph shall include the reports 
required under section 707 of the Equal Credit Opportunity Act, 
section 18(f)(7) of the Federal Trade Commission Act, section 
114 of the Truth in Lending Act, and the tenth undesignated 
paragraph of this section.
   No Federal Reserve bank may authorize the acquisition or 
construction of any branch building, or enter into any contract 
or other obligation for the acquisition or construction of any 
branch building, without the approval of the Board.
   The Board of Governors of the Federal Reserve System shall 
keep a complete record of the action taken by the Board and by 
the Federal Open Market Committee upon all questions of policy 
relating to open-market operations and shall record therein the 
votes taken in connection with the determination of open-market 
policies and the reasons underlying the action of the Board and 
the Committee in each instance. The Board shall keep a similar 
record with respect to all questions of policy determined by 
the Board, and shall include in its annual report to the 
Congress a full account of the action so taken during the 
preceding year with respect to open-market policies and 
operations and with respect to the policies determined by it 
and shall include in such report a copy of the records required 
to be kept under the provisions of this paragraph.
          [(12) Appearances before congress.--The Vice Chairman 
        for Supervision shall appear before the Committee on 
        Banking, Housing, and Urban Affairs of the Senate and 
        the Committee on Financial Services of the House of 
        Representatives and at semi-annual hearings regarding 
        the efforts, activities, objectives, and plans of the 
        Board with respect to the conduct of supervision and 
        regulation of depository institution holding companies 
        and other financial firms supervised by the Board. ]
          (11) Report on the implementation of recommendations 
        from the fsoc chairperson and executive orders.--The 
        Board of Governors of the Federal Reserve System may 
        not implement a non-binding recommendation made by the 
        Chairperson of the Financial Stability Oversight 
        Council or contained in an Executive Order unless the 
        Board of Governors first provides the Committee on 
        Financial Services of the House of Representatives and 
        the Committee on Banking, Housing, and Urban Affairs of 
        the Senate with--
                  (A) notice that the Board of Governors 
                intends to implement such recommendation;
                  (B) a report containing the proposed 
                implementation by the Board of Governors and a 
                justification for such implementation; and
                  (C) upon request, not later than the end of 
                the 120-day period beginning on the date of the 
                notice under subparagraph (A), testimony on 
                such proposed implementation.
          (12) 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).
          (13) Reporting on interactions with non-governmental 
        international organizations.--With respect to 
        interactions between the Board of Governors of the 
        Federal Reserve System and 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), the Board of 
        Governors shall--
                  (A) keep a complete record of all such 
                interactions, including minutes of all meetings 
                and any recommendations made during such 
                interaction for international standardization 
                with respect to open-market policies and 
                operations, discount lending and operations 
                (including collateral policies), or supervisory 
                policies and operations; and
                  (B) issue an annual 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--
                          (i) all of the information recorded 
                        pursuant to subparagraph (A) with 
                        respect to the previous year; and
                          (ii) with respect to each non-
                        governmental international organization 
                        with which the Board of Governors had 
                        an interaction in the previous year, a 
                        description of the funding sources of 
                        the non-governmental international 
                        organization.

           *       *       *       *       *       *       *

                              ----------                              


                 REVISED STATUTES OF THE UNITED STATES



           *       *       *       *       *       *       *
TITLE VII. DEPARTMENT OF THE TREASURY.

           *       *       *       *       *       *       *


CHAPTER NINE--THE COMPTROLLER OF THE CURRENCY.

           *       *       *       *       *       *       *


SEC. 324. COMPTROLLER OF THE CURRENCY.

  (a) Office of the Comptroller of the Currency Established.--
There is established in the Department of the Treasury a bureau 
to be known as the ``Office of the Comptroller of the 
Currency'' which is charged with assuring the safety and 
soundness of, and compliance with laws and regulations, fair 
access to financial services, and fair treatment of customers 
by, the institutions and other persons subject to its 
jurisdiction.
  (b) Comptroller of the Currency.--
          (1) In general.--The chief officer of the Office of 
        the Comptroller of the Currency shall be known as the 
        Comptroller of the Currency. The Comptroller of the 
        Currency shall perform the duties of the Comptroller of 
        the Currency under the general direction of the 
        Secretary of the Treasury. The Secretary of the 
        Treasury may not delay or prevent the issuance of any 
        rule or the promulgation of any regulation by the 
        Comptroller of the Currency, and may not intervene in 
        any matter or proceeding before the Comptroller of the 
        Currency (including agency enforcement actions), unless 
        otherwise specifically provided by law.
          (2) Additional authority.--The Comptroller of the 
        Currency shall have the same authority with respect to 
        functions transferred to the Comptroller of the 
        Currency under the Enhancing Financial Institution 
        Safety and Soundness Act of 2010 as was vested in the 
        Director of the Office of Thrift Supervision on the 
        transfer date, as defined in section 311 of that Act.
  (c) Report on the Implementation of Recommendations From the 
FSOC Chairperson and Executive Orders.--The Comptroller of the 
Currency may not implement a non-binding recommendation made by 
the Chairperson of the Financial Stability Oversight Council or 
contained in an Executive Order unless the Comptroller of the 
Currency first provides the Committee on Financial Services of 
the House of Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate with--
          (1) notice that the Comptroller of the Currency 
        intends to implement such recommendation;
          (2) a report containing the proposed implementation 
        by the Comptroller of the Currency and a justification 
        for such implementation; and
          (3) upon request, not later than the end of the 120-
        day period beginning on the date of the notice under 
        paragraph (1), testimony on such proposed 
        implementation.
  (d) 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).
  (e) Reporting on Interactions With Non-governmental 
International Organizations.--With respect to interactions 
between the Office of the Comptroller of the Currency and 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), the Comptroller of the Currency shall--
          (1) keep a complete record of all such interactions, 
        including minutes of all meetings and any 
        recommendations made during such interaction for 
        international standardization with respect to discount 
        lending and operations (including collateral policies) 
        or supervisory policies and operations; and
          (2) issue an annual 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--
                  (A) all of the information recorded pursuant 
                to paragraph (1) with respect to the previous 
                year; and
                  (B) with respect to each non-governmental 
                international organization with which the 
                Office of the Comptroller of the Currency had 
                an interaction in the previous year, a 
                description of the funding sources of the non-
                governmental international organization.

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                              ----------                              


                     FEDERAL DEPOSIT INSURANCE ACT



           *       *       *       *       *       *       *
SEC. 2. MANAGEMENT.

  (a) Board of Directors.--
          (1) In general.--The management of the Corporation 
        shall be vested in a Board of Directors consisting of 5 
        members--
                  (A) 1 of whom shall be the Comptroller of the 
                Currency;
                  (B) 1 of whom shall be the Director of the 
                Consumer Financial Protection Bureau; and
                  (C) 3 of whom shall be appointed by the 
                President, by and with the advice and consent 
                of the Senate, from among individuals who are 
                citizens of the United States, 1 of whom shall 
                have State bank supervisory experience.
          (2) Political affiliation.--After February 28, 1993, 
        not more than 3 of the members of the Board of 
        Directors may be members of the same political party.
  (b) Chairperson and Vice Chairperson.--
          (1) Chairperson.--1 of the appointed members shall be 
        designated by the President, by and with the advice and 
        consent of the Senate, to serve as Chairperson of the 
        Board of Directors for a term of 5 years.
          (2) Vice chairperson.--1 of the appointed members 
        shall be designated by the President, by and with the 
        advice and consent of the Senate, to serve as Vice 
        Chairperson of the Board of Directors.
          (3) Acting chairperson.--In the event of a vacancy in 
        the position of Chairperson of the Board of Directors 
        or during the absence or disability of the Chairperson, 
        the Vice Chairperson shall act as Chairperson.
  (c) Terms.--
          (1) Appointed members.--Each appointed member shall 
        be appointed for a term of 6 years.
          (2) Interim appointments.--Any member appointed to 
        fill a vacancy occurring before the expiration of the 
        term for which such member's predecessor was appointed 
        shall be appointed only for the remainder of such term.
          (3) Continuation of service.--The Chairperson, Vice 
        Chairperson, and each appointed member may continue to 
        serve after the expiration of the term of office to 
        which such member was appointed until a successor has 
        been appointed and qualified.
  (d) Vacancy.--
          (1) In general.--Any vacancy on the Board of 
        Directors shall be filled in the manner in which the 
        original appointment was made.
          (2) Acting officials may serve.--In the event of a 
        vacancy in the office of the Comptroller of the 
        Currency or the office of Director of the Consumer 
        Financial Protection Bureau and pending the appointment 
        of a successor, or during the absence or disability of 
        the Comptroller of the Currency or the Director of the 
        Consumer Financial Protection Bureau, the acting 
        Comptroller of the Currency or the acting Director of 
        the Consumer Financial Protection Bureau, as the case 
        may be, shall be a member of the Board of Directors in 
        the place of the Comptroller or Director.
  (e) Ineligibility for Other Offices.--
          (1) Postservice restriction.--
                  (A) In general.--No member of the Board of 
                Directors may hold any office, position, or 
                employment in any insured depository 
                institution or any depository institution 
                holding company during--
                          (i) the time such member is in 
                        office; and
                          (ii) the 2-year period beginning on 
                        the date such member ceases to serve on 
                        the Board of Directors.
                  (B) Exception for members who serve full 
                term.--The limitation contained in subparagraph 
                (A)(ii) shall not apply to any member who has 
                ceased to serve on the Board of Directors after 
                serving the full term for which such member was 
                appointed.
          (2) Restriction during service.--No member of the 
        Board of Directors may--
                  (A) be an officer or director of any insured 
                depository institution, depository institution 
                holding company, Federal Reserve bank, or 
                Federal home loan bank; or
                  (B) hold stock in any insured depository 
                institution or depository institution holding 
                company.
          (3) Certification.--Upon taking office, each member 
        of the Board of Directors shall certify under oath that 
        such member has complied with this subsection and such 
        certification shall be filed with the secretary of the 
        Board of Directors.
  (f) Status of Employees.--
          (1) In general.--A director, member, officer, or 
        employee of the Corporation has no liability under the 
        Securities Act of 1933 with respect to any claim 
        arising out of or resulting from any act or omission by 
        such person within the scope of such person's 
        employment in connection with any transaction involving 
        the disposition of assets (or any interests in any 
        assets or any obligations backed by any assets) by the 
        Corporation. This subsection shall not be construed to 
        limit personal liability for criminal acts or 
        omissions, willful or malicious misconduct, acts or 
        omissions for private gain, or any other acts or 
        omissions outside the scope of such person's 
        employment.
          (2) Definition.--For purposes of this subsection, the 
        term ``employee of the Corporation'' includes any 
        employee of the Office of the Comptroller of the 
        Currency or of the Consumer Financial Protection Bureau 
        who serves as a deputy or assistant to a member of the 
        Board of Directors of the Corporation in connection 
        with activities of the Corporation.
          (3) Effect on other law.--This subsection does not 
        affect--
                  (A) any other immunities and protections that 
                may be available to such person under 
                applicable law with respect to such 
                transactions, or
                  (B) any other right or remedy against the 
                Corporation, against the United States under 
                applicable law, or against any person other 
                than a person described in paragraph (1) 
                participating in such transactions.
        This subsection shall not be construed to limit or 
        alter in any way the immunities that are available 
        under applicable law for Federal officials and 
        employees not described in this subsection.
  (g) Report on the Implementation of Recommendations From the 
FSOC Chairperson and Executive Orders.--The Board of Directors 
of the Corporation may not implement a non-binding 
recommendation made by the Chairperson of the Financial 
Stability Oversight Council or contained in an Executive Order 
unless the Board of Directors first provides the Committee on 
Financial Services of the House of Representatives and the 
Committee on Banking, Housing, and Urban Affairs of the Senate 
with--
          (1) notice that the Board of Directors intends to 
        implement such recommendation;
          (2) a report containing the proposed implementation 
        by the Board of Directors and a justification for such 
        implementation; and
          (3) upon request, not later than the end of the 120-
        day period beginning on the date of the notice under 
        paragraph (1), testimony on such proposed 
        implementation.
  (h) 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).
  (i) Reporting on Interactions With Non-governmental 
International Organizations.--With respect to interactions 
between the Federal Deposit Insurance Corporation and 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), the Board of Directors of the Corporation 
shall--
          (1) keep a complete record of all such interactions, 
        including minutes of all meetings and any 
        recommendations made during such interaction for 
        international standardization with respect to discount 
        lending and operations (including collateral policies) 
        or supervisory policies and operations; and
          (2) issue an annual 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--
                  (A) all of the information recorded pursuant 
                to paragraph (1) with respect to the previous 
                year; and
                  (B) with respect to each non-governmental 
                international organization with which the 
                Corporation had an interaction in the previous 
                year, a description of the funding sources of 
                the non-governmental international 
                organization.

           *       *       *       *       *       *       *

                              ----------                              


                        FEDERAL CREDIT UNION ACT



           *       *       *       *       *       *       *
TITLE I--FEDERAL CREDIT UNIONS

           *       *       *       *       *       *       *


                       creation of administration

  Sec. 102. (a) There is hereby established in the executive 
branch of the Government an independent agency to be known as 
the National Credit Union Administration. The Administration 
shall be under the management of a National Credit Union 
Administration Board.
  (b) Membership and Appointment of Board.--
          (1) In general.--The Board shall consist of three 
        members, who are broadly representative of the public 
        interest, appointed by the President, by and with the 
        advice and consent of the Senate. In appointing the 
        members of the Board, the President shall designate the 
        Chairman. Not more than two members of the Board shall 
        be members of the same political party.
          (2) Appointment criteria.--
                  (A) Experience in financial services.--In 
                considering appointments to the Board under 
                paragraph (1), the President shall give 
                consideration to individuals who, by virtue of 
                their education, training, or experience 
                relating to a broad range of financial 
                services, financial services regulation, or 
                financial policy, are especially qualified to 
                serve on the Board.
                  (B) Limit on appointment of credit union 
                officers.--Not more than one member of the 
                Board may be appointed to the Board from among 
                individuals who, at the time of the 
                appointment, are, or have recently been, 
                involved with any insured credit union as a 
                committee member, director, officer, employee, 
                or other institution-affiliated party.
  (c) The term of office of each member of the Board shall be 
six years, except that the terms of the two members, other than 
the Chairman, initially appointed shall expire one upon the 
expiration of two years after the date of appointment, and the 
other upon the expiration of four years after the date of 
appointment. Board members shall not be appointed to succeed 
themselves except the initial members appointed for less than a 
six-year term may be reappointed for a full six-year term and 
future members appointed to fill unexpired terms may be 
reappointed for a full six-year term. Any Board member may 
continue to serve as such after the expiration of said member's 
term until a successor has qualified.
  (d) The management of the Administration shall be vested in 
the Board. The Board shall adopt such rules as it sees fit for 
the transaction of its business and shall keep permanent and 
complete records and minutes of its acts and proceedings. A 
majority of the Board shall constitute a quorum. Not later than 
April 1 of each calendar year, and at such other times as the 
Congress shall determine, the Board shall make a report to the 
President and to the Congress. Such a report shall summarize 
the operations of the Administration and set forth such 
information as is necessary for the Congress to review the 
financial program approved by the Board.
  (e) The Chairman of the Board shall be the spokesman for the 
Board and shall represent the Board and the National Credit 
Union Administration in its official relations with other 
branches of the Government. The Chairman shall determine each 
Board member's area of responsibility and shall review such 
assignments biennially. It shall be the Chairman's 
responsibility to direct the implementation of the adopted 
policies and regulations of the Board.
  (f) The financial transactions of the Administration shall be 
subject to audit by the General Accounting Office in accordance 
with the principles and procedures applicable to commercial 
corporate transactions and under such rules and regulations as 
may be prescribed by the Comptroller General of the United 
States. The audit shall be conducted at the place or places 
where the accounts of the Administration are kept.
  (g) Report on the Implementation of Recommendations From the 
FSOC Chairperson and Executive Orders.--The Board may not 
implement a non-binding recommendation made by the Chairperson 
of the Financial Stability Oversight Council or contained in an 
Executive Order unless the Board first provides the Committee 
on Financial Services of the House of Representatives and the 
Committee on Banking, Housing, and Urban Affairs of the Senate 
with--
          (1) notice that the Board intends to implement such 
        recommendation;
          (2) a report containing the proposed implementation 
        by the Board and a justification for such 
        implementation; and
          (3) upon request, not later than the end of the 120-
        day period beginning on the date of the notice under 
        paragraph (1), testimony on such proposed 
        implementation.
  (h) 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).
  (i) Reporting on Interactions With Non-governmental 
International Organizations.--With respect to interactions 
between the Administration and 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), the Board shall--
          (1) keep a complete record of all such interactions, 
        including minutes of all meetings and any 
        recommendations made during such interaction for 
        international standardization with respect to discount 
        lending and operations (including collateral policies) 
        or supervisory policies and operations; and
          (2) issue an annual 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--
                  (A) all of the information recorded pursuant 
                to paragraph (1) with respect to the previous 
                year; and
                  (B) with respect to each non-governmental 
                international organization with which the 
                Administration had an interaction in the 
                previous year, a description of the funding 
                sources of the non-governmental international 
                organization.

           *       *       *       *       *       *       *

                              ----------                              


             HOUSING AND COMMUNITY DEVELOPMENT ACT OF 1992



           *       *       *       *       *       *       *
TITLE XIII--GOVERNMENT SPONSORED ENTERPRISES

           *       *       *       *       *       *       *


         Subtitle A--Supervision and Regulation of Enterprises

            PART 1--FINANCIAL SAFETY AND SOUNDNESS REGULATOR

SEC. 1311. ESTABLISHMENT OF THE FEDERAL HOUSING FINANCE AGENCY.

  (a) Establishment.--There is established the Federal Housing 
Finance Agency, which shall be an independent agency of the 
Federal Government.
  (b) General Supervisory and Regulatory Authority.--
          (1) In general.--Each regulated entity shall, to the 
        extent provided in this title, be subject to the 
        supervision and regulation of the Agency.
          (2) Authority over fannie mae, freddie mac, the 
        federal home loan banks, and the office of finance.--
        The Director shall have general regulatory authority 
        over each regulated entity and the Office of Finance, 
        and shall exercise such general regulatory authority, 
        including such duties and authorities set forth under 
        section 1313, to ensure that the purposes of this Act, 
        the authorizing statutes, and any other applicable law 
        are carried out.
  (c) Savings Provision.--The authority of the Director to take 
actions under subtitles B and C shall not in any way limit the 
general supervisory and regulatory authority granted to the 
Director under subsection (b).
  (d) Report on the Implementation of Recommendations From the 
FSOC Chairperson and Executive Orders.--The Director may not 
implement a non-binding recommendation made by the Chairperson 
of the Financial Stability Oversight Council or contained in an 
Executive Order unless the Director first provides the 
Committee on Financial Services of the House of Representatives 
and the Committee on Banking, Housing, and Urban Affairs of the 
Senate with--
          (1) notice that the Director intends to implement 
        such recommendation;
          (2) a report containing the proposed implementation 
        by the Director and a justification for such 
        implementation; and
          (3) upon request, not later than the end of the 120-
        day period beginning on the date of the notice under 
        paragraph (1), testimony on such proposed 
        implementation.
  (e) 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).
  (f) Reporting on Interactions With Non-governmental 
International Organizations.--With respect to interactions 
between the Federal Housing Finance Agency and 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), the Director shall--
          (1) keep a complete record of all such interactions, 
        including minutes of all meetings and any 
        recommendations made during such interaction for 
        international standardization with respect to discount 
        lending and operations (including collateral policies) 
        or supervisory policies and operations; and
          (2) issue an annual 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--
                  (A) all of the information recorded pursuant 
                to paragraph (1) with respect to the previous 
                year; and
                  (B) with respect to each non-governmental 
                international organization with which the 
                Federal Housing Finance Agency had an 
                interaction in the previous year, a description 
                of the funding sources of the non-governmental 
                international organization.

           *       *       *       *       *       *       *


                             MINORITY VIEWS

    H.R. 4823 is entitled ``the American FIRST Act,'' but it 
should really be called ``the American LAST Act.'' Instead of 
supporting American leadership on critical issues affecting the 
global financial system, this bill would undermine the ability 
of U.S. regulators to take commonsense steps to address the 
financial risks posed by climate change, or take steps to 
promote equity, diversity, and inclusion in our housing and 
financial system.
    Specifically, whenever our financial regulators would 
consider issuing a regulation that was recommended by the 
Financial Stability Oversight Council (FSOC), an international 
coordinating body, or an Executive Order from the President, 
this bill would require our regulators to jump through several 
hoops before they could act, including submitting needless and 
burdensome reports. It would also add yet another statutory 
requirement for regulators to testify before this Committee as 
if we don't have enough of those. We are strong supporters of 
Congressional oversight, but our oversight should not impede 
our regulators from carrying out the important work Congress 
charged them to do, including promoting safety and soundness of 
our banking system and addressing threats to financial 
stability.
    Republicans are advancing this bill a few months after the 
U.S. experienced the 2nd, 3rd, and 4th largest bank failures in 
our history. The House Financial Services Committee held 
hearings where Members on both sides of the aisle criticized a 
range of players, including bank management and bank 
supervisors for the mistakes they made. At this critical 
juncture, in which the importance of the role of the Fed Vice 
Chair of Supervision has never been clearer, this bill would 
eliminate the role entirely. This bill will reduce the priority 
bank supervision and regulation is given by the Fed were it to 
become law.
    We would also note that Democratic members offered two 
amendments to this bill, which were rejected by Republicans:
          1. Rep. Beatty's amendment would add an exception to 
        the requirements under Titles I and II that would allow 
        the Fed, FDIC, OCC, NCUA, and FHFA to issue rules that 
        promote diversity, equity, and inclusion with respect 
        to their regulated entities, including to combat 
        discriminatory products and practices, modern-day 
        redlining, and other barriers to equal access to 
        affordable products and services provided or otherwise 
        supported by their regulated entities, as well as to 
        implement, carry out, or enforce affordable housing 
        goals and Duty to Serve requirements.
          2. Rep. Garcia's amendment would delay the 
        effectiveness of the bill until after the Fed, FDIC, 
        OCC, NCUA, and FHFA certify that climate change poses 
        no financial risks to the safety and soundness of their 
        regulated entities or the U.S. financial system.
    Instead of working with Democrats on commonsense 
legislation that would address problems exposed by recent bank 
failures or ensure financial regulators can act to promote 
financial stability, this bill appears to simply be another 
part of the Republican attack on ``woke'' policies and 
regulatory authority, including work to promote diversity and 
inclusion and to ensure our financial institutions do not 
ignore the very real financial risks posed by climate change.
    For these reasons, we oppose H.R. 4823.
            Sincerely,
                                   Maxine Waters,
                                           Ranking Member.
                                   Nydia M. Velazquez,
                                   Gregory W. Meeks,
                                   Al Green,
                                   Bill Foster,
                                   Juan Vargas,
                                   Brad Sherman,
                                   Stephen F. Lynch,
                                   Emanuel Cleaver II,
                                   Joyce Beatty,
                                   Vicente Gonzalez,
                                   Sean Casten,
                                   Rashida Tlaib,
                                   Nikema Williams,
                                   Ayanna Pressley,
                                   Sylvia R. Garcia,
                                   Brittany Pettersen,
                                           Members of Congress.