A joint resolution providing congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Office of the Comptroller of the Currency relating to "Rescission of Principles for Climate-Related Financial Risk Management for Large Financial Institutions".

What This Bill Does

This resolution is Congress's way of formally objecting to a decision made by the Office of the Comptroller of the Currency (OCC), which is the federal agency that regulates national banks. Specifically, the OCC recently decided to *rescind* (cancel) its guidelines that had required large banks to consider climate-related financial risks — things like how extreme weather events or shifts away from fossil fuels might affect a bank's financial stability. This congressional resolution would block that cancellation, effectively keeping those climate risk guidelines in place.

How This Works

Congress has the legal authority, under a law called the Congressional Review Act, to vote to overturn certain decisions made by federal agencies. That's exactly what this resolution attempts to do — it uses that process to push back on the OCC's choice to eliminate its climate risk rules for big banks. If the resolution were passed by both chambers of Congress and signed by the President, the OCC's decision to remove those guidelines would be reversed.

Who Is Affected

This resolution primarily affects large national banks and financial institutions that are regulated by the OCC. Under the original guidelines, these banks were expected to identify and manage financial risks connected to climate change as part of their overall risk management practices. If the resolution succeeds, those banks would still be required to follow those standards. It could also indirectly affect consumers, investors, and businesses that rely on those banks, since the rules relate to the overall financial health and stability of major lending institutions. The bill is currently in the Senate Banking Committee and has not yet been voted on.