HR 5253
117th Congress
House
Finance and Financial Sector
Fossil Free Finance Act
Introduced: September 14, 2021
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 14, 2021
Referred to the House Committee on Financial Services.
Sep 14, 2021
Introduced in House
Plain-English 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.
What's happening now
Referred to the House Committee on Financial Services.
Committees of jurisdiction
1