HR 2702
· 119th Congress
· Finance and Financial Sector
FIRM Act
Sponsor
Latest action
Placed on the Union Calendar, Calendar No. 131.
Action timeline
Every recorded action on this bill, newest first. Stage badges color-code the legislative path.
Jun 20, 2025
committee
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-164.
Financial Services Committee
Jun 20, 2025
other
Placed on the Union Calendar, Calendar No. 131.
May 21, 2025
committee
Committee Consideration and Mark-up Session Held
Financial Services Committee
May 21, 2025
committee
Ordered to be Reported (Amended) by the Yeas and Nays: 33 - 19.
Financial Services Committee
Apr 08, 2025
introduced
Introduced in House
Apr 08, 2025
introduced
Referred to the House Committee on Financial Services.
Financial Services Committee
Text versions
Each stage of the bill — official text published by GPO. Click any format to read on congress.gov / govinfo.
CRS summaries
Plain-English summaries written by the Congressional Research Service — neutral, nonpartisan staff who summarize bills as they advance through stages. The authoritative description of what each version of the bill does.
00
Introduced in House
Apr 08, 2025
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.
via Congressional Research Service · published through congress.gov
Changelog
ⓘ
How a bill moves through Congress. Each stage produces a new official text. The diff between them shows what changed at that step.
ih / is — Introduced in House / Senate. First filed version.rfh / rfs — Referred to a committee for review.rh / rs — Reported back by the committee to the floor (often with amendments — this is where most language changes happen).pcs / pch — Placed on Calendar for floor consideration.eh / es — Engrossed. Passed by the originating chamber. Text is now what was actually voted on.rdh / rds — Received by the other chamber.eah / eas — Engrossed Amendment. The other chamber passed an amended version.ath / ats — Agreed to. Both chambers settled on the same text.enr — Enrolled. Final reconciled text, sent to the President.pl — Public Law. Signed by the President. It's now law.pp — Public Print. Official printing post-enactment.
Most bills die before eh/es. Going from pcs → enr is the full path through both chambers.
ⓘ
How a bill moves through Congress. Each stage produces a new official text. The diff between them shows what changed at that step.
ih/is— Introduced in House / Senate. First filed version.rfh/rfs— Referred to a committee for review.rh/rs— Reported back by the committee to the floor (often with amendments — this is where most language changes happen).pcs/pch— Placed on Calendar for floor consideration.eh/es— Engrossed. Passed by the originating chamber. Text is now what was actually voted on.rdh/rds— Received by the other chamber.eah/eas— Engrossed Amendment. The other chamber passed an amended version.ath/ats— Agreed to. Both chambers settled on the same text.enr— Enrolled. Final reconciled text, sent to the President.pl— Public Law. Signed by the President. It's now law.pp— Public Print. Official printing post-enactment.
Most bills die before eh/es. Going from pcs → enr is the full path through both chambers.
Line-level diff between text versions of this bill — what actually changed at each legislative stage.
+75
−15
45 unchanged
--- Introduced (House)
+++ Reported (House)
@@ -1,11 +1,14 @@
[From the U.S. Government Publishing Office]
-[H.R. 2702 Introduced in House (IH)]
+[H.R. 2702 Reported in House (RH)]
<DOC>
+Union Calendar No. 131
119th CONGRESS
1st Session
H. R. 2702
+
+[Report No. 119-164]
To curtail the political weaponization of Federal banking agencies by
eliminating reputational risk as a component of the supervision of
@@ -24,6 +27,20 @@
following bill; which was referred to the Committee on Financial
Services
+June 20, 2025
+
+Additional sponsors: Mr. Williams of Texas, Mr. Schmidt, and Mr.
+Garbarino
+
+June 20, 2025
+
+Reported with an amendment, committed to the Committee of the Whole
+House on the State of the Union, and ordered to be printed
+[Strike out all after the enacting clause and insert the part printed
+in italic]
+[For text of introduced bill, see copy of bill as introduced on April
+8, 2025]
+
_______________________________________________________________________
A BILL
@@ -40,9 +57,9 @@
This Act may be cited as the ``Financial Integrity and Regulation
Management Act'' or the ``FIRM Act''.
-SEC. 2. FINDINGS; PURPOSES.
-
-(a) Findings.--Congress finds that--
+SEC. 2. FINDINGS.
+
+Congress finds that--
(1) the primary objective of financial regulation and
supervision by the Federal banking agencies is to promote
safety and soundness of depository institutions;
@@ -81,7 +98,9 @@
institution''--
(A) has the meaning given the term in section 3 of
the Federal Deposit Insurance Act (12 U.S.C. 1813); and
-(B) includes an insured credit union.
+(B) includes an insured credit union, as such term
+is defined in section 101 of the Federal Credit Union
+Act (12 U.S.C. 1752).
(2) Federal banking agency.--The term ``Federal banking
agency''--
(A) has the meaning given the term in section 3 of
@@ -91,16 +110,34 @@
Administration; and
(ii) the Bureau of Consumer Financial
Protection.
-(3) Insured credit union.--The term ``insured credit
-union'' has the meaning given the term in section 101 of the
-Federal Credit Union Act (12 U.S.C. 1752).
+(3) Foreign terrorist organization.--The term ``foreign
+terrorist organization'' means a foreign organization that is
+designated by the Secretary of State in accordance with section
+219 of the Immigration and Nationality Act (8 U.S.C. 1189).
(4) Reputational risk.--The term ``reputational risk''
means the potential that negative publicity or negative public
-opinion regarding an institution's business practices, whether
-true or not, will cause a decline in confidence in the
-institution or a decline in the customer base, costly
-litigation, or revenue reductions or otherwise adversely impact
-the depository institution.
+opinion regarding a depository institution's business
+practices, whether true or not, will cause a decline in
+confidence in the institution or a decline in the customer
+base, costly litigation, or revenue reductions or otherwise
+adversely impact the depository institution. The previous
+sentence does not apply to negative publicity or negative
+public opinion regarding an institution's business practices
+where such practices involve unlawful transactions in
+connection with state sponsors of terrorism or foreign
+terrorist organizations.
+(5) State sponsors of terrorism.--The term ``state sponsors
+of terrorism'' means a country, the government of which has
+been determined by the Secretary of State to have repeatedly
+provided support for acts of international terrorism, for
+purposes of--
+(A) section 1754(c)(1)(A)(i) of the Export Control
+Reform Act of 2018 (50 U.S.C. 4813(c)(1)(A)(i));
+(B) section 620A of the Foreign Assistance Act of
+1961 (22 U.S.C. 2371);
+(C) section 40(d) of the Arms Export Control Act
+(22 U.S.C. 2780(d)); or
+(D) any other provision of law.
SEC. 4. REMOVAL OF REPUTATIONAL RISK AS A CONSIDERATION IN THE
SUPERVISION OF DEPOSITORY INSTITUTIONS.
@@ -116,7 +153,7 @@
SEC. 5. PROHIBITION.
No Federal banking agency may engage in any activity concerning or
-related to the regulation, supervision, or examination, of the
+related to the regulation, supervision, or examination of the
reputational risk, or any term substantially similar, or the management
thereof, of a depository institution, including--
(1) establishing any rule, regulation, requirement,
@@ -153,4 +190,27 @@
(1) confirms implementation of this Act; and
(2) describes any changes made to internal policies as a
result of this Act.
-<all>
+Union Calendar No. 131
+
+119th CONGRESS
+
+1st Session
+
+H. R. 2702
+
+[Report No. 119-164]
+
+_______________________________________________________________________
+
+A BILL
+
+To curtail the political weaponization of Federal banking agencies by
+eliminating reputational risk as a component of the supervision of
+depository institutions.
+
+_______________________________________________________________________
+
+June 20, 2025
+
+Reported with an amendment, committed to the Committee of the Whole
+House on the State of the Union, and ordered to be printed
Lobbying activity
Organizations whose LDA filings reference this bill, ranked by filing count. Position not disclosed — LDA does not require lobbyists to report support / oppose / monitor. Bill-number references can be stale (lobbyists sometimes copy text year-over-year), so verify against the filing description.
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filings · 2026 Q3
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filings · 2026 Q3
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filings · 2025 Q3
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filings · 2025 Q3
1
filings · 2025 Q2
1
filings · 2025 Q2
1
filings · 2026 Q1
via Senate LDA · self-reported quarterly. Filing count = filings mentioning this bill (no position required), not money spent on it. Click a client to see all bills they've filed on.
Cosponsors (18)
Members who signed on to support this bill.