Climate Change Financial Risk Act of 2019
Latest action · Nov 20, 2019 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedNov 20, 2019
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Climate Change Financial Risk Act of 2019
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 subcommittee to assist it in identifying risks and responding to threats to the financial system as a result of climate change.
Cosponsors 10
Members who signed on, in the order they did. Signatures ran from Nov 20, 2019 to Jul 28, 2020, with 9 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MN | Amy Klobuchar | Original | Nov 20, 2019 |
| D-MD | Chris Van Hollen | Original | Nov 20, 2019 |
| D-NJ | Cory A. Booker | Original | Nov 20, 2019 |
| D-MA | Elizabeth Warren | Original | Nov 20, 2019 |
| D-OR | Jeff Merkley | Original | Nov 20, 2019 |
| D-CA | Kamala D. Harris | Original | Nov 20, 2019 |
| D-CO | Michael F. Bennet | Original | Nov 20, 2019 |
| D-WA | Patty Murray | Original | Nov 20, 2019 |
| D-RI | Sheldon Whitehouse | Original | Nov 20, 2019 |
| D-CA | Dianne Feinstein | Jul 28, 2020 |
Actions 2
Everything that happened, newest first.
- Nov 20, 2019Introduced in Senate
- Nov 20, 2019Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 5194 | Climate Change Financial Risk Act of 2019 | Identical bill | Nov 21, 2019 |
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- 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
- Finance and Financial Sector
- Financial crises and stabilization
- Financial Stability Oversight Council
- Fires
- Floods and storm protection
- Foreign and international banking
- International organizations and cooperation
- Land use and conservation
- Marine and coastal resources, fisheries
Text 1
Each version as it was printed, newest first.
- Nov 20, 2019Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.