119-SJRES-113 Journalist Public Summary
This resolution would overturn the OCC–Fed–FDIC 2025 rule that rescinded climate‑risk management “Principles” for large banks and would generally have the effect of restoring the 2023 interagency guidance; it’s sponsored by Sens. Elizabeth Warren and Sheldon Whitehouse, with backers citing financial‑stability risks and opponents calling the prior guidance unnecessary and duplicative; as of March 10, 2026, it sits in the Senate Banking Committee. (govinfo.gov)
Headline Summary
A Senate resolution to block regulators’ 2025 rollback of big‑bank climate‑risk guidance and, in effect, bring the 2023 principles back for large institutions.
What It Does
The joint resolution uses the Congressional Review Act (CRA) to nullify the OCC rule titled “Rescission of Principles for Climate‑Related Financial Risk Management for Large Financial Institutions,” finalized and published in the Federal Register on November 18, 2025 (90 Fed. Reg. 51756). If enacted, CRA disapproval of a rescission generally undoes that repeal—effectively restoring the prior rule or guidance, here the 2023 interagency climate‑risk “Principles” for large banks. (govinfo.gov)
Who’s For It
- Sponsors: Senators Elizabeth Warren (D‑MA) and Sheldon Whitehouse (D‑RI) introduced the resolution on March 5, 2026, sending it to the Senate Banking Committee. (trackbill.com)
- Financial‑stability advocates and some Fed officials who opposed the 2025 rescission argue climate‑related shocks (e.g., severe weather) can damage assets, disrupt income, and threaten bank balance sheets—so keeping the principles helps supervisors and large banks manage emerging risks. (federalreserve.gov)
- Context: Regulators announced the 2025 withdrawal over concerns the principles were unnecessary; supporters of this resolution disagree and want that withdrawal reversed. (fdic.gov)
Who’s Against It
- Banking trade groups that favored the 2025 withdrawal said the principles were burdensome or duplicative for risk management (e.g., Independent Community Bankers of America; ABA Banking Journal coverage). (icba.org)
- Regulators’ own rescission notice said existing safety‑and‑soundness standards already cover material risks and warned that climate‑specific principles could distract from other priorities—reasons opponents cite for keeping the 2025 rollback in place. (govinfo.gov)
What’s Next
Status: Introduced and referred to the Senate Banking, Housing, and Urban Affairs Committee on March 5, 2026. Under the CRA, Congress can use expedited procedures (simple‑majority vote in the Senate) to consider disapproval; if it passes both chambers, it goes to the President. Notably, the Senate formally received the underlying rescission rule on February 11, 2026, starting the CRA review window. (trackbill.com)
Discussion