CONGRESS FOR VOTERS

Andy Barr (R-KY)

FIRM Act

H.R. 2702 · House bill Finance and Financial Sector

A Republican bill with 1 Democratic cosponsor · See all 19 cosponsors

Last activity — Placed on the Union Calendar, Calendar No. 131.

Cleared committee, waiting for its first floor vote

A committee approved it and it is on the calendar of the chamber it started in.

This is further than most bills get, and still no promise of a vote: the calendar is a queue, and the majority leadership decides what is called. A bill can sit here until the Congress ends.

Its path through Congress

  1. Introduced
  2. On Calendar

What this bill would do

The FIRM Act aims to prevent Federal banking agencies from using political influence through the supervision of depository institutions. It seeks to accomplish this by eliminating "reputational risk" from the oversight process. The bill defines reputational risk as potential negative publicity or public opinion affecting an institution. It requires agencies to remove all references to this risk from their guidance and manuals. Furthermore, the act prohibits agencies from using reputational risk to make supervisory decisions or enforcement actions. Finally, it mandates that agencies report their implementation of these changes to Congress.

Yes· 3 of 4

  • Scored +2

    Would business owners be better off under this?

    The bill aims to protect business owners from regulatory actions based on reputational risk and political agendas.

  • Scored +1

    Does this make what the government does easier for the public to see?

    The bill requires agencies to report their implementation of these changes to Congress.

  • Scored +1

    Is this likely to grow the economy?

    By ensuring equal access to financial services, the bill may support economic activity for various industries.

The opposite

  • Scored -2

    Does this give the federal government more power?

    The bill limits the regulatory reach and supervisory authority of Federal banking agencies.

  • Scored -2

    Does this give people more protection from unfair business practices?

    The removal of reputational risk oversight could potentially reduce the ability of agencies to address risks stemming from negative public sentiment or business practices.