H.R.3355 - Ensuring U.S. Authority over U.S. Banking Regulations Act (119th Congress)
Summary
H.R. 3355, the "Ensuring U.S. Authority over U.S. Banking Regulations Act," aims to increase Congressional oversight of federal banking agencies' rulemakings, particularly when those rules are influenced by non-governmental international organizations. It mandates that agencies like the Federal Reserve, the Office of the Comptroller of the Currency, the FDIC, the NCUA, and the FHFA provide detailed economic analyses to Congress before proposing or finalizing major rules that align with recommendations from bodies such as the Financial Stability Board and the Basel Committee on Banking Supervision.
The bill also requires federal banking regulators to report on their interactions with covered international organizations, especially concerning climate-related financial risk. This includes detailing the activities of these organizations and their funding sources.
In essence, the bill seeks to ensure that U.S. banking regulations are primarily determined by domestic considerations and that Congress has sufficient information to assess the impact of international influences.
Expected Effects
The primary effect of this bill, if enacted, would be to increase Congressional oversight and potentially slow down or alter the implementation of banking regulations influenced by international bodies. Federal banking agencies would face additional procedural hurdles and reporting requirements before enacting rules aligned with international recommendations.
This could lead to regulations that are more tailored to the specific economic conditions and priorities of the United States. It may also reduce the influence of international standards on U.S. banking practices.
Potential Benefits
- Enhanced Congressional oversight of banking regulations.
- Greater transparency regarding the influence of international organizations on U.S. banking policy.
- Regulations more tailored to the U.S. economy.
- Increased accountability of federal banking regulators.
- Potential for reduced regulatory burden on U.S. banks.
Potential Disadvantages
- Potential delays in implementing necessary banking regulations.
- Increased bureaucracy and administrative burden for federal banking agencies.
- Risk of regulatory divergence from international standards, potentially hindering international cooperation.
- Possible perception of U.S. isolationism in financial regulation.
- Could be viewed as hindering efforts to address global financial risks, such as climate change.
Most Disadvantaged Areas:
Constitutional Alignment
The bill's focus on Congressional oversight aligns with Article I, Section 1 of the Constitution, which vests all legislative powers in Congress. By requiring federal banking agencies to provide detailed reports and analyses to Congress, the bill reinforces Congress's role in shaping financial regulations.
However, some might argue that the bill could potentially infringe upon the executive branch's authority to implement regulations, raising separation of powers concerns. The bill does not appear to violate any specific individual rights or liberties protected by the Bill of Rights.
Overall, the bill's alignment with the Constitution is moderate, as it strengthens Congressional oversight without directly conflicting with other constitutional principles.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).