Climate Change Financial Risk Act of 2021
- Last Action
- 5/31/2021
Actions
- 2021-05-31Referred to the Subcommittee on Environment and Climate Change.
- 2021-05-28Referred to the Committee on Financial Services, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 2021-05-28Referred to the Committee on Financial Services, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 2021-05-28Introduced in House
- 2021-05-28Introduced in House
CRS Summary
As of 2021-05-28 (00)
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.
Cosponsors (6)
- Scott Peters (D-CA)
- Mike Levin (D-CA)
- Mike Quigley (D-IL)
- Raúl Grijalva (D-AZ)
- Pramila Jayapal (D-WA)
- Jared Huffman (D-CA)
Subjects
- Advisory bodies
- Air quality
- Bank accounts, deposits, capital
- Banking and financial institutions regulation
- Climate change and greenhouse gases
- Congressional oversight
- Economic performance and conditions
- Farmland
- Federal Reserve System
- Financial Stability Oversight Council
- Financial crises and stabilization
- Fires
- Floods and storm protection
- Foreign and international banking
- Government information and archives
- Government studies and investigations
- International organizations and cooperation
- Land use and conservation
- Marine and coastal resources, fisheries
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.