Bill117th CongressFiled Dec 15, 2022Finance and Financial Sector
S. 5264
Protecting America's Economy from the Carbon Bubble Act of 2022
Bill journey · stage 2 of 5
Under committee review
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What it doesSummary introduced in senate (Dec 15, 2022)
Protecting America's Economy from the Carbon Bubble Act of 2022
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 fund 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 happenedDec 15, 2022
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
1committees2actions
- Introduced in SenateDec 15, 2022
- Dec 15, 2022IntroReferral
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Banking, Housing, and Urban Affairs Committee - Dec 15, 2022IntroReferral10000
Introduced in Senate