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S 1138 118th Congress Senate Finance and Financial Sector

Fossil Free Finance Act of 2023

Introduced: March 30, 2023 Introduced by: Markey, Edward J. Democratic · Massachusetts See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 30, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Mar 30, 2023
Introduced in Senate
 Plain-English summary Congressional Research Service

Fossil Free Finance 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 60 days after enactment, (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

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

 Committees of jurisdiction 1
 Cosponsors 4
All 4 Democratic 3 Independent 1