US HR4823

Bill

US HR4823

American Financial Institution Regulatory Sovereignty and Transparency Act of 2023

Introduced
07/24/2023

In Committee
07/27/2023

Crossed Over

Passed

Dead
01/03/2025

Introduced Session

118th Congress

Bill Summary

A BILL To provide enhanced reporting requirements for Federal banking regulators, to amend the Federal Reserve Act to remove the designation of Vice Chairman for Supervision of the Board of Governors of the Federal Reserve System, and for other purposes.

AI Summary

This bill, the American Financial Institution Regulatory Sovereignty and Transparency Act of 2023 (also known as the American FIRST Act of 2023), aims to enhance reporting requirements for federal banking regulators, remove the designation of Vice Chairman for Supervision of the Federal Reserve Board, and impose additional requirements on rulemakings that align with recommendations from non-governmental international organizations. Specifically, the bill requires federal banking regulators to provide notice, detailed economic analysis, and testimony to Congress before implementing non-binding recommendations from the Financial Stability Oversight Council Chairperson or Executive Orders. It also mandates that regulators provide similar information to Congress before proposing or finalizing major rules that are intended to conform with recommendations from international organizations like the Financial Stability Board or Basel Committee. Additionally, the bill removes the Vice Chairman for Supervision designation from the Federal Reserve Board.

Committee Categories

Business and Industry

Sponsors (4)

Barry Loudermilk (R)*, Andy Barr (R), Mike Flood (R), Andy Ogles (R),

Last Action

Placed on the Union Calendar, Calendar No. 264. (on 12/19/2023)

Official Document

https://www.congress.gov/bill/118th-congress/house-bill/4823/all-info

(5 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.congress.gov/bill/118th-congress/house-bill/4823/all-info
BillText	https://www.congress.gov/118/bills/hr4823/BILLS-118hr4823rh.pdf
BillText	https://www.congress.gov/118/bills/hr4823/BILLS-118hr4823ih.pdf

Bill	Bill Name	Last Action	Type
HR4601	Banking Regulator International Reporting Act	Referred to the House Committee on Financial Services.	Related
HR4630	Supervision Reform Act of 2023	Referred to the House Committee on Financial Services.	Related
HR4649	Ensuring U.S. Authority over U.S. Banking Regulations Act	Referred to the House Committee on Financial Services.	Related
HR4737	Stop Executive Capture of Banking Regulators Act	Referred to the House Committee on Financial Services.	Related
HR4790	Protecting Americans’ Retirement Savings from Politics Act Businesses Over Activists Act Guiding Uniform and Responsible Disclosure Requirements and Information Limits Act of 2023 American FIRST Act of 2023 American Financial Institution Regulatory Sovereignty and Transparency Act of 2023	Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.	Related

Bill > HR4823

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (4)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary