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Climate Change Financial Risk Act of 2021

Introduced: May 28, 2021 Introduced by: Casten, Sean Democratic · Illinois See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 31, 2021
Referred to the Subcommittee on Environment and Climate Change.
May 28, 2021
Referred 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.
May 28, 2021
Introduced in House
 Plain-English summary Congressional Research Service

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.

What's happening now May 31, 2021

Referred to the Subcommittee on Environment and Climate Change.

 Committees of jurisdiction 3
 Cosponsors 5
All 5 Democratic 5