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S 4835 116th Congress Senate Finance and Financial Sector Banking and financial institutions regulation Civil actions and liability Coal Corporate finance and management Credit and credit markets Financial services and investments Fraud offenses and financial crimes Oil and gas Securities

Protecting America's Economy from the Carbon Bubble Act of 2020

Introduced: October 21, 2020 Introduced by: Merkley, Jeff Democratic · Oregon See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 21, 2020
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Oct 21, 2020
Introduced in Senate
 Plain-English summary Congressional Research Service

Protecting America's Economy from the Carbon Bubble Act of 2020

This bill prohibits certain financial companies (including bank holding companies, savings and loan holding companies, and insured depository institutions) from involvement in fossil fuel production. Prohibited activities include

  • providing loans to and making investments in fossil fuel companies or projects,
  • facilitating transactions that funds new fossil fuel production,
  • securitizing assets that provide funds for new fossil fuel production, and
  • entering into certain derivatives transactions related to new fossil fuel production.

Violators are subject to criminal and civil penalties.

What's happening now October 21, 2020

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 1