To curtail the political weaponization of Federal banking agencies by eliminating reputational risk as a component of the supervision of depository institutions.
Financial Integrity and Regulation Management Act or the FIRM Act
This bill prohibits the consideration of reputational risk by federal banking agencies when regulating, examining, or supervising a depository institution or credit union. The bill defines reputational risk as the potential for negative publicity or public attention to decrease confidence in the institution, lead to litigation, reduce revenues, or result in other adverse impacts to the institution.
Agencies must report on the implementation of this bill.
Ordered to be Reported by the Yeas and Nays: 26 - 16.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 32.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held
Ordered to be Reported (Amended) by the Yeas and Nays: 33 - 19.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-164.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-164.
Placed on the Union Calendar, Calendar No. 131.
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