To nullify certain interagency guidance related to climate-related financial risk management for large financial institutions.

This legislative proposal aims to nullify specific interagency guidance concerning climate-related financial risk management for large financial institutions. The guidance, titled "Principles for Climate-Related Financial Risk Management for Large Financial Institutions," was jointly issued by the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, and the Federal Deposit Insurance Corporation on October 24, 2023. The bill explicitly states that this particular guidance shall have no force or effect , thereby revoking its authority. Furthermore, a key provision of the bill prohibits these federal financial agencies from issuing any future guidance that is substantially similar to the nullified principles, aiming to prevent the reintroduction of comparable climate-related financial risk management requirements for large financial institutions.