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S. 588 117th Congress Senate

Addressing Climate Financial Risk Act of 2021

Official title: A bill to establish the Advisory Committee on Climate Risk on the Financial Stability Oversight Council.

Introduced: March 4, 2021 See on congress.gov
Finance and Financial Sector Advisory bodiesAir qualityBanking and financial institutions regulationClimate change and greenhouse gases
More subjectsShow fewer subjects
Congressional oversightExecutive agency funding and structureFinancial Stability Oversight CouncilFinancial crises and stabilizationFinancial services and investmentsInsurance industry and regulationIntergovernmental relationsInternational organizations and cooperationLife, casualty, property insuranceState and local government operations
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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
Mar 4, 2021
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Mar 4, 2021
Introduced in Senate
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 Latest action March 4, 2021

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

 Plain-English summary Congressional Research Service

Addressing Climate Financial Risk Act of 2021

This bill establishes the Climate Risk Advisory Committee that must consult with the Financial Stability Oversight Council of the Department of the Treasury regarding a report on the impact of climate risk on U.S. financial stability.

Additionally, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration must include climate risk in the guidance provided to a supervised financial institution.

 Related & companion bills 1
  • HR 1549 Identical bill Addressing Climate Financial Risk Act of 2021
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 6
All 6 Democratic 6
D
Cortez Masto, Catherine
Nevada · Mar 4, 2021
 D
Heinrich, Martin
New Mexico · Mar 4, 2021
 D
Merkley, Jeff
Oregon · Mar 4, 2021
 D
Padilla, Alex
California · Mar 4, 2021
 D
Schatz, Brian
Hawaii · Mar 4, 2021
 D
Warren, Elizabeth
Massachusetts · Mar 4, 2021
Cite this page click to expand
APA
U.S. Congress. (2026). S. 588: Addressing Climate Financial Risk Act of 2021. 117th Congress. Open America. https://openamerica.io/bill/117-S-588/
MLA
"S. 588: Addressing Climate Financial Risk Act of 2021." 117th Congress, 2026, Open America, https://openamerica.io/bill/117-S-588/.
Bluebook (legal)
S. 588, 117th Cong. (2026), https://openamerica.io/bill/117-S-588/.
Markdown link
[S. 588: Addressing Climate Financial Risk Act of 2021](https://openamerica.io/bill/117-S-588/)
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