Ensuring U.S. Authority over U.S. Banking Regulations Act

HR 4649 requires U.S. banking regulators (including the Federal Reserve, Office of the Comptroller of the Currency, and FDIC) to provide Congress with detailed economic analysis and 120 days' notice before proposing or finalizing "major covered rules." A "major covered rule" is defined as one that would affect the U.S. economy by $10 billion or more over 10 years *and* aligns with recommendations from non-governmental international financial bodies like the Basel Committee or Financial Stability Board. The bill mandates this analysis include projections on costs, credit availability, GDP, and employment. It also separately requires regulators to report on climate-related engagements with specific international groups before participating in such discussions. This bill directly affects how federal banking regulators develop rules tied to global financial standards.