Climate Change Financial Risk Act of 2021
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (May 28, 2021)
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.
What just happenedMay 31, 2021
Referred to the Subcommittee on Environment and Climate Change.
Who’s behind it
- Introduced in HouseMay 28, 2021
- May 31, 2021Committee
Referred to the Subcommittee on Environment and Climate Change.
Environment, Manufacturing, and Critical Materials Subcommittee - May 28, 2021IntroReferralH11100
Referred to the Committee on Financial Services, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Energy and Commerce Committee - May 28, 2021IntroReferralH11100
Referred to the Committee on Financial Services, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Financial Services Committee - May 28, 2021IntroReferralIntro-H
Introduced in House
- May 28, 2021IntroReferral1000
Introduced in House