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Enhanced Transparency and Oversight for US Banking Regulators

This act increases Congressional oversight of federal banking regulators, requiring detailed reports and economic analyses before major changes are implemented. The goal is to ensure that decisions affecting US finances and the economy are made with greater transparency and consideration of national interests, potentially impacting credit availability and employment.
Key points
Banking regulators must inform Congress of plans to implement external recommendations and justify their decisions.
Major rule changes, especially those aligning with international recommendations, require detailed economic analysis and Congressional notification.
Increased scrutiny over regulators' interactions with international financial organizations, including reporting on their funding.
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Expired
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Additional Information
Print number: 118_HR_4823
Sponsor: Rep. Loudermilk, Barry [R-GA-11]
Process start date: 2023-07-24
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

American FIRST Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_4823.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-07-24.

What are the main provisions?

Key points include:

  • Banking regulators must inform Congress of plans to implement external recommendations and justify their decisions.
  • Major rule changes, especially those aligning with international recommendations, require detailed economic analysis and Congressional notification.
  • Increased scrutiny over regulators' interactions with international financial organizations, including reporting on their funding.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Loudermilk, Barry [R-GA-11].

What is the latest detailed status?

The latest detailed status is: Placed on the Union Calendar, Calendar No. 264.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Economy