Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Office of the Comptroller of the Currency relating to "Principles for Climate-Related Financial Risk Management for Large Financial Institutions".
This resolution uses the Congressional Review Act to overturn a guidance document issued by the Office of the Comptroller of the Currency, which oversees national banks. The OCC guidance, published in October 2023, outlined principles for how large banks should identify, measure, and manage financial risks stemming from climate change, such as risks from extreme weather events or the transition to a lower-carbon economy. If passed by both chambers and signed by the president, the resolution would nullify this guidance entirely, meaning it would have no legal force. The measure primarily affects large financial institutions supervised by the OCC and reflects a broader political effort by some lawmakers to limit financial regulators' focus on climate-related risks. There is no funding involved, and if enacted, the disapproval would take effect immediately upon signature, blocking the OCC from enforcing these climate risk management principles.
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