American FIRST Act of 2023

The American FIRST Act of 2023 requires U.S. banking regulators to provide Congress with detailed reports before implementing certain rules or recommendations. Regulators must submit notice, a justification report, and potential testimony 120 days before implementing rules that would cost $10 billion or more annually or align with international recommendations from organizations like the Financial Stability Board. The bill also mandates annual reporting on all interactions with international banking organizations, including details about their funding sources. It removes the "Vice Chairman for Supervision" position at the Federal Reserve. The bill directly affects five major banking regulators: the Federal Reserve, FDIC, OCC, NCUA, and FHFA.