American FIRST Act of 2023
Latest action · Dec 19, 2023 Placed on the Union Calendar, Calendar No. 264.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJul 24, 2023
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
American Financial Institution Regulatory Sovereignty and Transparency Act of 2023 or the American FIRST Act of 2023
This bill establishes reporting requirements for the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Federal Housing Finance Agency.
Specifically, the bill requires these entities to report to Congress prior to implementing a non-binding recommendation from the Financial Stability Oversight Council or a recommendation contained in an Executive Order.
Further, these entities must report to Congress regarding activity associated with certain nongovernmental international organizations, including the Basel Committee on Banking Supervision. Specifically, when proposing or finalizing major rules to conform with recommendations from these organizations, entities must submit to Congress notice, testimony, and a detailed economic analysis with respect to the proposed or final rule prior to its issuance. Additionally, in order to engage with these organizations about climate-related financial risks, entities must report on any participation with the organization’s activities and on the organization's funding sources. Entities must also report on any recommendations received from international organizations for international standardization regarding discount lending and operations or supervisory policies and operations.
The bill also eliminates the position of Vice Chairman for Supervision from the Board of Governors of the Federal Reserve System. Currently, the Vice Chairman for Supervision develops policy recommendations for depository institution holding companies and other entities and oversees the supervision and regulation of these entities.
Cosponsors 3
Members who signed on, in the order they did. All signed on Jul 24, 2023.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-TN | Andrew Ogles | Original | Jul 24, 2023 |
| R-KY | Andy Barr | Original | Jul 24, 2023 |
| R-NE | Mike Flood | Original | Jul 24, 2023 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Jul 24, 2023Markup Jul 27, 2023Reported Dec 19, 2023 |
Actions 6
Everything that happened, newest first.
- Dec 19, 2023Reported (Amended) by the Committee on Financial Services. H. Rept. 118-325.
- Dec 19, 2023Placed on the Union Calendar, Calendar No. 264.
- Jul 27, 2023Committee Consideration and Mark-up Session Held
- Jul 27, 2023Ordered to be Reported (Amended) by the Yeas and Nays: 29 - 21.
- Jul 24, 2023Introduced in House
- Jul 24, 2023Referred to the House Committee on Financial Services.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Committee report
Congressional Budget Office cost estimate
- Sep 11, 2024H.R. 4823, American FIRST Act of 2023As reported by the House Committee on Financial Services on December 19, 2023
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 169, no. 127, July 24, 2023, page H3896.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| S. Hrg. 118-550 | AN UPDATE FROM THE TREASURY DEPARTMENT: COUNTERING ILLICIT FINANCE, TERRORISM AND SANCTIONS EVASION61 pages | Banking, Housing, and Urban Affairs Committee | Apr 9, 2024 |
CRS reports 2
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 2
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| IF12741 | Introduction to Financial Services: International Regulation | Resource | Apr 1, 2025 |
| IN12387 | Bills Affecting Bank Regulators in the 118th Congress | Insight | Jul 2, 2024 |
Related bills 5
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 4601 | Banking Regulator International Reporting Act | Related bill | Jul 13, 2023 |
| HR 4630 | Supervision Reform Act of 2023 | Related bill | Jul 13, 2023 |
| HR 4649 | Ensuring U.S. Authority over U.S. Banking Regulations Act | Related bill | Jul 14, 2023 |
| HR 4737 | Stop Executive Capture of Banking Regulators Act | Related bill | Jul 19, 2023 |
| HR 4790 | Prioritizing Economic Growth Over Woke Policies Act | Related bill | Sep 23, 2024 |
Titles 4
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To provide enhanced reporting requirements for Federal banking regulators, to amend the Federal Reserve Act to remove the designation of Vice Chairman for Supervision of the Board of Governors of the Federal Reserve System, and for other purposes.
- Short Title(s) as Introduced
- American Financial Institution Regulatory Sovereignty and Transparency Act of 2023
- Short Title(s) as Reported to House
- American FIRST Act of 2023
- American Financial Institution Regulatory Sovereignty and Transparency Act of 2023
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 2
Each version as it was printed, newest first.
- Dec 19, 2023Reported in House
- Jul 24, 2023Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
