H.R. 10120 would cancel federal guidance issued by banking regulators that requires large financial institutions to manage risks related to climate change. The bill targets specific guidance published on October 24, 2023, by the Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation, and would prohibit these agencies from issuing substantially similar guidance in the future. The legislation affects major banks and financial institutions that currently follow these climate risk management principles. The bill contains no new funding or specific timeline beyond its immediate effect upon passage. Essentially, it seeks to remove federal climate-related financial risk requirements from the banking system.