To nullify certain interagency guidance related to climate-related financial risk management for large financial institutions.

HR 2923 would eliminate a 2023 rule requiring large financial institutions to assess climate-related financial risks. It specifically targets guidance issued by the Federal Reserve, OCC, and FDIC titled "Principles for Climate-Related Financial Risk Management." The bill states this guidance "shall have no force or effect" and prohibits those agencies from issuing similar requirements. This directly affects major banks and financial firms that would have been required to implement climate risk management practices under the repealed rule.