Fossil Free Finance Act
Latest action · Sep 14, 2021 Referred to the House Committee on Financial Services.
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.
- IntroducedSep 14, 2021
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Fossil Free Finance Act
This bill requires large bank holding companies to develop and implement emission reduction plans. Such a plan must include strategies for a company to equitably reduce and eventually eliminate financed greenhouse gas emissions by January 1, 2050, and to discontinue specified fossil fuel projects and financing. The bill also prohibits the use of carbon offsets in such a plan, sets forth technological requirements for reductions, and requires the prioritization of specified social impacts.
Plans must be submitted to the Board of Governors of the Federal Reserve System for approval every two years.
Cosponsors 20
Members who signed on, in the order they did. Signatures ran from Sep 14, 2021 to Nov 2, 2021; 15 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NY | Adriano Espaillat | Original | Sep 14, 2021 |
| D-NY | Alexandria Ocasio-Cortez | Original | Sep 14, 2021 |
| D-MA | Ayanna Pressley | Original | Sep 14, 2021 |
| D-MO | Cori Bush | Original | Sep 14, 2021 |
| D-MO | Emanuel Cleaver | Original | Sep 14, 2021 |
| D-NY | Grace Meng | Original | Sep 14, 2021 |
| D-NY | Jamaal Bowman | Original | Sep 14, 2021 |
| D-CA | Jared Huffman | Original | Sep 14, 2021 |
| D-NY | Jerrold Nadler | Original | Sep 14, 2021 |
| D-IL | Jesús G. "Chuy" García | Original | Sep 14, 2021 |
| D-IL | Marie Newman | Original | Sep 14, 2021 |
| D-CA | Mark Takano | Original | Sep 14, 2021 |
| D-WA | Pramila Jayapal | Original | Sep 14, 2021 |
| D-MI | Rashida Tlaib | Original | Sep 14, 2021 |
| D-NY | Ritchie Torres | Original | Sep 14, 2021 |
| D-MA | James P. McGovern | Sep 20, 2021 | |
| D-CA | Ro Khanna | Sep 20, 2021 | |
| D-NJ | Bonnie Watson Coleman | Oct 12, 2021 | |
| D-CA | Barbara Lee | Oct 15, 2021 | |
| D-MD | Jamie Raskin | Nov 2, 2021 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Sep 14, 2021 |
Actions 2
Everything that happened, newest first.
- Sep 14, 2021Introduced in House
- Sep 14, 2021Referred to the House Committee on Financial Services.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 167, no. 158, September 14, 2021, page H4524.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 3167 | Fossil Free Finance Act | Related bill | Nov 4, 2021 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Bank Holding Company Act of 1956 and the Dodd-Frank Wall Street Reform and Consumer Protection Act to require disclosure of certain financed emissions, and for other purposes.
- Short Title(s) as Introduced
- Fossil Free Finance Act
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Sep 14, 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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
