S875Reported by Committee

FIRM Act

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Introduced
In Committee
3
Passed One Chamber
4
Passed Both
5
Signed into Law
119th
Congress
2025-03-06
Introduced
12
Cosponsors
S
ⓘ
Type

Sponsor

Tim Scott
Tim Scott
Republican · SC · Senator
Votes with party: 76.6% (832 recorded votes)

Full profile: /officials/S001184

Source: Congress.gov · FEC

Cosponsors (12)

Members who have signed on to support this bill since introduction. Source: Congress.gov.

Latest Action

The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →

Placed on Senate Legislative Calendar under General Orders. Calendar No. 32.

2025-03-18

Source: Congress.gov

Plain-English 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.

Plain-English rewrite of the Congressional Research Service summary published on Congress.gov. Cached and reviewed.

Subjects

Finance and Financial Sector
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Open text viewRead on Congress.gov

Related legislation

Bills by the same sponsor or covering overlapping subjects.