S 875
FIRM Act
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.
Bill status
- Status
- Reported
- Sponsor
- Sen. Tim Scott [R-SC]
- Cosponsors
- 12
- Policy area
- Finance and Financial Sector
- Introduced
- 2025-03-06
- Latest action
- 2025-03-18: Placed on Senate Legislative Calendar under General Orders. Calendar No. 32.
Committee referrals
Recent actions
- 2025-03-18: Placed on Senate Legislative Calendar under General Orders. Calendar No. 32.
- 2025-03-18: 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.
- 2025-03-18: 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.
- 2025-03-13: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
- 2025-03-06: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.