1. Short title This Act may be cited as the Bank Risk Reduction Act of 2024 . 2. Exemptions for certain interest rate swaps of covered banking institutions (a) In general The Wall Street Transparency and Accountability Act of 2010 ( 12 U.S.C. 8301 et seq. ) is amended by inserting after section 754 the following: 755. Exemptions for certain interest rate swaps of covered banking institutions (a) In general A covered banking institution— (1) shall be exempt from any clearing or margin requirements applicable to an interest rate swap that hedges interest rate risk of debt securities or loans held on the balance sheet of the covered banking institution, including any requirements under sections 2(h) or 4s(e) of Commodity Exchange Act and the regulations promulgated thereunder; (2) may use hedge accounting with respect to debt securities or loans held on the balance sheet of the covered banking institution; (3) is not subject to any requirement, including the Financial Accounting Standards Board’s Accounting Standard Codification paragraph 815–20–25–43(c)(2), that restricts a covered banking institution from an option to designate a fair value hedge on the risks of changes in the fair value attributable to the interest rate risk of a held-to-maturity debt security