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 eco-
nomic 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 econ-
omy 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-govern-
mental international organization (including the 
Financial Stability Board, the Bank for Inter-
national Settlements, the Network of Central 
Banks and Supervisors for Greening the Finan-
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cial System, and the Basel Committee on Bank-
ing Supervision).’’. 
(e) FEDERAL
HOUSING
FINANCE
ADMINISTRA-
TION.—Section 1311 of the Housing and Community De-
velopment Act of 1992 (12 U.S.C. 4511) is amended by 
adding at the end the following: 
‘‘(d) 
REQUIREMENTS
IN
CONNECTION
WITH 
RULEMAKINGS IMPLEMENTING POLICIES OF NON-GOV-
ERNMENTAL INTERNATIONAL ORGANIZATIONS.— 
‘‘(1) IN GENERAL.—The Director may not pro-
pose 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 eco-
nomic 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— 
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‘‘(A) that the Director determines would 
have an effect, in the aggregate, on the econ-
omy 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-govern-
mental international organization (including the 
Financial Stability Board, the Bank for Inter-
national Settlements, the Network of Central 
Banks and Supervisors for Greening the Finan-
cial System, and the Basel Committee on Bank-
ing Supervision).’’. 
SEC. 3. REPORT ON CERTAIN CLIMATE-RELATED INTER-
ACTIONS WITH COVERED INTERNATIONAL 
ORGANIZATIONS. 
(a) IN GENERAL.—A Federal banking regulator may 
not meet with or otherwise engage with a covered inter-
national organization on the topic of climate-related finan-
cial risk during a calendar year unless the Federal bank-
ing regulator has issued a report to the Committee on Fi-
nancial Services of the House of Representatives and the 
Committee on Banking, Housing, and Urban Affairs of 
the Senate containing, for the previous calendar year— 
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(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 cov-
ered international organization (including any task 
force, committee, or other organizational unit there-
of). 
(b) DEFINITIONS.—In this section: 
(1) 
COVERED
INTERNATIONAL
ORGANIZA-
TION.—The term ‘‘covered international organiza-
tion’’ means the Financial Stability Board, the Net-
work 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. 
Æ 
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