,i #aaith ,,congress #ast ,session ,h4 ,r4 #ccee ,,in ,,the ,,house ,,of ,,representatives ,may #ac1 #bjbe,mr4 ,loudermilk introduced the following bill2 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 organizations1 to require ,federal banking agencies to report on certain covered international organizations1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,ensuring ,u4,s4 ,authority over ,u4,s4 ,banking ,regulations ,act4 #b4 ,requirements in connection with rulemakings implementing policies of non-governmental international organizations 7a7 ,board of ,governors of the ,federal ,reserve ,system ,section #aj of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bdg;b7 is amended by inserting before paragraph 7#ab7 the following3 7#aa7 ,requirements in connection with rulemakings implementing policies of non-governmental international organizations 7,a7 ,in general ,the ,board of ,governors of the ,federal ,reserve ,system may not propose or finalize a major covered rule unless1 not later than #abj days before issuing such a proposed or final rule1 the ,board of ,governors provides the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate with notice1 testimony1 and a detailed economic analysis with respect to the proposed or final rule1 including projections of economic costs1 sectoral effects1 and effects on the availability of credit1 the gross domestic product1 and employment4 7,b7 ,major covered rule defined ,in this paragraph1 the term major covered rule means a rule-- 7i7 that the ,board of ,governors determines would have an effect1 in the aggregate1 on the economy of the ,united ,states of #aj1jjj1jjj1jjj or more during the #aj-year period beginning on the date the rule takes effect2 and 7ii7 that is intended to align or conform with a recommendation from a non-governmental international organization 7including the ,financial ,stability ,board1 the ,bank for ,international ,settlements1 the ,network of ,central ,banks and ,supervisors for ,greening the ,financial ,system1 and the ,basel ,committee on ,banking ,supervision74 4 7b7 ,office of the ,comptroller of the ,currency ,section #cbd of the ,revised ,statutes of the ,united ,states 7#ab ,u4,s4,c4 #a7 is amended by adding at the end the following3 7c7 ,requirements in connection with rulemakings implementing policies of non-,governmental international organizations 7#a7 ,in general ,the ,comptroller of the ,currency may not propose or finalize a major covered rule unless1 not later than #abj days before issuing such a proposed or final rule1 the ,comptroller of the ,currency provides the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate with notice1 testimony1 and a detailed economic analysis with respect to the proposed or final rule1 including projections of economic costs1 sectoral effects1 and effects on the availability of credit1 the gross domestic product1 and employment4 7#b7 ,major covered rule defined ,in this subsection1 the term major covered rule means a rule-- 7,a7 that the ,comptroller of the ,currency determines would have an effect1 in the aggregate1 on the economy of the ,united ,states of #aj1jjj1jjj1jjj or more during the #aj-year period beginning on the date the rule takes effect2 and 7,b7 that is intended to align or conform with a recommendation from a non-governmental international organization 7including the ,financial ,stability ,board1 the ,bank for ,international ,settlements1 the ,network of ,central ,banks and ,supervisors for ,greening the ,financial ,system1 and the ,basel ,committee on ,banking ,supervision74 4 7c7 ,federal ,deposit ,insurance ,corporation ,section #b of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahab7 is amended by inserting after subsection 7f7 the following3 7g7 ,requirements in connection with rulemakings implementing policies of non-,governmental international organizations 7#a7 ,in general ,the ,board of ,directors of the ,corporation may not propose or finalize a major covered rule unless1 not later than #abj days before issuing such a proposed or final rule1 the ,board of ,directors provides the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate with notice1 testimony1 and a detailed economic analysis with respect to the proposed or final rule1 including projections of economic costs1 sectoral effects1 and effects on the availability of credit1 the gross domestic product1 and employment4 7#b7 ,major covered rule defined ,in this subsection1 the term major covered rule means a rule-- 7,a7 that the ,board of ,directors determines would have an effect1 in the aggregate1 on the economy of the ,united ,states of #aj1jjj1jjj1jjj or more during the #aj-year period beginning on the date the rule takes effect2 and 7,b7 that is intended to align or conform with a recommendation from a non-governmental international organization 7including the ,financial ,stability ,board1 the ,bank for ,international ,settlements1 the ,network of ,central ,banks and ,supervisors for ,greening the ,financial ,system1 and the ,basel ,committee on ,banking ,supervision74 4 7d7 ,national ,credit ,union ,administration ,section #ajb of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageb;a7 is amended by adding at the end the following3 7g7 ,requirements in connection with rulemakings implementing policies of non-,governmental international organizations 7#a7 ,in general ,the ,board may not propose or finalize a major covered rule unless1 not later than #abj days before issuing such a proposed or final rule1 the ,board provides the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate with notice1 testimony1 and a detailed economic analysis with respect to the proposed or final rule1 including projections of economic costs1 sectoral effects1 and effects on the availability of credit1 the gross domestic product1 and employment4 7#b7 ,major covered rule defined ,in this subsection1 the term major covered rule means a rule-- 7,a7 that the ,board determines would have an effect1 in the aggregate1 on the economy of the ,united ,states of #aj1jjj1jjj1jjj or more during the #aj-year period beginning on the date the rule takes effect2 and 7,b7 that is intended to align or conform with a recommendation from a non-governmental international organization 7including the ,financial ,stability ,board1 the ,bank for ,international ,settlements1 the ,network of ,central ,banks and ,supervisors for ,greening the ,financial ,system1 and the ,basel ,committee on ,banking ,supervision74 4 7e7 ,federal ,housing ,finance ,administration ,section #acaa of the ,housing and ,community ,development ,act of #aiib 7#ab ,u4,s4,c4 #deaa7 is amended by adding at the end the following3 7d7 ,requirements in connection with rulemakings implementing policies of non-,governmental international organizations 7#a7 ,in general ,the ,director may not propose or finalize a major covered rule unless1 not later than #abj days before issuing such a proposed or final rule1 the ,director provides the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate with notice1 testimony1 and a detailed economic analysis with respect to the proposed or final rule1 including projections of economic costs1 sectoral effects1 and effects on the availability of credit1 the gross domestic product1 and employment4 7#b7 ,major covered rule defined ,in this subsection1 the term major covered rule means a rule-- 7,a7 that the ,director determines would have an effect1 in the aggregate1 on the economy of the ,united ,states of #aj1jjj1jjj1jjj or more during the #aj-year period beginning on the date the rule takes effect2 and 7,b7 that is intended to align or conform with a recommendation from a non-governmental international organization 7including the ,financial ,stability ,board1 the ,bank for ,international ,settlements1 the ,network of ,central ,banks and ,supervisors for ,greening the ,financial ,system1 and the ,basel ,committee on ,banking ,supervision74 4 #c4 ,report on certain climate-related interactions with covered international organizations 7a7 ,in general ,a ,federal banking regulator may not meet with or otherwise engage with a covered international organization on the topic of climate-related financial risk during a calendar year unless the ,federal banking regulator has issued a report to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate containing1 for the previous calendar year-- 7#a7 a complete description of the activities of the covered international organization in which the ,federal banking regulator participates 7including any task force1 committee1 or other organizational unit thereof72 and 7#b7 a detailed accounting of the governmental and non-governmental funding sources of the covered international organization 7including any task force1 committee1 or other organizational unit thereof74 7b7 ,definitions ,in this section3 7#a7 ,covered international organization ,the term covered international organization means the ,financial ,stability ,board1 the ,network of ,central ,banks and ,supervisors for ,greening the ,financial ,system1 and the ,basel ,committee on ,banking ,supervision4 7#b7 ,federal banking regulator ,the term ,federal banking regulator means the ,board of ,governors of the ,federal ,reserve ,system1 the ,federal ,deposit ,insurance ,corporation1 the ,federal ,housing ,finance ,agency1 the ,national ,credit ,union ,administration1 and the ,office of the ,comptroller of the ,currency4