119th Congress
S. 875
FIRM Act
- Introduced
- In committee
- Passed Senate
- Passed House
- To President
- Became law
- Sponsor
- Tim Scott(R-SC)
- Introduced
- Mar 6, 2025
- Policy area
- Finance and Financial Sector
- Committees
- Senate Committee on Banking, Housing, and Urban Affairs
- Official text
- Reported to Senate · Congress.gov page
Cosponsors (12)
Original cosponsors (12)
- Bernie Moreno (R-OH)
- Bill Hagerty (R-TN)
- Cynthia M. Lummis (R-WY)
- David McCormick (R-PA)
- Jim Banks (R-IN)
- John Kennedy (R-LA)
- Katie Boyd Britt (R-AL)
- Kevin Cramer (R-ND)
- Mike Crapo (R-ID)
- Mike Rounds (R-SD)
- Pete Ricketts (R-NE)
- Thom Tillis (R-NC)
Summary
Summary by the Congressional Research Service· describes the “Introduced in Senate” version
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.
Roll-call votes
No recorded votes on this bill.
Actions
- Mar 18, 2025 · Senate
Placed on Senate Legislative Calendar under General Orders. Calendar No. 32. - Mar 18, 2025 · Senate
Committee 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. - Mar 13, 2025 · Senate
Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably. - Mar 6, 2025 · Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. - Mar 6, 2025
Introduced in Senate