Providing for 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 "Principles for Climate-Related Financial Risk Management for Large Financial Institutions".
Latest Action
Placed on the Union Calendar, Calendar No. 515.
Official Summary
Official summary has not been imported yet.
GovScope Watchdog™
AI Government Intelligence™House Joint Resolution 124 (HJRES 124) from the 118th Congress is a legislative measure aimed at disapproving a rule issued by the Office of the Comptroller of the Currency (OCC) titled "Principles for Climate-Related Financial Risk Management for Large Financial Institutions." The resolution seeks to use the congressional disapproval process under chapter 8 of title 5, United States Code, to nullify this OCC rule. The rule itself relates to how large financial institutions should manage risks associated with climate change. The resolution was introduced in the House and placed on the Union Calendar but ultimately failed or expired without becoming law. No official bill summary or full text is available to provide further detail on the specific provisions or arguments within the resolution.
HJRES 124 was a House resolution intended to reject an OCC rule on climate-related financial risk management for large banks, but it did not pass and is no longer active.
- The resolution targets a specific OCC rule concerning climate-related financial risk management for large financial institutions.
- It uses the congressional disapproval mechanism under chapter 8 of title 5, U.S. Code, which allows Congress to nullify federal agency rules.
- The resolution was placed on the Union Calendar but ultimately failed or expired without enactment.
["Large financial institutions subject to OCC regulation may benefit from the resolution's disapproval of the climate risk management rule, as it would prevent the rule's implementation.", 'The Office of the Comptroller of the Currency, as the issuing agency, is a key stakeholder in the regulatory process affected by this resolution.']
["The lack of available full text and official summary limits understanding of the resolution's detailed provisions and implications.", 'Disapproval of the OCC rule could affect regulatory oversight of climate-related financial risks, potentially impacting financial stability considerations.', 'Use of the congressional disapproval process may raise questions about the balance of authority between Congress and federal agencies in financial regulation.']
HJRES 124 was introduced in the House during the 118th Congress as part of a broader legislative effort to challenge or overturn federal agency rules related to climate risk management in the financial sector. The resolution reflects ongoing debates about the role of federal financial regulators in addressing climate change risks. Its placement on the Union Calendar indicates it was scheduled for consideration but it ultimately failed or expired, meaning it did not advance to become law.
Hidden impact flags detected: 2
GovScope reviewed 2 policy-risk categories. Hover for a quick definition. Click detected flags for bill-specific details.
['If enacted, the resolution could reduce regulatory requirements on large banks regarding climate risk, potentially influencing how these institutions assess and disclose such risks.', 'The failure of the resolution maintains the status quo, allowing the OCC rule to remain in effect, which may encourage continued integration of climate risk considerations in financial regulation.', 'The legislative attempt itself may signal to financial institutions and regulators the contested nature of climate-related financial regulation, possibly affecting future rulemaking and compliance strategies.']
The absence of an official bill summary and full text limits comprehensive analysis of the resolution's specific provisions and potential nuances. Transparency around the legislative rationale and detailed content would enhance public understanding. Monitoring the use of congressional disapproval resolutions is important to assess how legislative oversight interacts with agency rulemaking, especially in complex policy areas like climate-related financial risk management.
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