American FIRST Act of 2023

[AI summary unavailable — showing source text] 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 Administration. 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. 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 p…