HR 2443 118th Congress House Finance and Financial Sector

Fossil Free Financing Act of 2023

Introduced: March 30, 2023 Introduced by: Pressley, Ayanna Democratic · Massachusetts See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Mar 30, 2023

Referred to the House Committee on Financial Services.

Mar 30, 2023

Introduced in House

Plain-English summary Congressional Research Service

Fossil Free Financing Act of 2023

This bill requires large bank holding companies to set forth plans to reduce and ultimately eliminate the financing of activities that contribute to greenhouse gas emissions and deforestation. Specifically, the bill prohibits the financing of (1) new or expanded fossil fuel projects immediately, (2) thermal coal by 2025, and (3) all fossil fuel projects by 2030.

Further, the Financial Stability Oversight Council must consider the activities of certain bank holding companies and nonbank financial companies that contribute to emissions as part of the prudential supervision process.

The Board of Governors of the Federal Reserve System must report on financed emissions in the financial system, the estimated emissions to meet science-based emissions targets, and recommendations for addressing regulatory gaps in reducing such emissions that cannot be addressed by the board.

What's happening now March 30, 2023

Referred to the House Committee on Financial Services.

Committees of jurisdiction 1