PlainBillCongress, translated.Legislation. Context. Public interest.Congressional Research Service
Version 07 · Reported to House · Dec 19, 2023
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.
Showing the opening paragraphs of the official summary.
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.
People & committees
Rep. Loudermilk, Barry [R-GA-11] · R–GA
Legislative record
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Placed on the Union Calendar, Calendar No. 264.
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-325.
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-325.
Ordered to be Reported (Amended) by the Yeas and Nays: 29 - 21.
Committee Consideration and Mark-up Session Held
Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Primary sources
Text links open the official source. We currently store references to these documents.
Source last updated: May 27, 2025. Consult Congress.gov for the current record.
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Analyze H.R.4823 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
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