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SENATE 875119th CongressPlaced on Senate Legislative Calendar under General Orders. Calendar No. 32.

FIRM Act

Last Action
3/18/2025

Actions

  • 2025-03-18Placed on Senate Legislative Calendar under General Orders. Calendar No. 32.
  • 2025-03-18Committee on Banking, Housing, and Urban Affairs. Reported by Senator Scott SC, under authority of the order of the Senate of 03/14/2025 with an amendment in the nature of a substitute. Without written report.
  • 2025-03-18Committee on Banking, Housing, and Urban Affairs. Reported by Senator Scott SC, under authority of the order of the Senate of 03/14/2025 with an amendment in the nature of a substitute. Without written report.
  • 2025-03-13Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
  • 2025-03-06Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • 2025-03-06Introduced in Senate

CRS Summary

As of 2025-03-06 (00)

Financial Integrity and Regulation Management Act or the FIRM Act

This bill prohibits the consideration of reputational risk by federal banking agencies when regulating, examining, or supervising a depository institution or credit union. The bill defines reputational risk as the potential for negative publicity or public attention to decrease confidence in the institution, lead to litigation, reduce revenues, or result in other adverse impacts to the institution. 

Agencies must report on the implementation of this bill. 

Cosponsors (12)

  • Mike Crapo (R-ID)
  • Mike Rounds (R-SD)
  • Thomas Tillis (R-NC)
  • John Kennedy (R-LA)
  • Bill Hagerty (R-TN)
  • Cynthia Lummis (R-WY)
  • Katie Britt (R-AL)
  • Pete Ricketts (R-NE)
  • Kevin Cramer (R-ND)
  • Bernie Moreno (R-OH)
  • David McCormick (R-PA)
  • Jim Banks (R-IN)

Subjects

  • Banking and financial institutions regulation
  • Congressional oversight
  • Financial services and investments
  • Government information and archives
  • Government studies and investigations
Read on Congress.gov

Sourced from Congress.gov (public domain).

This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.