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Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Board of Governors of the Federal Reserve System relating to "Principles for Climate-Related Financial Risk Management for Large Financial Institutions".

10/4/2024, 8:07 PM

Summary of Bill HJRES 125

Bill 118 hjres 125 is a piece of legislation that aims to disapprove of a rule submitted by the Board of Governors of the Federal Reserve System regarding "Principles for Climate-Related Financial Risk Management for Large Financial Institutions." The bill falls under chapter 8 of title 5, United States Code, which allows Congress to review and potentially overturn regulations put forth by federal agencies.

The rule in question focuses on the management of financial risks related to climate change for large financial institutions. It outlines principles that these institutions should follow to assess and address the potential impacts of climate change on their operations and investments.

If passed, Bill 118 hjres 125 would effectively nullify the rule proposed by the Federal Reserve Board. Supporters of the bill argue that the rule is unnecessary and burdensome for financial institutions, while opponents believe that it is crucial for ensuring the stability of the financial system in the face of climate change. Overall, the passage of this bill would have significant implications for how large financial institutions approach climate-related financial risks. It is currently being debated in Congress, with both sides presenting their arguments for and against its approval.

Congressional Summary of HJRES 125

This joint resolution nullifies the notice jointly issued by the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation titled Principles for Climate-Related Financial Risk Management for Large Financial Institutions and published on October 30, 2023. The notice provides a framework for financial risk management related to climate change for financial institutions with over $100 billion in assets.

Current Status of Bill HJRES 125

Bill HJRES 125 is currently in the status of Bill Introduced since April 5, 2024. Bill HJRES 125 was introduced during Congress 118 and was introduced to the House on April 5, 2024.  Bill HJRES 125's most recent activity was Placed on the Union Calendar, Calendar No. 548. as of September 9, 2024

Bipartisan Support of Bill HJRES 125

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
18
Democrat Cosponsors
0
Republican Cosponsors
18
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HJRES 125

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill HJRES 125

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Board of Governors of the Federal Reserve System relating to "Principles for Climate-Related Financial Risk Management for Large Financial Institutions".
Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Board of Governors of the Federal Reserve System relating to "Principles for Climate-Related Financial Risk Management for Large Financial Institutions".

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