To nullify certain interagency guidance related to climate-related financial risk management for large financial institutions.

Bill 118 hr 10120, also known as the "Nullifying Climate-Related Financial Risk Guidance Act," aims to eliminate certain guidance provided by federal agencies regarding how large financial institutions should manage climate-related financial risks. The bill specifically targets interagency guidance that was issued to help financial institutions assess and address the potential risks associated with climate change.

Supporters of the bill argue that the guidance is unnecessary and burdensome for financial institutions, and that it could potentially hinder economic growth. They believe that financial institutions should have the flexibility to determine how best to manage climate-related risks on their own, without government intervention.

Opponents of the bill, on the other hand, argue that climate change poses a significant threat to the financial stability of large institutions, and that the guidance provided by federal agencies is crucial for ensuring that these institutions are adequately prepared to address these risks. They believe that nullifying this guidance could leave financial institutions vulnerable to the potential financial impacts of climate change. Overall, the Nullifying Climate-Related Financial Risk Guidance Act is a controversial piece of legislation that highlights the ongoing debate over the role of government in regulating climate-related risks in the financial sector. It will be important to closely monitor the progress of this bill as it moves through Congress to see how it may impact the financial industry and the broader economy.