United States 119th Congress Status: In Committee Bipartisan · 19 R · 1 D cosponsors

HR 2702 — FIRM Act

Last action — Placed on the Union Calendar, Calendar No. 131.

Track this bill free

No card. One bill, free forever — alerts when it moves.

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill is in committee in the House. Introduced April 08, 2025. It must pass committee before a floor vote.

Next likely step: a committee vote, then a floor vote in the House.

Prognosis

Advancing 42% · moderate confidence

Where this bill stands today.

Odds of enactment

Low

How often bills like it became law.

  • In Committee

    Current position in the legislative process.

  • 20 sponsors

    1 primary, 19 co-sponsors signed on.

  • Bipartisan support

    Sponsored across 2 parties (19 R · 1 D) — cross-party backing.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Bill Text

What changed in the latest version

50 added · 14 removed

Plain-language change summary

The amendment updates the findings section of the bill by removing specific references to an "insured credit union" and the associated effects of negative opinions on a depository institution's business practices. It instead expands the definition of an insured credit union as defined in the Federal Credit Union Act and retains a broader consideration of how opinions can impact confidence in financial institutions. This change clarifies the type of organization being discussed and simplifies the language regarding the consequences of negative opinions.

→
Previous
Latest
2702 Introduced in House (IH)] <DOC> 119th CONGRESS 1st Session H.
2702 Reported in House (RH)] <DOC> Union Calendar No.
131 119th CONGRESS 1st Session H.
2702 To curtail the political weaponization of Federal banking agencies by eliminating reputational risk as a component of the supervision of depository institutions.
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 depository institutions.
which was referred to the Committee on Financial Services _______________________________________________________________________ A BILL To curtail the political weaponization of Federal banking agencies by eliminating reputational risk as a component of the supervision of depository institutions.
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 To curtail the political weaponization of Federal banking agencies by eliminating reputational risk as a component of the supervision of depository institutions.
FINDINGS;
FINDINGS.
PURPOSES.
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;
(a) 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;
and (B) includes an insured credit union.
and (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).
(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.
(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 of the Immigration and Nationality Act (8 U.S.C.
1752).
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.
(4) Reputational risk.--The term ``reputational risk'' means the potential that negative publicity or negative public 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 (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.
No Federal banking agency may engage in any activity concerning or 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, standard, or supervisory expectation concerning or related to the reputational risk, or any term substantially similar, or the management thereof, of a depository institution whether binding or not;
No Federal banking agency may engage in any activity concerning or 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, standard, or supervisory expectation concerning or related to the reputational risk, or any term substantially similar, or the management thereof, of a depository institution whether binding or not;
<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
⬇ Download PDF
View plain text versions (2)

What Congress says this changes

H. Rept. 119-164

Published by the reporting committee Not generated — this is the committee's own “Changes in Existing Law Made by the Bill, as Reported”.

Text to be removed appears in [brackets]. Newly inserted text is italicised in the official report and cannot be marked in this plain-text rendition — read the official PDF ↗ for the authoritative formatting. 

CHANGES IN EXISTING LAW MADE BY THE BILL, AS REPORTED

 H.R. 2702 does not repeal or amend any section of a 
statute. Therefore, the Office of Legislative Counsel did not 
prepare the report required under clause 3(e) of rule XIII of 
the House of Representatives.

Source: H. Rept. 119-164 · govinfo

Sections of law this bill changes

From the bill's own amending language, matched to the official United States Code (current through Public Law 119-121).

Also cites: 8 U.S.C. § 1189, 12 U.S.C. § 1752, 12 U.S.C. § 1813, 22 U.S.C. § 2371, 22 U.S.C. § 2780, 50 U.S.C. § 4813

Action History

  1. Reported (Amended) by the Committee on Financial Services. H. Rept. 119-164.

  2. Reported (Amended) by the Committee on Financial Services. H. Rept. 119-164.

  3. Placed on the Union Calendar, Calendar No. 131.

  4. Committee Consideration and Mark-up Session Held

  5. Ordered to be Reported (Amended) by the Yeas and Nays: 33 - 19.

  6. Introduced in House

  7. Introduced in House

  8. Referred to the House Committee on Financial Services.

Sponsors

Sponsorship breakdown

Export CSV (upgrade) →

1 sponsors · 19 co-sponsors · 527 not signed on

Sponsors (1)

Co-sponsors (19)

Not signed on (527)

527 members have not signed on to this bill.

Show all 527 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

Who sponsors HR 2702?
HR 2702 is sponsored by Torres, Ritchie (Democratic), McClain, Lisa C. (Republican), Lucas, Frank D. (Republican), Loudermilk, Barry (Republican), Rose, John W. (Republican), Wagner, Ann (Republican), Stutzman, Marlin A. (Republican), Timmons, William R. (Republican), Fitzgerald, Scott (Republican), Moore, Tim (Republican), Messmer, Mark B. (Republican), Ogles, Andrew (Republican), Downing, Troy (Republican), Sessions, Pete (Republican), LaMalfa, Doug (Republican), Grothman, Glenn (Republican), Williams, Roger (Republican), Schmidt, Derek (Republican), Garbarino, Andrew R. (Republican), and Barr, Andy (Republican).
What is the current status of HR 2702?
This bill is in committee in the House. Introduced April 08, 2025. It must pass committee before a floor vote.
Where can I track HR 2702?
Track HR 2702 free on One Click Politics — get push/email alerts when it moves.

Make your voice heard on HR 2702

Find the representatives who decide this bill and tell them where you stand — for yourself, or mobilize your whole list in one click with One Click Politics advocacy software.

Find my representatives → Run a campaign

Stay ahead of HR 2702

Last checked for changes 3 months ago · updated continuously

One Click Politics tracks every bill in Congress and all 50 states.

Track this bill →