US HB3355

Federal banking agencies (Federal Reserve, OCC, FDIC, NCUA, FHFA) must provide Congress with 120-day advance notice, testimony, and detailed economic analysis before proposing or finalizing "major covered rules" that implement policies from non-governmental international organizations

"Major covered rules" are defined as rules with an aggregate economic impact of $10 billion or more over 10 years that align with recommendations from international bodies including the Financial Stability Board, Bank for International Settlements, Basel Committee on Banking Supervision, and Network of Central Banks and Supervisors for Greening the Financial System

Required economic analyses must include projections of economic costs, sectoral effects, impacts on credit availability, GDP effects, and employment impacts

Federal banking regulators are prohibited from meeting or engaging with covered international organizations on climate-related financial risk unless they first submit an annual report to Congress detailing their participation in these organizations and the organizations' governmental and non-governmental funding sources

The bill amends the Federal Reserve Act, Revised Statutes, Federal Deposit Insurance Act, Federal Credit Union Act, and Housing and Community Development Act to impose these requirements across all major federal banking regulators