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S. 1876 117th Congress Senate

Climate Change Financial Risk Act of 2021

Official title: A bill to require the Board of Governors of the Federal Reserve System, in consultation with the heads of other relevant Federal agencies, to develop and condu… Show full official titleShow less

Official title: A bill to require the Board of Governors of the Federal Reserve System, in consultation with the heads of other relevant Federal agencies, to develop and conduct financial risk analyses relating to climate change, and for other purposes.

Introduced: May 27, 2021 Introduced by: Brian Schatz Democratic · Hawaii See on congress.gov
Finance and Financial Sector Advisory bodiesAir qualityBank accounts, deposits, capitalBanking and financial institutions regulation
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Climate change and greenhouse gasesCongressional oversightEconomic performance and conditionsFarmlandFederal Reserve SystemFinancial Stability Oversight CouncilFinancial crises and stabilizationFiresFloods and storm protectionForeign and international bankingGovernment information and archivesGovernment studies and investigationsInternational organizations and cooperationLand use and conservationMarine and coastal resources, fisheries
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This bill died when the 117th Congress ended
It never became law before the 117th Congress (2021–2022) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 27, 2021
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
May 27, 2021
Introduced in Senate
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 Latest action May 27, 2021

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

 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.

 Related & companion bills 1
  • HR 3571 Identical bill Climate Change Financial Risk Act of 2021
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 9
All 9 Democratic 9
D
Bennet, Michael F.
Colorado · May 27, 2021
 D
Booker, Cory A.
New Jersey · May 27, 2021
 D
Klobuchar, Amy
Minnesota · May 27, 2021
 D
Merkley, Jeff
Oregon · May 27, 2021
 D
Murray, Patty
Washington · May 27, 2021
 D
Padilla, Alex
California · May 27, 2021
 D
Van Hollen, Chris
Maryland · May 27, 2021
 D
Warren, Elizabeth
Massachusetts · May 27, 2021
 D
Whitehouse, Sheldon
Rhode Island · May 27, 2021
Cite this page click to expand
APA
U.S. Congress. (2026). S. 1876: Climate Change Financial Risk Act of 2021. 117th Congress. Open America. https://openamerica.io/bill/117-S-1876/
MLA
"S. 1876: Climate Change Financial Risk Act of 2021." 117th Congress, 2026, Open America, https://openamerica.io/bill/117-S-1876/.
Bluebook (legal)
S. 1876, 117th Cong. (2026), https://openamerica.io/bill/117-S-1876/.
Markdown link
[S. 1876: Climate Change Financial Risk Act of 2021](https://openamerica.io/bill/117-S-1876/)
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