Stress Testing Accountability and Transparency Act

In general— Not later than 90 days after the date of the enactment of this section, the Board of Governors of the Federal Reserve System (in this Act referred to as the “Board”) shall issue a rule to establish any models, assumptions, formulas, or other decisional methodologies that are used to determine any component or subcomponent of the stress capital buffer requirement for a bank holding company.

Changes— The Board may only make changes to the rule issued under subsection (a) through notice and comment rulemaking.

Stress capital buffer requirement defined— The term “stress capital buffer requirement” has the meaning given the term in section 225.8(c) of title 12 of the Code of Federal Regulations.

In general— Beginning in the first calendar year after the date of the enactment of this section, the Board shall, not less than 30 days before conducting a stress test pursuant to section 165(i) of the Financial Stability Act of 2010, issue a rule to establish each scenario used to be used in such stress test.

Prohibition— The Board may not, by rule or otherwise, subject any nonbank financial company to a climate-related stress test using the authority provided in section 165(i) of the Financial Stability Act of 2010.

In general— The Comptroller General of the United States shall, every 3 years, conduct a study and submit a report to the Congress with respect to the stress tests conducted by the Board under section 165(i) of the Financial Stability Act of 2010 in the 3 most recent calendar years.

Contents— The report submitted to the Congress under subsection (a) shall—