S. 1876 · 117th Congress
Climate Change Financial Risk Act of 2021
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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SchatzSponsor10 cosponsors · 10 D
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Bennet
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Booker
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Feinstein
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Klobuchar
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Murray
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Merkley
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Padilla
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Van Hollen
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Whitehouse
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Warren10 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill addresses climate change risk and its potential impact on the financial system.
What it does: CRS summary · Introduced in Senate · May 27, 2021
Climate Change Financial Risk Act of 2021
This bill addresses climate change risk and its potential impact on the financial system.
The Federal Reserve Board must develop financial risk analyses relating to climate change for specified large nonbank financial companies and bank holding companies. Specifically, these entities will be evaluated every two years on whether they have the capital necessary to absorb financial losses that would arise under several different climate change risk scenarios.
The bill also establishes the Climate Risk Scenario Technical Development Group to provide recommendations to the board regarding such climate change risk scenarios, and determine the financial and economic risks of these scenarios.
The Financial Stability Oversight Council of the Department of the Treasury must establish a committee to assist it in identifying risks and responding to threats to the financial system as a result of climate change.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Climate Change Financial Risk Act of 2021
Latest action (May 27, 2021): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: May 27, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.