I 
118TH CONGRESS 
1ST SESSION H. R. 4649 
To provide for additional requirements when Federal banking agencies under-
take rulemakings that implement policies of non-governmental inter-
national organizations, to require Federal banking agencies to report 
on certain covered international organizations, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 14, 2023 
Mr. LOUDERMILK introduced the following bill; which was referred to the 
Committee on Financial Services 
A BILL 
To provide for additional requirements when Federal banking 
agencies undertake rulemakings that implement policies 
of non-governmental international organizations, to re-
quire Federal banking agencies to report on certain cov-
ered international organizations, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Ensuring U.S. Author-
ity over U.S. Banking Regulations Act’’. 
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SEC. 
2. 
REQUIREMENTS 
IN 
CONNECTION 
WITH 
RULEMAKINGS IMPLEMENTING POLICIES OF 
NON-GOVERNMENTAL INTERNATIONAL OR-
GANIZATIONS. 
(a) BOARD OF GOVERNORS OF THE FEDERAL RE-
SERVE SYSTEM.—Section 10 of the Federal Reserve Act 
(12 U.S.C. 247b) is amended by inserting after paragraph 
(10) the following: 
‘‘(11) REQUIREMENTS
IN
CONNECTION
WITH 
RULEMAKINGS
IMPLEMENTING
POLICIES
OF
NON- 
GOVERNMENTAL INTERNATIONAL ORGANIZATIONS.— 
‘‘(A) IN
GENERAL.—The Board of Gov-
ernors 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 Com-
mittee on Banking, Housing, and Urban Affairs 
of the Senate with notice, testimony, and a de-
tailed economic analysis with respect to the pro-
posed or final rule, including projections of eco-
nomic costs, sectoral effects, and effects on the 
availability of credit, the gross domestic prod-
uct, and employment. 
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‘‘(B) MAJOR COVERED RULE DEFINED.— 
In this paragraph, the term ‘major covered rule’ 
means a rule— 
‘‘(i) that the Board of Governors de-
termines would have an effect, in the ag-
gregate, 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 con-
form 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 Super-
visors for Greening the Financial System, 
and the Basel Committee on Banking Su-
pervision).’’. 
(b) OFFICE OF THE COMPTROLLER OF THE CUR-
RENCY.—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) 
REQUIREMENTS
IN
CONNECTION
WITH 
RULEMAKINGS IMPLEMENTING POLICIES OF NON-GOV-
ERNMENTAL INTERNATIONAL ORGANIZATIONS.— 
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‘‘(1) IN
GENERAL.—The Comptroller of the 
Currency may not propose or finalize a major cov-
ered rule unless, not later than 120 days before 
issuing such a proposed or final rule, the Comp-
troller 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 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 Comptroller of the Currency 
determines would have an effect, in the aggre-
gate, 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 ef-
fect; and 
‘‘(B) that is intended to align or conform 
with a recommendation from a non-govern-
mental international organization (including the 
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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).’’. 
(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 fol-
lowing: 
‘‘(g) 
REQUIREMENTS
IN
CONNECTION
WITH 
RULEMAKINGS IMPLEMENTING POLICIES OF NON-GOV-
ERNMENTAL 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 Serv-
ices of the House of Representatives and the Com-
mittee 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. 
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‘‘(2) MAJOR COVERED RULE DEFINED.—In this 
subsection, the term ‘major covered rule’ means a 
rule— 
‘‘(A) that the Board of Directors deter-
mines 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 ef-
fect; 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).’’. 
(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) 
REQUIREMENTS
IN
CONNECTION
WITH 
RULEMAKINGS IMPLEMENTING POLICIES OF NON-GOV-
ERNMENTAL INTERNATIONAL ORGANIZATIONS.— 
‘‘(1) IN GENERAL.—The Board may not pro-
pose or finalize a major covered rule unless, not 
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