To amend the Bank Holding Company Act of 1956 to prohibit bank holding companies from facilitating fossil fuel production from new sources, or from facilitating transactions that would provide funds for the construction of new or expanded fossil infrastructure that would drive such production, and for other purposes.
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.
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