Bill
HR 2923
HR 2923 nullifies climate-related financial risk guidance for large financial institutions, reducing regulatory oversight and compliance requirements for these entities.
Bill Number: HR 2923
Title: To nullify certain interagency guidance related to climate-related financial risk management for large financial institutions
Status: Introduced in House
Introduced Date: April 17, 2025
Classification: Bill
The primary purpose of HR 2923 is to nullify the interagency guidance titled Principles for Climate-Related Financial Risk Management for Large Financial Institutions, which was issued by the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, and the Federal Deposit Insurance Corporation on October 24, 2023. This bill aims to prevent these agencies from enforcing this guidance or issuing any similar directives in the future.
Nullification of Guidance: The bill explicitly states that the aforementioned interagency guidance shall have no force or effect. This means that large financial institutions would not be required to adhere to the principles outlined in the guidance regarding climate-related financial risks.
Prohibition on Similar Guidance: The bill also prohibits the involved agencies from issuing any substantially similar guidance in the future, effectively barring them from implementing comparable regulations concerning climate-related financial risk management.
Large Financial Institutions: The primary entities affected by this bill are large financial institutions that would have been subject to the climate-related financial risk management principles outlined in the guidance. The nullification may reduce regulatory burdens on these institutions regarding climate risk assessments and disclosures.
Regulatory Agencies: The Board of Governors of the Federal Reserve System, the Comptroller of the Currency, and the Federal Deposit Insurance Corporation will be directly impacted, as they will lose the ability to enforce the guidance and create similar regulations.
HR 2923 seeks to eliminate specific regulatory guidance aimed at managing climate-related financial risks for large financial institutions, thereby reducing regulatory oversight in this area. The bill's progress will be monitored as it moves through the legislative process, particularly its reception within the House Committee on Financial Services.
Compiled from official sources — confirm details with the bill’s official record.
Sign in to ask a question.
