Requires the Federal Reserve to write rules spelling out the models, assumptions, and methods it uses in bank stress tests, and bars it from running climate-related stress tests under its stress test authority.

• Requires the Federal Reserve to issue rules within 90 days setting out the models and methods used in stress tests that determine stress capital buffer requirements
• Limits material changes to those methods to notice-and-comment rulemaking and requires no double-counting of capital requirements for the same risks
• Requires the Federal Reserve to publicly disclose each stress test scenario at least 60 days before running the test, beginning in the first calendar year after enactment
• Prohibits the Federal Reserve from subjecting nonbank financial companies or bank holding companies to climate-related stress tests under its stress test authority
• Directs the Comptroller General to report every 3 years on the effectiveness of Federal Reserve stress tests

• Financial Services Committee (House)

Finance and Financial Sector