Ensuring U.S. Authority over U.S. Banking Regulations Act
Banking: Oversight of International Rules
This bill was recently introduced and is currently being reviewed by the House Committee on Financial Services. It is in the early stages of the legislative process and is considered active. There are no upcoming votes or hearings scheduled at this time.
Legislative Progress
This bill faces significant opposition from those who believe international cooperation is necessary for global financial stability, and it adds heavy administrative burdens on agencies.
Key Points
- This bill requires federal banking agencies like the Federal Reserve to give Congress a 120-day notice before making major new rules. This applies to rules that would cost the economy $10 billion or more over a decade and follow suggestions from international groups.
- Agencies would have to provide a deep dive into how these rules might change the economy. They must look at things like how many jobs might be lost, if it will be harder for people to get loans, and how it affects the total value of goods and services produced in the country.
- The bill also targets rules related to climate change. Before banking officials can meet with certain international groups to talk about climate risks, they must first give Congress a report on what those groups do and where they get their money.
- The goal is to make sure that U.S. banking laws are decided by American officials rather than international organizations. Supporters want to ensure that any big changes to the financial system are fully explained to the public and lawmakers before they happen.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
Referred to the House Committee on Financial Services.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
Related News
2 articlesGOP bill targets global influence on US bank regulations
Rep. Barry Loudermilk (R-Ga.) introduced the Ensuring U.S. Authority over U.S. Banking Regulations Act, which would require federal banking agencies to provide a 120-day notice to Congress before adopting rules based on international standards, particularly those with high economic costs.
Republicans take aim at Basel III, climate rules in banking overhaul
House Republicans are pushing a suite of bills to limit the Federal Reserve's participation in international climate and regulatory groups, arguing that global standards like Basel III and ESG-focused initiatives undermine U.S. economic sovereignty and burden community banks.
Source Information
Document Type
Congressional Bill
Official Title
Ensuring U.S. Authority over U.S. Banking Regulations Act
Data Sources
Sponsor
Analysis generated by AI. Always verify with official sources.