A bill to prohibit bank holding companies from facilitating fossil fuel production from new sources or new or expanded fossil infrastructure that would drive such production, and for other purposes.
About This Bill
Committee
Latest Action · October 21, 2020
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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.
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