This bill requires major federal financial agencies to include a specific disclaimer on any guidance documents they issue to the public. The disclaimer must appear prominently on the first page and state that the guidance does not have the force of law, creates no legal obligations, and that failing to follow the guidance does not automatically mean a law was broken. The requirement applies to nine agencies including the Federal Reserve, FDIC, Securities and Exchange Commission, Consumer Financial Protection Bureau, and others when they issue policy statements or interpretations that are intended to influence how regulated entities behave. The bill aims to clarify that agency guidance documents are not legally binding rules, distinguishing them from formal regulations that go through the official rulemaking process. There are no funding provisions or specific timelines mentioned, and the requirement would take effect immediately upon the bill's enactment.
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