Representative Barry Loudermilk, US Representative for Georgia's 11th District | Barry Loudermilk Official Website
Representative Barry Loudermilk, US Representative for Georgia's 11th District | Barry Loudermilk Official Website
Washington D.C. (September 19, 2024) | This week, Rep. Barry Loudermilk (GA-11) released a statement following the passage of his bills H.R. 4823, the American Financial Institution Regulatory Sovereignty and Transparency (American FIRST) Act, and H.R. 4648 in the U.S. House.
Both bills were included as part of a larger package, H.R. 4790, the Prioritizing Economic Growth Over Woke Policies Act, aimed at combating the influence of environmental, social, and governance (ESG) initiatives in the financial system.
“America’s banking regulators have been hijacked and are pushing highly partisan environmental, social, and governance (ESG) policies, reversing long-standing efforts to be objective,” said Rep. Barry Loudermilk (GA-11). “The American FIRST Act will de-politicize banking regulation, remove unnecessary political influence from the financial supervisory regime, and restore transparency and accountability in our financial system. I am proud to see this legislation pass the House today; and I thank Speaker Johnson, Leader Scalise and the House Financial Services Committee Republicans for their commitment in getting it to the House Floor for a vote. I strongly urge the Senate to pass this legislation.”
Rep. Andy Barr (KY-6) added: “The Biden-Harris administration’s Federal banking regulators are pushing climate policies via financial supervision with little to no way for Congress to conduct meaningful oversight. My provision in this package requires transparency on the regulators’ meetings with global governance groups that create these policies with which regulators comply under the guise of international standardization. This legislation will shine a light on how regulators are being influenced by non-elected, non-American governance groups and ensure Congress can hold U.S. agencies accountable for overstepping their mandated authority.”
Rep. Mike Flood (NE-1) stated: “The Biden Administration has repeatedly tried to use the regulatory power of executive branch agencies to enact the policy wish list of activists. The Prioritizing Economic Growth Over Woke Policies Act helps ensure that federal agencies don’t impose ESG and other radical policies on our financial markets. This package is critical to stopping the Biden Administration’s regulatory overreach and I appreciate the work of Congressman Loudermilk and everyone who stepped up to contribute to this effort.”
H.R. 4823 aims to de-politicize bank regulation by removing foreign influence from banking systems and eliminating unnecessary political appointments from financial supervisory roles while ensuring congressional awareness of international agreements affecting domestic banking policy.
Key elements include:
1. Removing politics from bank regulation by requiring major federal bank regulators such as The Federal Reserve, FDIC, OCC, NCUA, and FHFA to report to Congress when implementing non-binding recommendations.
2. Ensuring U.S authority over U.S bank regulators by increasing transparency regarding their interactions with international organizations.
3. De-politicizing Federal Reserve supervision by eliminating the Vice Chairman of Supervision role.
H.R 4648 amends the Securities Exchange Act of 1934 requiring America’s largest asset managers to be more transparent about voting shares entrusted by investors.
Read full text here of H.R 4790 including H.R 4823 & H.R 4648.
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