Bills · HR 3355
IN COMMITTEE· 119TH CONGRESS
House BillHR 3355Finance and Financial Sector
Ensuring U.S. Authority over U.S. Banking Regulations Act
INTRO MAY 13· LAST ACTION MAY 13
READING
8MIN
COSPONSORS
0
READER REACTIONS0 TOTAL
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- Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed House
Passed Senate
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenVoters should care about this bill because it aims to ensure that major U.S. banking rules, especially those influenced by international recommendations, undergo more thorough review and public scrutiny by Congress before they are put into place. This means that rules potentially impacting everything from the availability of loans for homes and businesses to job growth and the overall economy would receive a deeper analysis of their costs and benefits by lawmakers.
If this bill becomes law, it could lead to slower adoption of international banking standards if those standards are deemed "major covered rules" and face significant economic concerns in Congress. It also shifts more power to Congress in overseeing how federal agencies adopt international financial policies, potentially preventing rules perceived as harmful to the U.S. economy from being implemented without significant debate. If it doesn't pass, current practices would continue, where these agencies might adopt international recommendations with less direct and explicit Congressional oversight or economic impact analysis.
KEY PROVISIONS
4AI-extractedPROVISION 01
Federal banking agencies must provide 120 days' notice and detailed economic analysis to Congress before proposing or finalizing a "major covered rule."
This creates a mandatory waiting period and transparency requirement for rules with significant economic impact, ensuring Congress reviews them.
PROVISION 02
A "major covered rule" is defined as one with a $10 billion or more economic impact over 10 years, and that aligns with recommendations from non-governmental international organizations (e.g., Basel Committee, Financial Stability Board).
This narrowly targets the specific types of rules and international influences the bill intends to address.
PROVISION 03
The economic analysis must include projections on costs, sectoral effects, availability of credit, gross domestic product (GDP), and employment.
This ensures a comprehensive evaluation of a rule's potential broad economic consequences.
PROVISION 04
Applies these new requirements to the Federal Reserve, Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), and Federal Housing Finance Agency (FHFA).
It covers a wide range of key financial regulators responsible for banking, credit unions, and housing finance.
SPONSORSHIP
1 + 0
R· Georgia
YRS IN OFFICE
11
BILLS LED
17
ACTION TIMELINE
2 EVENTSMAY 13
Introduced in House
MAY 13
Referred to the House Committee on Financial Services.
BILL INFO
TypeHouse Bill
NumberHR 3355
Congress119th
StatusIn Committee
IntroducedMay 13, 2025
Last actionMay 13, 2025
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IN COMMITTEE· 119TH CONGRESS · FINANCIAL SERVICES COMMITTEE · INTRODUCED MAY 13, 2025
House BillHR 3355Finance and Financial Sector
Ensuring U.S. Authority over U.S. Banking Regulations Act
INTRODUCED MAY 13, 2025· LAST ACTION MAY 13, 2025
PASSAGE CHANCES
—%
READING
8 min
COSPONSORS
0
COMPLEXITY
Moderate
