This bill requires specified federal banking regulators to make disclosures (1) when issuing major rules to conform with recommendations from non-governmental international organizations, and (2) when engaging with certain non-governmental international organizations about climate-related topics.
Specifically, 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 must submit to Congress notice, testimony, and a detailed economic analysis with respect to a major covered rule prior to its issuance. A major covered rule under the bill is a rule (1) that has an effect on the U.S. economy of at least $10 billion over a 10-year-period, and (2) that is intended to align or conform with a recommendation from a non-governmental international organization (including the Financial Stability Board and the Basel Committee on Banking Supervision).
Further, in order to engage with certain international organizations about climate-related financial risks, these regulators must report annually on (1) the international organization’s activities that the regulator participates in, such as a task force or committee; and (2) the organization's governmental and non-governmental funding sources.
