Climate Change Financial Risk Act of 2021
Latest action · May 31, 2021 Referred to the Subcommittee on Environment and Climate Change.
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.
- IntroducedMay 28, 2021
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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
Members who signed on, in the order they did. Signatures ran from May 28, 2021 to Jul 12, 2022, with 4 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-CA | Mike Levin | Original | May 28, 2021 |
| D-IL | Mike Quigley | Original | May 28, 2021 |
| D-AZ | Raúl M. Grijalva | Original | May 28, 2021 |
| D-CA | Scott H. Peters | Original | May 28, 2021 |
| D-WA | Pramila Jayapal | Nov 16, 2021 | |
| D-CA | Jared Huffman | Jul 12, 2022 |
Actions 3
Everything that happened, newest first.
- May 31, 2021Referred to the Subcommittee on Environment and Climate Change.
- May 28, 2021Introduced in House
- May 28, 2021Referred 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.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1876 | Climate Change Financial Risk Act of 2021 | Identical bill | May 27, 2021 |
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
- Government information and archives
- Government studies and investigations
- International organizations and cooperation
- Land use and conservation
- Marine and coastal resources, fisheries
Text 1
Each version as it was printed, newest first.
- May 28, 2021Introduced in House
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.