FIRM Act
- Introduced Mar 6
- Committee Mar 6
- Passed Senate Next
- Passed House Not yet
- To President Not yet
- Law Not yet
Where it stands
In committee, Mar 6, 2025Next: Senate vote
589d ago Mar 18, 2025: Placed on Senate Legislative Calendar under General Orders. Calendar No. 32.
Final votes
No roll callsNo recorded vote on this bill yet
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Votes
No recorded roll-call vote on this bill yet
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Summary
Financial Integrity and Regulation Management Act or the FIRM Act
Full summary2 paragraphs
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.
Library of Congress summary, Mar 6, 2025
Summary versions
- Introduced in SenateMar 6, 2025
Actions
- SenateCommittee 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 18, 2025
- SenatePlaced on Senate Legislative Calendar under General Orders. Calendar No. 32.Mar 18, 2025
- SenateCommittee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.Mar 13, 2025
- SenateIntroduced in SenateMar 6, 2025
- SenateRead twice and referred to the Committee on Banking, Housing, and Urban Affairs.Mar 6, 2025
Bill record
Text versions2
- Reported to SenateMar 18, 2025PDF: Reported to Senate
- Introduced in SenateMar 6, 2025PDF: Introduced in Senate
Committees1
- Senate Banking, Housing, and Urban Affairs CommitteeReported By Mar 18, 2025Markup By, Mar 13, 2025Referred To, Mar 6, 2025
Sponsor and cosponsors12 cosponsors
- Sen. Tim Scott (R-SC)Sponsor, Mar 6, 2025
- Bernie Moreno (R-OH)OriginalJoined Mar 6, 2025
- Bill Hagerty (R-TN)OriginalJoined Mar 6, 2025
- Cynthia Lummis (R-WY)OriginalJoined Mar 6, 2025
- David McCormick (R-PA)OriginalJoined Mar 6, 2025
- Jim Banks (R-IN)OriginalJoined Mar 6, 2025
- John Kennedy (R-LA)OriginalJoined Mar 6, 2025
- Katie Britt (R-AL)OriginalJoined Mar 6, 2025
- Kevin Cramer (R-ND)OriginalJoined Mar 6, 2025
- Mike Crapo (R-ID)OriginalJoined Mar 6, 2025
- Mike Rounds (R-SD)OriginalJoined Mar 6, 2025
- Pete Ricketts (R-NE)OriginalJoined Mar 6, 2025
- Thomas Tillis (R-NC)OriginalJoined Mar 6, 2025
Amendments2
- S.Amdt. 3931Undated
- S.Amdt. 3930Undated
Cost estimates and reports1
- CBO: S. 875, the FIRM ActFeb 5, 2026As reported by the Senate Committee on Banking, Housing, and Urban Affairs on March 18, 2025
Titles3
Short titles
- FIRM ActShort Title(s) as Introduced
- Financial Integrity and Regulation Management ActShort Title(s) as Introduced
Official titles
- A bill to curtail the political weaponization of Federal banking agencies by eliminating reputational risk as a component of the supervision of depository institutions.Official Title as Introduced
Subjects6
Policy area
Legislative subjects
Banking and financial institutions regulationCongressional oversightFinancial services and investmentsGovernment information and archivesGovernment studies and investigations
Official record from Congress.gov, the House Clerk and the Senate; lobbying from Lobbying Disclosure Act filings. Updated Oct 27, 2026.