H.R. 2702IntroducedFINANCE AND FINANCIAL SECTOR
FIRM Act
Banking and financial institutions regulation · Congressional oversight · Financial services and investments
Key facts
Introduced: Apr 8, 2025
Chamber: House
Cosponsors: 19
Congress: 119th
Latest action · Jun 20, 2025
Placed on the Union Calendar, Calendar No. 131.
Summary
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.
Summary by Congressional Research Service.
Timeline
- Jun 20, 2025Placed on the Union Calendar, Calendar No. 131.
- Jun 20, 2025Reported (Amended) by the Committee on Financial Services. H. Rept. 119-164.
- Jun 20, 2025Reported (Amended) by the Committee on Financial Services. H. Rept. 119-164.
- May 21, 2025Ordered to be Reported (Amended) by the Yeas and Nays: 33 - 19.
- May 21, 2025Committee Consideration and Mark-up Session Held
- Apr 8, 2025Referred to the House Committee on Financial Services.
- Apr 8, 2025Introduced in House
- Apr 8, 2025Introduced in House
Cosponsors
- Rep. Torres, Ritchie [D-NY-15] D-NY
- Rep. McClain, Lisa C. [R-MI-9] R-MI
- Rep. Lucas, Frank D. [R-OK-3] R-OK
- Rep. Loudermilk, Barry [R-GA-11] R-GA
- Rep. Rose, John W. [R-TN-6] R-TN
- Rep. Wagner, Ann [R-MO-2] R-MO
- Rep. Stutzman, Marlin A. [R-IN-3] R-IN
- Rep. Timmons, William R. [R-SC-4] R-SC
- Rep. Fitzgerald, Scott [R-WI-5] R-WI
- Rep. Moore, Tim [R-NC-14] R-NC
- Rep. Messmer, Mark [R-IN-8] R-IN
- Rep. Ogles, Andrew [R-TN-5] R-TN
- Rep. Downing, Troy [R-MT-2] R-MT
- Rep. Sessions, Pete [R-TX-17] R-TX
- Rep. LaMalfa, Doug [R-CA-1] R-CA
- Rep. Grothman, Glenn [R-WI-6] R-WI
- Rep. Williams, Roger [R-TX-25] R-TX
- Rep. Schmidt, Derek [R-KS-2] R-KS
- Rep. Garbarino, Andrew R. [R-NY-2] R-NY
In the News
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