Bill116th CongressFiled Oct 21, 2020Finance and Financial Sector
S. 4835
Protecting America's Economy from the Carbon Bubble Act of 2020
Bill journey · stage 2 of 5
Under committee review
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CommitteeComm.
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Both ChambersBoth
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What it doesSummary introduced in senate (Oct 21, 2020)
Protecting America's Economy from the Carbon Bubble Act of 2020
This bill prohibits certain financial companies (including bank holding companies, savings and loan holding companies, and insured depository institutions) from involvement in fossil fuel production. Prohibited activities include
- providing loans to and making investments in fossil fuel companies or projects,
- facilitating transactions that funds new fossil fuel production,
- securitizing assets that provide funds for new fossil fuel production, and
- entering into certain derivatives transactions related to new fossil fuel production.
Violators are subject to criminal and civil penalties.
What just happenedOct 21, 2020
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Who’s behind it
Sen. Merkley, Jeff [D-OR](D-OR)Sponsor
1committees2actions9subjects
- Introduced in SenateOct 21, 2020
- Oct 21, 2020IntroReferral
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Banking, Housing, and Urban Affairs Committee - Oct 21, 2020IntroReferral10000
Introduced in Senate