# Plain Language Summary: Ensuring U.S. Authority over U.S. Banking Regulations Act

This bill is designed to give Congress more oversight and control over major banking regulations that U.S. banking agencies adopt based on recommendations from international organizations. Right now, banking regulators like the Federal Reserve, the Comptroller of the Currency, and the FDIC can create new rules that follow guidelines from international groups like the Financial Stability Board or the Basel Committee on Banking Supervision without giving Congress much advance notice or detailed explanation. This bill changes that by requiring these agencies to notify Congress at least 120 days before proposing or finalizing any major banking rule that's intended to align with international recommendations.

When banking agencies do propose these major rules—specifically ones that would affect the U.S. economy by $10 billion or more over a ten-year period—they now have to provide Congress with detailed economic analysis. This analysis must include projections about how the rule would affect costs, different business sectors, credit availability, jobs, and overall economic growth. The bill applies this requirement to five major banking regulators: the Federal Reserve, the Office of the Comptroller of the Currency, the FDIC, the National Credit Union Administration, and the Federal Housing Finance Agency. Essentially, Congress gets a chance to review and potentially challenge these rules before they take effect, rather than discovering them after the fact.

The bill also adds a reporting requirement specifically about climate-related financial regulations. Banking regulators can't participate in meetings or discussions with certain international organizations about climate-related financial risks unless they've first submitted a detailed report to Congress describing what those international organizations do and where their funding comes from. This appears aimed at increasing transparency around climate-focused financial regulations that might come from international coordination.

The practical effect is that major banking regulations will move more slowly and face more congressional scrutiny, particularly those influenced by international standards. Banks and financial institutions may see delays in new regulatory requirements, while Congress gains more power to influence or block regulations it disagrees with. The bill reflects a broader concern about international organizations having too much influence over U.S. financial rules without direct American democratic input.