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Committee approves FIRM Act to remove ‘reputational risk’ from supervision language
Summary
HR 2702, the Financial Integrity and Regulation Management (FIRM) Act, was advanced in committee. Sponsors said it prevents agencies from pressuring banks to cut off lawful customers for political reasons by removing “reputational risk” from supervisory guidance; opponents said it would blind regulators to real-world risks that affect stability.
Committee advances bill to exclude reputational risk from supervisory guidance.
Representative Andy Barr introduced HR 2702, the Financial Integrity and Regulation Management Act (FIRM Act), which would remove references to “reputational risk” from federal banking agencies’ supervisory guidance. Barr described the bill as bipartisan and said it would “ensure that…
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