H.R. 2923 would eliminate federal guidance issued in October 2023 that requires large banks and financial institutions to assess and manage climate-related financial risks. The bill, introduced by Representatives Balderson and Pfluger, would nullify guidance from three banking regulators—the Federal Reserve, the Comptroller of the Currency, and the Federal Deposit Insurance Corporation—and prevent these agencies from issuing substantially similar rules in the future. This legislation would affect major financial institutions that currently follow these climate risk management principles, potentially reducing their obligations to evaluate how climate change might affect their lending practices and financial stability. There is no specific funding or implementation timeline mentioned in the bill.
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