H.R. 3355 — Ensuring U.S. Authority over U.S. Banking Regulations Act

This section prohibits the Board of Governors of the Federal Reserve System, Comptroller of the Currency, Board of Directors of the Federal Deposit Insurance Corporation, and National Credit Union Administration Board from proposing or finalizing a major covered rule unless, not later than 120 days prior, they provide the House Committee on Financial Services and Senate Committee on Banking, Housing, and Urban Affairs with notice, testimony, and a detailed economic analysis—including projections of economic costs, sectoral effects, and effects on credit availability, gross domestic product, and employment. It defines a major covered rule as one that the agency determines would have an aggregate economic effect on the United States of $10 billion or more during the 10-year period beginning on the rule's effective date and that is intended to align or conform with a recommendation from a non-governmental international organization (e.g., Financial Stability Board, Bank for International Settlements, Network of Central Banks and Supervisors for Greening the Financial System, Basel Committee on Banking Supervision).

This section prohibits a federal banking regulator from meeting with or otherwise engaging with a covered international organization on climate-related financial risk during a calendar year unless the regulator first submits a report to the House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs that, for the previous calendar year, includes (1) a complete description of the organization's activities in which the regulator participates (including any task force, committee, or other unit) and (2) a detailed accounting of the organization's governmental and nongovernmental funding sources (including for any such unit). Covered international organizations are the Financial Stability Board, Network of Central Banks and Supervisors for Greening the Financial System, and Basel Committee on Banking Supervision. Federal banking regulators are the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Federal Housing Finance Agency, National Credit Union Administration, and Office of the Comptroller of the Currency.