American FIRST Act of 2023

Bill: 118-hr-4823
Sponsor: Rep. Loudermilk, Barry [R-GA-11]
Introduced: 2023-07-24 in the House
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation
Climate change and greenhouse gases
Congressional oversight
Federal Reserve System
Fraud offenses and financial crimes
Government ethics and transparency, public corruption
Government information and archives

Summary:
action_date: 2023-07-24
text: 

American Financial Institution Regulatory Sovereignty and Transparency Act of 2023 or the American FIRST Act of 2023

This bill establishes reporting requirements for the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Federal Housing Finance Administration.

Specifically, the bill requires these entities to report to Congress prior to implementing a non-binding recommendation from the Financial Stability Oversight Council or a recommendation contained in an Executive Order.

Further, these entities must report to Congress regarding activity associated with certain nongovernmental international organizations, including the Basel Committee on Banking Supervision. Specifically, when proposing or finalizing major rules to conform with recommendations from these organizations, entities must submit to Congress notice, testimony, and a detailed economic analysis with respect to the proposed or final rule prior to its issuance. Additionally, in order to engage with these organizations about climate-related financial risks, entities must report on any participation with the organization’s activities and on the organization's funding sources. Entities must also report on any recommendations received from international organizations for international standardization regarding open-market policies and operations, discount lending and operations, or supervisory policies and operations.

The bill also eliminates the position of Vice Chairman for Supervision from the Board of Governors of the Federal Reserve System. Currently, the Vice Chairman for Supervision develops policy recommendations for depository institution holding companies and other entities and oversees the supervision and regulation of these entities.
 
action_date: 2023-12-19
text: 

American Financial Institution Regulatory Sovereignty and Transparency Act of 2023 or the American FIRST Act of 2023

This bill establishes reporting requirements for the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Federal Housing Finance Agency.

Specifically, the bill requires these entities to report to Congress prior to implementing a non-binding recommendation from the Financial Stability Oversight Council or a recommendation contained in an Executive Order.

Further, these entities must report to Congress regarding activity associated with certain nongovernmental international organizations, including the Basel Committee on Banking Supervision. Specifically, when proposing or finalizing major rules to conform with recommendations from these organizations, entities must submit to Congress notice, testimony, and a detailed economic analysis with respect to the proposed or final rule prior to its issuance. Additionally, in order to engage with these organizations about climate-related financial risks, entities must report on any participation with the organization’s activities and on the organization's funding sources. Entities must also report on any recommendations received from international organizations for international standardization regarding discount lending and operations or supervisory policies and operations.

The bill also eliminates the position of Vice Chairman for Supervision from the Board of Governors of the Federal Reserve System. Currently, the Vice Chairman for Supervision develops policy recommendations for depository institution holding companies and other entities and oversees the supervision and regulation of these entities.
 

Legislative actions:
action_date: 2023-12-19
text: Placed on the Union Calendar, Calendar No. 264.
action_date: 2023-12-19
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 118-325.
action_date: 2023-12-19
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 118-325.
action_date: 2023-07-27
text: Ordered to be Reported (Amended) by the Yeas and Nays: 29 - 21.
action_date: 2023-07-27
text: Committee Consideration and Mark-up Session Held
action_date: 2023-07-24
text: Referred to the House Committee on Financial Services.
action_date: 2023-07-24
text: Introduced in House
action_date: 2023-07-24
text: Introduced in House