HR 3355119th CongressIntroduced

Ensuring U.S. Authority over U.S. Banking Regulations Act

Introduced: May 13, 2025

Environment & ClimateFinancial Services

Standard Summary

Comprehensive overview in 1-2 paragraphs

The Ensuring U.S. Authority over U.S. Banking Regulations Act would add tighter U.S. oversight over federal banking rulemaking when rules are intended to implement or align with policies from certain non-governmental international organizations (NGIOs), notably 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. For each major U.S. banking rule that is intended to conform to these NGIO recommendations, the relevant regulator would have to give at least 120 days’ advance notice to Congress with testimony and a detailed economic analysis covering costs, sectoral effects, and impacts on credit, GDP, and employment. The bill also requires annual reporting on climate-related interactions with these NGIOs, including a description of activities and funding sources. Overall, the bill would increase congressional oversight and delay or constrain regulatory actions that mirror international standards. The bill covers the major U.S. banking regulators (Federal Reserve Board, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, National Credit Union Administration, Federal Housing Finance Agency) and, for housing finance, the Federal Housing Finance Agency as well as related rulemaking authorities. A “major covered rule” is defined as one with an estimated aggregate U.S. economic impact of $10 billion or more over 10 years and that is intended to align with NGIO recommendations. The climate-related reporting requirement targets annual disclosures about NGIO activities and funding if regulators engage on climate-related financial risk.

Key Points

1Major rulemaking oversight: The bill requires each regulator (Fed, OCC, FDIC, NCUA, FHFA, and related housing finance authority) to not propose or finalize a major rule that implements NGIO policies without 120 days’ prior notice to Congress, including hearing participation and a detailed economic analysis of costs, sectoral effects, credit availability, GDP, and employment impacts.
2Definition of major covered rule: A rule with an anticipated aggregate U.S. economic impact of $10,000,000,000 or more over 10 years, and that is meant to align with a recommendation from an NGIO (FSB, BIS, NGFS, Basel Committee).
3Cross-agency scope: Applies to the Federal Reserve, OCC, FDIC, NCUA, FHFA, and the Federal Housing Finance Agency, via amendments to their governing statutes.
4Climate-related interaction reporting: Regulators may not engage with a covered NGIO on climate-related financial risk in a given year unless they have issued a year-ahead report detailing the NGIO’s activities and funding sources.
5Covered international organizations: The NGIOs specifically named 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.
6Short title: The act is named the “Ensuring U.S. Authority over U.S. Banking Regulations Act.”

Impact Areas

Primary group/area affected- Federal banking regulators (Federal Reserve Board, OCC, FDIC, NCUA, FHFA) and, for housing finance, the Federal Housing Finance Agency. These agencies would face new procedural and analytical requirements before enacting major rules that align with NGIO recommendations.Secondary group/area affected- Financial institutions subject to major covered rules, including banks and credit unions, since the rules meeting the $10B+ impact threshold and any associated changes could affect lending, credit access, costs, and compliance.Additional impacts- Congress and congressional committees (House Financial Services Committee; Senate Banking, Housing, and Urban Affairs Committee) receive enhanced oversight role with mandatory testimony and detailed analyses.- NGIOs themselves (FSB, BIS, NGFS, Basel Committee) could be subject to greater scrutiny over how U.S. regulators interact with them, including questions about alignment with international standards and funding.- Climate policy discussions within banking regulation: The annual reporting requirement on climate-related interactions adds a layer of transparency about how NGIO activities influence U.S. regulators’ climate risk work and who funds those NGIOs.Major covered rule: A proposed or finalized rule that the regulator determines would have a $10B+ (in the aggregate) effect on the U.S. economy over 10 years and is intended to align withNGIO recommendations.Covered NGIOs: The Financial Stability Board (FSB), the Bank for International Settlements (BIS), the Network for Greening the Financial System (NGFS), and the Basel Committee on Banking Supervision.Federal banking regulators: The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the Federal Housing Finance Agency. The Federal Housing Finance Agency is also tied to rules under its respective act.

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